Prosecutors in the Terra case stated that Terra executives earned a total of $314 million in criminal proceeds.
The repercussions and legal processes of the Terra case continue at full speed. In this case, where South Korean prosecutors worked hard, new developments emerged. South Korea’s national public broadcaster KBS has accessed the proceeds of crime from those involved in the Terra case. It is stated that the total crime revenues are around 314 million dollars.
Terra Executives Pocketed Millions of Dollars
According to a report by KBS, the report created by South Korean prosecutors states that Terra executives pocketed an asset of 314 million dollars. Terra co-founder Do Kwon and other Terra executives are accused of defrauding investors with the Terra ecosystem.
According to the report obtained by KBS, Terra co-founder Do Kwon has received a $69 million in criminal proceeds. Also, Shin Hyun-sung, another co-founder, pocketed a $116 million crime proceeds. The report of the case also states that seven other Terra employees received $128 million in criminal proceeds.
Prosecutors, who aim to recover unjust gains from crimes committed, will act in line with this report they have issued. Prosecutors blocked an apartment in Seoul owned by former CEO Shin Hyun-sung and others. In addition, prosecutors froze the land owned by the rulers in Hwaseong and Gapyeong, Gyeonggi-do and Chungcheongnam-do, as well as used foreign cars.
These moves by the prosecutors were cited as preventing the executives from selling any assets during the trial period. In this context, prosecutors demanded that Binance prevent Kwon’s withdrawals.
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