Do Kwon Converted All Assets in South Korea to Bitcoin (BTC) Shortly Before Arrest: Report

South Korean authorities have reportedly found that embattled Terraform Labs CEO and co-founder Do Kwon has zero assets in his home country.

Local media outlet KBS reports that prosecutors have been tracking the domestic wealth of Terraform Labs executives to collect the profits that they’ve allegedly accumulated from the Terra (LUNA) ecosystem. 

Kwon and his associates reportedly acquired a total of 414.5 billion won, or about $314.2 million, with the Terraform Labs CEO holding 91.4 billion won ($69 million) of the funds.

South Korean authorities have already frozen the properties of Terraform co-founder Shin Hyun-seong and others. However, they were not able to freeze any of Kwon’s assets because the disgraced crypto executive appears to have converted most of his properties into Bitcoin (BTC). Kwon has also sent the crypto stack to an exchange outside of South Korea, according to the report. 

Says a prosecution official, according to KBS,

“It has been found that there is very little property formed and owned by CEO Kwon in the country.”

The report says that prosecutors have already asked Binance to block Kwon from withdrawing any of his crypto assets on the exchange. 

South Korean authorities issued a warrant for Kwon in September following the collapse of LUNA and UST in May 2022. He went on the run but was arrested at the Podgorica Airport in Montenegro last month while attempting to board a flight to Dubai using a fake Costa Rican passport. 

Kwon is currently being held in Montenegro as he awaits investigations over his use of forged travel documents.

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Featured Image: Shutterstock/Tithi Luadthong