Terraform Labs
South Korean prosecutors trace millions in illicit funds tied to Terra co-founder
South Korean prosecutors have identified $314.2 million in illicit assets linked to Do Kwon and Terraform Labs. Kwon reportedly converted most of the funds into Bitcoin using overseas exchanges, making it difficult for the authorities to recover the assets. Terra experienced a $40 billion collapse in May 2022 due to fraud, with Kwon at the epicenter. Kwon was recently caught by authorities in Montenegro after evading arrest for nearly a year.
South Korean Court Denies Arrest Warrant for Terraform Labs Co-Founder
A South Korean court denied a request for an arrest warrant for Terraform Labs co-founder, Shin Hyun-Seong, citing unconfirmed allegations and the unlikelihood of Shin being a flight risk. Shin currently faces multiple fraud charges and is accused of hiding risks associated with investing in Terraform Labs' in-house tokens. The recent arrest of Terraform Labs' other co-founder, Do Kwon, has led to extradition requests from both the United States and South Korea.
Terraform Labs Co-Founder Do Kwon Appeals Extended Detention
Terraform Labs co-founder Do Kwon will appeal the Montenegrin court’s decision to extend his detention time for up to 30 days. Kwon was caught using fake documents at the airport and was detained due to the high possibility of escape.
Singapore authorities investigate Terraform Labs
Singaporean police have launched an investigation into Terraform Labs, the company co-founded by Do Kwon, who was accused of fraud by the US Securities and Exchange Commission (SEC) last month. The SEC has alleged that Kwon laundered over $100m worth of bitcoin, which he had removed from the Terra platform, and converted to fiat.
South Korea seizes $104M from Terra's co-founder on unjust earnings.
South Korean authorities froze approximately $104.4 million (140 billion won) from co-founder Shin Hyun-seong based on suspicion of unfair profits. The decision to freeze Shin's asset worth over $104 million was approved by the Seoul Southern District Court. The claim related to Shin's involvement in selling pre-issued Terra tokens to unwary investors.
South Korean Prosecutors Arrest Key Do Kwon's Aid
South Korean prosecutors in charge of the Terraform Labs case have arrested a major employee of the embattled blockchain startup named ‘Yoo’.
Case against Do Kown is "highly politicized": Terraform Labs
Terraform Labs believes South Korean prosecutors have "highly politicized" the case against founder Do Kown after he was issued with an arrest warrant.
South Korean Regulators Order Seizing 3313 BTC Linked to Do Kwon
The South Korean regulators have issued a directive to KuCoin and OKX to freeze the total of 3,313 Bitcoins worth approximately $67 million linked to Do Kwon.
Crypto Fugitive Kwon Denies Hiding from Authorities
Do Kwon tweeted "yeah as I said I'm making zero effort to hide. I go on walks and malls, no way none of CT hasn't run into me the past couple weeks," denying running away from the authorities.
Interpol Issues Red Notice for Terra's Kwon
Terraform Labs co-founder has been issued with a red notice from Interpol, prosecutors in South Korea claim, according to a report from Bloomberg.