Gyeongbok-gung of South Korea, Do Kwon and frozen graphic

South Korea to freeze US$5.36 million of Do Kwon’s assets

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Seoul Southern District Prosecutors’ Office is freezing 7.1 billion Korean won (US$5.36 million) worth of assets belonging to Terraform Labs chief executive officer (CEO) Kwon Do-hyung, more popularly known as Do Kwon, a spokesperson for the prosecutors’ office told Forkast Tuesday in a text message.

See related article: Montenegro to hold Terra-Luna fugitive Do Kwon for 30 days, says Yonhap News

Fast facts

  • A Seoul court is reviewing Kwon’s domestic and overseas-based assets for restitution, the Seoul prosecutors’ office spokesperson said.
  • The Seoul Southern District Prosecutors’ Office previously confirmed with Forkast Friday that Kwon had “zero” identifiable assets to be confiscated in South Korea. The spokesperson declined to comment on how much Kwon’s assets in South Korea accounted for in the 7.1 billion won.
  • When approved by court, South Korea is expected to prevent Kwon from moving or selling the identified assets. The amount will be confiscated after a final guilty verdict from the court. 
  • The assets include Kwon’s deposits in overseas accounts including one based in Switzerland, where Seoul prosecutors are requesting judicial cooperation, according to a report from South Korean news agency News1 that the prosecutors’ office confirmed with Forkast.
  • Legal procedures to obtain Kwon’s laptops, hard disks and other Terraform-related equipment are also underway, according to the News1 report verified by the Prosecutors’ Office.
  • South Korea and the U.S. have sent the Montenegro authorities requests to extradite Kwon on charges including fraud and securities law violations. Kwon and Terraform Labs have repeatedly said the charges are baseless and politically motivated.
  • Kwon is currently detained in Montenegro for allegedly traveling with forged travel documents, along with Terraform’s chief financial officer Han Chang-joon. They were arrested in a local airport on March 23.

See related article: Local prosecutors say Terra-Luna’s Do Kwon has no identifiable assets in South Korea

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