Do Kwon

Do Kwon’s Fortune Not In The Country: South Korean Prosecutors


  • South Korean prosecutors say they have not located any domestic property or assets owned by the founder of failed Terra ecosystem, Do Kwon.
  • Governments from South Korea and the United States contacted Montenegrin authorities regarding extradition after Kwon was arrested in the capital Podgorica.
  • The Terra founder who claimed not to be on the run was caught attempting to fly to an unknown destination using falsified travel papers.

South Korean prosecutors said that Terraform Labs founder Do Kwon does not have assets or properties domiciled in the country. Local media house KBS reported that authorities seized a total of 414.5 billion won or $315 million from nine Terra executives but Kwon’s assets were not listed in the seizure.

Prosecutors noted that almost 91.4 billion won ($69.4 million) attributed to the Terra founder was not found in South Korea. Terraform Labs co-founder Daniel Shin is suspected to control roughly $117 million in value from the failed crypto venture. While authorities raided Shin’s house last year, prosecutors have so far failed to secure an arrest warrant for Shin despite trying twice.

Wen Do Kwon Extradition?

South Korean authorities unleashed a raft of investigations into Do Kwon and his associates after his company, Terraform Labs and the crash of its tokens, triggered a widespread crypto market downturn. Terra’s implosion eroded at least $40 billion in investments and pushed Kwon under the spotlight of law enforcement agencies.

Local authorities moved to invalidate his passport after Kwon ducked a congressional hearing. Interpol issued a red notice for his arrest, making the LUNA and UST creator a fugitive in 195 jurisdictions.

Kwon was arrested in Montenegro last month while attempting to exit the country via an airport in the capital of Podgorica. The disgraced crypto tycoon was caught with falsified travel papers as confirmed by Interpol and Montenegrin officials. An associate was also detained with Kwon and arraigned before a judge the next day.

Governments from the U.S. and South Korea reportedly requested extradition after the arrest. It’s unclear which jurisdiction will eventually win the right to prosecute the run-away crypto founder. Regulators like the SEC already filed charges against Do Kwon for defrauding customers and misleading investors.