Giovanni Russo Do Kwon, the co-founder of Terraform Labs, has taken a lot of his money and put it into Bitcoin. South Korean prosecutors believe that Do Kwon’s Bitcoin was moved to an overseas exchange.
South Korean Prosecutors Uncover $314 Million in Illegal Money Connected to Terraform Labs
South Korean prosecutors have recently found out that $314 million of illegal money is connected to two co-founders of Terraform Labs. This information came from a report published by the KBS journalist Jieun Lee. From this report, prosecutors figured out that 91.4 million belongs to one of the co-founders named Do Kwon and 154.1 million is associated with the other co-founder – Shin Hyun-seong, who also goes by the name Daniel Shin.
Seven other people from Terraform Labs are reportedly involved with 169 billion won. A KBS journalist added that South Korean authorities think Kwon sold his things for Bitcoin and sent it to an online currency exchange based outside of South Korea. The South Korean prosecutors contacted Binance, a virtual currency exchange, to stop Kwon from taking out the cryptocurrency he owns.
Three days ago, the police in Seoul said they had taken away houses worth a total of 210 billion won from eight people who worked at Terraform Labs, including Daniel Shin. But they don’t think any of this property belonged to Kwon, who is the boss at Terraform Labs and he doesn’t own anything important in South Korea.
The authorities in Seoul are trying to figure out who owns the property that might be connected to the suspects. They also plan to take away items from the property if it is found to be tied to crime so they can get back any money they lost and other damages. What do you think of these findings? Leave your opinion in the comments section below!
