Prosecutors Freeze Additional 56.2 Billion KRW of Terra and Luna Cryptocurrency Assets of Kwon Do-hyung

[Image source=Yonhap News]

[Asia Economy Reporter Song Seung-yoon] The prosecution investigating the Luna and Terra crash incident has additionally frozen 56.2 billion KRW worth of virtual assets belonging to Kwon Do-hyung, CEO of Terraform Labs.

The Financial Securities Crime Joint Investigation Team of the Seoul Southern District Prosecutors' Office announced on the 5th that they froze an additional 56.2 billion KRW of virtual assets on the 27th of last month, out of an estimated 95 billion KRW of virtual assets that CEO Kwon attempted to conceal. The virtual assets transferred by CEO Kwon were funds from the Luna Foundation Guard (LFG) foundation.

Last month, the prosecution had frozen 38.8 billion KRW of virtual assets out of the 95 billion KRW held by CEO Kwon, with the cooperation of one overseas virtual asset exchange. The remaining assets were additionally frozen this time.

The prosecution recently obtained arrest warrants for CEO Kwon and six others, including CFO Han, on charges including violations of the Capital Markets Act. They are also pressuring CEO Kwon through measures such as invalidating his passport, issuing an Interpol red notice, and freezing assets.