Lawyers Unsure of Fate of Do Kwon’s ‘Missing $37B’ – Will Investors Ever Get Their Money Back?
South Korean legal experts are unsure if “victims” of fraud allegedly committed by Do Kwon and Terraform Labs executives will ever be able to recoup their funds – with an estimated $37 billion now “missing.”
Segye Ilbo reported that South Korean prosecutors are hopeful of freezing at least $5.5 million worth of this amount.
They think that Kwon, Terraform’s CEO, has been holding these funds on overseas crypto exchanges and in Swiss bank accounts.
And they have this week asked exchanges and banks to help them cut off Kwon’s access to the funds.
Prosecutors also think that they will be able to recoup some funds from the seizure of Kwon’s South Korean assets.
Assets including land, crypto, vehicles, and buildings have also been seized from Terraform executives.
Similar assets have also been seized from the firm’s co-founder Daniel Shin.
The $37 billion figure, quoted widely in the South Korean media, consists of the total amount of money investors in Terra projects paid to the firm to buy Terra ecosystem coins.
South Korean media outlets have reported that South Korea’s President, Yoon Suk-yeol, is making an “all-out” effort to repatriate Kwon.
Yoon reportedly wants Kwon brought back to South Korea to face charges.
Kwon has claimed that his rights are being “violated.”
Kwon was arrested in Montenegro last month along with another Terra executive.
The duo were reportedly found with a cache of forged travel documents.
Legal authorities in the United States and Singapore have also pushed Montenegro to extradite Kwon to face charges in their jurisdictions.
Some are hopeful that bringing Kwon back to South Korea will help investigators locate the rest of the “$37 billion” that has “evaporated” since Kwon’s flight last year.
Kwon shuttered his
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