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Do Kwon’s Wild Crypto Ride Ends With Authorities Freezing Profits

• South Korean authorities are looking to freeze Do Kwon’s profits from the Terra ecosystem collapse in 2022.
• They are reportedly in talks with Binance to freeze Kwon’s Bitcoin holdings.
• Kwon has been charged with fraud and selling unregistered securities in the U.S., and is facing charges of capital market laws violation in South Korea.

Do Kwon’s Run From Authorities Ends

Do Kwon, the founder of Terra, was able to evade authorities for months, jumping from one country to another through fake credentials until his capture by Montenegrin authorities in March 2021.

South Korean Authorities Move To Freeze Profits

South Korean authorities have initiated talks with Binance to freeze Kwon’s Bitcoin holdings as part of a move to seize the allegedly ill-gotten gains made by Kwon and his cohorts from Terra estimated at 414.5 billion won (approximately $314.2 million). His domestic property was found to be almost non-existent, leading prosecutors to believe he sold his assets for Bitcoin currently held on an overseas crypto exchange such as Binance.

Kwon Facing Charges In US And South Korea

Kwon faces charges of capital market laws violation in South Korea, while in the United States, the Securities and Exchange Commission (SEC) has charged him with fraud and selling unregistered securities. Singaporean authorities have also launched investigations into Terra. Despite being on the run, he reportedly continued working on a new blockchain called Terra 2.0 despite the failure of the first project.

Kwon Arrested In Montenegro With Falsified Documents

He was arrested while attempting to board a private plane bound for United Arab Emirates (UAE) using falsified documents at a Montenegro airport on 23rd March 2021. He reportedly holds an estimated 91.4 billion won ($69 million) worth of profits from his ill-gotten gains made through Terra before its collapse last year..

Binance Yet To Respond To Request For Comment

Binance has yet to respond publicly or offer comment over their alleged involvement with freezing Do Kwon’s profits held on their exchange platform although they are expectedly cooperating with law enforcement agencies over this matter