The largest exchange in the world, Binance, is reportedly contacted by the South Korean prosecution to prevent CEO Kwon from withdrawing any cryptocurrencies. By shifting a large portion of his assets to a digital asset exchange overseas and converting them to Crypto, CEO Kwon has taken a huge step. The future of trading in cryptocurrencies may be significantly impacted by this choice. According to a prosecutor’s spokesman, it was found that CEO Kwon had relatively few assets in Korea. It appears he moved a substantial portion of his assets to a global cryptocurrency exchange after converting them into Bitcoin.

Terra Executives, Do Kwon and Do-hyung, are Charged With Using Crypto to Deceive Investors

Terra executives and CEO Kwon Do-hyung are accused of defrauding investors of a significant sum of money using the cryptocurrencies Terra and Luna. To recover the enormous profits they made through Terra, the prosecution is diligently locating a residential property. This is a supplemental copy of the court’s ruling that KBS was able to receive on the gathering and preservation of the records of people engaged in the Terra case.

The overall amount of illicit proceeds, according to the prosecution, was estimated to be 414.5 billion won, of which CEO Kwon was in charge of 91.4 billion won and co-founder Shin Hyun-seong, 154.1 billion won. Another 169 billion won were given to seven additional Terra workers.

Trending Now: Regulator Cancels License of Binance Australia Derivatives

Prosecutors have started the process of recouping illicit gains by putting a property freeze on the assets controlled by former chief executive officer Shin Hyun-Seong and others. This includes any foreign-registered vehicles they may drive, any apartments in Seoul, and any lands in Taean (South Chungcheng Province), Hwaseong, and Gapyeong (Gyeonggi-do). It’s to stop them from stealing or selling while they’re in court.

The Estimated Value of CEO Kwon’s Property was Zero won

CEO Kwon Do-hyung, however, faced a unique set of circumstances. Despite earning billions of won through illicit activity, the value of his possessions that could be gathered and kept was judged to be zero won. The Luna Foundation Guard (LFG), a cryptocurrency reserve co-founded by Do Kwon to safeguard the Terra ecosystem, denied claims that it moved digital tokens to other cryptocurrency exchanges when South Korea issued an arrest order for Kwon. The Terra network’s integrity is something that the LFG is steadfastly committed to defending and safeguarding. A total of 414.5 bn won worth of Terra executives’ assets, including those of Kwon Do-hyung, have been verified to have been taken by the prosecution.