The authorities supposedly blocked Kwon's access to cryptocurrencies, luxurious cars, and real estate worth nearly $176 million.
The Seoul Southern District Court reportedly honored the prosecutors’ request to freeze 233.3 billion won in assets (approximately $176 million) personally owned by the notorious co-founder of Terraform Labs – Do Kwon. Besides cryptocurrencies, the authorities have blocked his access to his house in Southern Seoul, studio flat in Nonhyun-don, expensive cars, and certain money deposits.
Prosecutors have also insisted Kwon be extradited to South Korea and face justice for his alleged role in the infamous Terra crash that affected multiple investors last year. He could receive a maximum prison sentence of 40 years if convicted in his homeland.
More Trouble for Kwon
The nearly $176 million worth of assets consists of digital currencies, luxurious vehicles, a property in Galleria Forêt, a studio in the high-end residential area Nonhyun-dong, securities at brokerage firm Mirae Asset, and money deposits at Woori Bank.
It is worth noting that Kwon has other belongings that the Seoul Southern District Court did not freeze.
The developer, who has supposedly been on the run for several months right after the LUNA/UST collapse, was finally arrested in Montenegro in mid-March this year. He is currently held in a correctional facility in the Balkan country before being deported to another one to face justice.
Extradition to the USA or South Korea seems most likely. He could be sent to jail for over 100 years if found guilty in the States, whereas the maximum sentence in his homeland would be 40 years.
Kwon’s Tricky Manoeuvres
He was detained three months later in another Balkan nation – Montenegro. Interestingly, the arrest happened at the airport of the capital Podgorica while Kwon was carrying a forged Costa Rican passport: a move hinting that his next destination could have been the Central American country.
However, he never kept that promise.