According to KBS, a South Korean local media, the South Korean prosecutors have informed Binance to block the controversial CEO of Terraform Labs from liquidating millions in crypto.
This is because Do Kwon, after his arrest and potential extradition to either the US or South Korea, will attempt to tamper with the outcome of his case with the prosecutors, and part of his likely move is by moving his holdings on the Binance exchange.
“Prosecutors are extensively tracing domestic property to collect the astronomical profits they earned from Terra,” KBS stated in the report.
Do Kwon Owns no Property in South Korea
According to South Korean prosecutors, in an attempt to recover some assets, it has commenced an investigation into the domestic properties of Kwon, purposely to seize the properties.
From the investigation, assets of former Terra Labs employees, as well as Terra execs, have been seized all of which are worth over $310 million, part of which Kwon possesses $69 million. Further to this, there are other properties across the country which are still being probed.
Amid all these, prosecutors revealed that Do Kwon appears to have sold a large portion of his properties in South Korea.
“It seems that CEO Kwon sold and converted a large part of his property to Bitcoin,” a statement in the report noted, furthering that the assets have been moved to non-native cryptocurrency exchanges.
After Interpol issued a Red Notice on Kwon last year, his whereabouts have been unknown until recently when he was arrested in Montenegro while attempting to leave the country under a fake identity. He will be extradited to the US or South Korea after facing charges of forging a passport in the country.
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