THE South Korean prosecutors failed to locate the property and assets of Do Kwonfounder of the system Terra (LUNA) collapsed, on the national territory. South Korean and US authorities have contacted Montenegrin officials regarding extradition following Kwon’s arrest in the capital, Podgorica. Although claiming not to be on the run, the founder of Terra was caught trying to board a flight with falsified travel documents.
According to South Korean prosecutors, Do Kwonfounder of Terraform Labsdoes not own property orassets in South Korea. Authorities seized about 414.5 billion won ($315 million) from nine leaders of Terrabut Kwon’s assets were not included in this seizure.
Prosecutors said that nearly 91.4 billion won ($69.4 million) related to the founder of Terra were not found in South Korea. Daniel Shinco-founder of Terraform Labs, reportedly heads about $117 million from the company crypto faulty. Despite a search of Shin’s home last year, prosecutors have yet to secure a warrant for his arrest.
Do Kwon could be extradited soon
The governments of UNITED STATES and some South Korea reportedly requested Do Kwon’s extradition after his arrest. It is not yet known which court will obtain the right to prosecute the founder of Terraform Labs on the run. Regulators like the SEC have already sued Do Kwon for fraud and deception of investors.
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