Do Kwon’s Millions Are Not in South Korea, Prosecutors Say Report

Do Kwon, founder of collapsed crypto issuer Terraform Labs, has no discernible property in South Korea, prosecutors in the country have said, according to local broadcaster KBS. The South Korean national was arrested in Montenegro last month as he was attempting to travel with falsified documents. Both South Korea and the U.S. has requested his extradition. Prosecutors in South Korea – who confirmed the broadcaster’s report to Forkast – estimate nine executives made a total of 414.5 billion won ($315 million) from the enterprise. Of that, prosecutors found “almost none” of the 91.4 billion won belonging to Kwon in South Korea, according to the report. Some 154 billion won are suspected to be in Terra co-founder Daniel Shin’s possession. Prosecutors have twice tried and failed to obtain an arrest warrant for Shin. Korea Times reported earlier this week that prosecutors’ inability to obtain an arrest warrant for Shin may complicate the country’s chances.