Terra was a booming crypto ecosystem until its $40 billion collapse in May 2022.
Highlights
- South Korean prosecutors have identified 414.5 billion won ($314.2 million) in illicit assets associated with Terraform Labs co-founder Do Kwon and his associates.
- Out of the identified illegal assets, prosecutors have linked about 91.4 billion won won ($69 million) of the specified amount directly to Kwon.
- None of the assets tied to him are recoverable or under the jurisdiction of the South Korean authorities.
- Kwon reportedly converted most of the illicit funds into Bitcoin (BTC) using overseas crypto exchanges instead of investing in physical assets.
- Binance confirmed to Cointelegraph that they are cooperating with the prosecutors and offering any assistance they need.
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