Terra Executives’ Criminal Proceeds Seized By Prosecutors

In a significant development in the Terra cryptocurrency fraud case, it has been confirmed that the prosecutor’s office has seized the criminal proceeds of Terra executives, including CEO Kwon Do-hyung, amounting to at least 4.145 billion won. The move comes after Kwon and other Terra executives were accused of deceiving investors into investing in Terra and Luna cryptocurrencies to make large sums of money.

Kwon’s Domestic Assets

According to reports, the prosecutor’s office is extensively pursuing the domestic wealth of the accused to collect the astronomical profits they earned from Terra. The domestic assets of Kwon, however, were identified as “0 won” and were not included in the foreclosure. Despite reaping tens of billions of criminal profits, Kwon’s fortune to be able to compensate was estimated to be a meager “690” won, indicating that he had transferred a significant part of his wealth into bitcoin and transferred it to overseas virtual asset exchanges.

To recover the proceeds of crime, the property freeze process was initiated by prosecutors, resulting in the seizure of apartments, lands, and foreign cars owned by the former CEO Shin Hyun-sung and other executives. The properties were not allowed to be sold or transferred during the trial. Prosecutors also asked Binance, the world’s largest cryptocurrency exchange, to block the withdrawal of Kwon’s own cryptocurrency.


4.145 billion Criminal Proceeds

The prosecutor’s office estimates that the criminal proceeds taken by Kwon and other Terra executives amounted to 4.145 billion won. Kwon, who was identified as a key figure in the Terra case, was found to have collected criminal profits of 914.1 billion won. Co-founder Hyun-Sung Shin collected 541.7 billion won, while the remaining seven Terra employees collected a total of 1 billion won.

The court’s decision on the suspension of the collection was obtained and confirmed by reporter Lee Ji-eun. The seizure of criminal proceeds is a significant step in holding the accused accountable for their actions and ensuring that justice is served in the Terra case.