Stolen Terra Funds were Allegedly Converted to BTC by Do Kwon

South Korean authorities have recently revealed that Do Kwon, the person behind the Terra ecosystem, and his colleagues are linked to criminal assets worth 414.5 billion won (around $314.2 million). 

Prosecutors have explicitly connected Kwon to around 91.4 billion won (around $69 million) of the discovered unlawful assets. Although having accumulated millions, not a single assets connected to Kwon are accessible or in the control of the South Korean government. 

According to a report from local media source KBS, this is probably due to the fact that the now arrested former CEO allegedly used foreign cryptocurrency exchange platforms to transfer the majority of the stolen assets into Bitcoin instead of making investments in tangible assets.

Binance has been asked by the South Korean government to stop processing any withdrawal requests related to Kwon. As a response to the request, Binance stated:

 “We provided Korean LE authorities with the requested assistance. Since we cannot comment on ongoing LE investigations, for any further comment please reach out to the prosecutors.“

South Korean Authorities Investigating Terra Employees

Authorities in South Korea are searching for assets connected to Terraform Labs executives in an effort to retrieve some stolen money from the Terra fiasco.

To prevent former Terra employees from selling anything that could be connected to legal matters, authorities confiscated residences and other assets on April 3.

Prosecutors took Shin’s home in Seoul in November as part of a same operation, although they are further investigating additional assets that are reportedly connected to the Terra co-founder. However, a recent effort to have Shin arrested was turned down by a Seoul court.

Notably, Kwon was charged with embezzling $80 million a month before the fall of the Terra ecosystem in a Securities and Exchange Commission’s report. Notably, as reported by TheCoinRise, he was imprisoned in Montenegro in March.