South Korean prosecutors are in the process of freezing assets tied to former Terraform Labs employees.
According to a report from KBS News, South Korean prosecutors have estimated that the value of criminal proceeds tied to its case against Terraform Labs executives amounts to 414.5 billion won, or $314 million.
Based on their estimates, the unlawful proceeds taken by Terraform Labs CEO Do Kwon amounted to $69 million, while the remaining was tied to eight other employees.
The authorities are now in the process of locating and freezing the assets belonging to the Terra employees that face charges. Earlier this week, local media outlets reported that South Korean prosecutors had seized $160 million from several Terra executives.
The biggest asset seizures were in the form of property and real estate owned by the accused Terra employees. Notably, the authorities seized $76 million worth of property from Terra co-founder Shin Hyun-seong.
However, the local authorities were not able to enforce the same actions on Kwon’s assets, as the Terra CEO had already sold his property and converted the proceeds to Bitcoin. The prosecutors believe that Kwon’s Bitcoin stash is held on a crypto exchange overseas, and have asked Binance to block any withdrawal attempts from his account.
Kwon was arrested on a Montenegrin airstrip last month after he attempted to board a plane to Dubai using falsified travel documents. Both the U.S. and South Korea have made requests for his extradition – something the latter looks likely to be granted as things stand. Kwon is likely to fight extradition to the U.S., where the charges against him could carry a 100-year prison sentence.
