KBS, a South Korean broadcaster, reported on the attempts of the Republican prosecutor’s office to seize profits earned by businessmen in the Terra (Luna) ecosystem at Terrafarm Labs.
Journalists revealed that Do Kwon and his assistants owned a massive sum of 415.5 billion South Korean won, equivalent to $314.2 million, with the CEO of Terrafarm Labs possessing 91.4 billion South Korean won, approximately $69 million.
The South Korean authorities froze the funds of Terrafarm Labs co-founder Shin Hyun-seong and other executives, but Do Kwon’s assets remained unfrozen due to his conversion of all savings into bitcoins, which were transferred outside of South Korea.
The prosecutor’s office was unable to find a significant amount of CEO Kwon’s funds within the country.
Consequently, they requested the Binance exchange to prevent the withdrawal of cryptocurrency by Do Kwon.
The United States and South Korea have also requested Do Kwon’s extradition from Montenegro.