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South Korean Prosecutors to Freeze US$5.36 Million of Do Kwon’s Assets, Some in Switzerland

The Seoul Southern District Prosecutors' Office has frozen assets worth 7.1 billion Korean won (about US$5.36 million) belonging to Terraform Labs CEO Do Kwon. A Seoul court is reviewing Kwon's domestic and overseas-based assets for restitution. The assets include Kwon's deposits in overseas accounts and legal procedures are underway to obtain Kwon's laptops, hard disks, and other Terraform-related equipment. Kwon and Terraform Labs are facing charges of fraud and securities law violations, and both have denied the charges, calling them politically motivated. Kwon is currently detained in Montenegro for allegedly traveling with forged travel documents.

(By DANNY PARK)

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