South Korea Freezes Domestic Assets of Terraform CEO Do Kwon worth US$176 Million

Terraform Labs CEO Kwon Do-hyeong is facing further legal troubles as South Korean prosecutors have successfully frozen his domestic assets and properties worth 233.3 billion Korean won ($176 million).

The frozen assets include Kwon’s private Seoul residence, real estate, imported automobiles, securities deposited with Mirae Asset Securities Co., deposits with Woori Bank, and cryptocurrencies in cryptocurrency exchanges.

Kwon is accused of designing the Terra-Luna project and related decentralized finance services to defraud investors and provide unregistered financial securities.

If convicted, Kwon may face a prison sentence of over 40 years, which will be the heaviest sentence given to a financial crime in South Korea’s history.

Kwon denies all the allegations against him, and his case is being heard in Montenegro on May 11 for travel document forgery charges.

The prosecutor’s office did not provide any updates on the progress of seeking cooperation from overseas authorities to freeze Kwon’s assets outside Korea.