In May of last year, the collapse of Terra startled the cryptocurrency community. The value of Terra, a once-promising ecosystem, fell from $40 billion to virtually nothing.
Unfortunately, the officials’ efforts have encountered a number of obstacles. The majority of Kwon’s assets are irretrievable because the former CEO allegedly converted them to Bitcoin via offshore cryptocurrency exchanges.
In spite of this, prosecutors have uncovered 414.5 billion won ($314.2 million) in illegal assets linked to Kwon, of which nearly $70 million are explicitly connected to the former leader.
Meanwhile, South Korean authorities have informed Binance, the largest cryptocurrency exchange in the world, to prevent Do Kwon from withdrawing cash. They have requested that Binance block all Kwon-related wallets.
In addition, prosecutors have seized the residences and other assets of former Terra executives to prevent them from selling an asset that may be related to legal matters.
Do Kwon evaded capture for nearly a year despite an arrest warrant and an Interpol red notice; he was finally apprehended in Montenegro on March 23 while attempting to travel with forged passports.
However, he may face passport fraud charges in Montenegro, which might hinder South Korea’s extradition efforts.
Do Kwon is wanted for extradition by both South Korea and the United States, and he faces criminal charges in both countries.
It is considered one of Interpol’s highest and most essential notifications and is issued at the request of a member nation.
The notice includes the individual’s name, photograph, and description of the crime for which they are wanted. Interpol member nations can take action to seize and extradite an individual if a Red Notice is issued.
Also Read: Mt Gox Has Opened Its Repayment Portal, But Repayments “Will Take Some Time”
Wallets