Do Kwon’s $176 million assets, whose lawsuit is still pending, were frozen.
Do Kwon’s frozen assets include an apartment complex, an office phone, several imported cars and various financial assets.
Do Kwon’s Assets Frozen
On May 10, local news outlet Hankyung reported that Terraform Labs co-founder and former CEO Do Kwon has personal assets of 233.3 billion Korean won (approximately $176 million) frozen under ongoing criminal prosecution.
Seoul Southern District Court 12th Criminal Division Chief Judge Yun Chan-Young has banned the sale of Do Kwon’s Galleria Foret apartment complex in Seoul, a new office radio and a number of imported cars. The order also prohibited the disposal of Kwon’s financial assets, such as securities, bank deposits, and cryptocurrency stored in personal accounts on virtual currency exchanges.
Under South Korean law, suspects may be prohibited from disposing of the proceeds or property of a crime until their convictions are clear. On March 23, Kwon was arrested in the Balkan country of Montenegro and subsequently charged with falsifying documents. Both South Korean and US officials are currently seeking Kwon’s extradition.
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