Local prosecutors say TerraLuna’s Do Kwon has no identifiable assets in South Korea

The arrested crypto fugitive and Terraform Labs founder Kwon Do-hyung, who faces fraud charges in the U.S. and South Korea, has “zero ” identifiable assets in his native South Korea, prosecutors said on Friday. Kwon, who led the US$40 billion Terra-Luna crypto project that collapsed in May last year, was arrested in Montenegro on March 23 for allegedly traveling on forged passports along with Terraform’s chief financial officer Han Chang-jun. South Korean prosecutors say that nine former and current executives of Terraform Labs illegitimately amassed 414.5 billion Korean won (US$314.2 million) from the project, according to a report from national news broadcaster KBS, which Seoul Southern District Prosecutors confirmed with Forkast via text message. The local authorities have also recently requested Binance and other global exchanges to freeze cryptocurrencies that they allege belong to Shin, a prosecutors’ office spokesperson told Forkast in a text message. While the spokesperson declined to reveal the exact date of the request, she said Binance has not responded to their request.