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

Consensus 2023 Logo

Featured SpeakerChristy Goldsmith Romero

CommissionerU.S. Commodity Futures Trading Commission

Christy Goldsmith Romero - Consensus 2023 speaker

Explore the policy fallout from the 2022 market crash, the advance of CBDCs and more.

CoinDesk - Unknown

Sandali Handagama is a CoinDesk reporter with a focus on crypto regulation and policy. She does not own any crypto.

Consensus 2023 Logo

Featured SpeakerChristy Goldsmith Romero

CommissionerU.S. Commodity Futures Trading Commission

Christy Goldsmith Romero - Consensus 2023 speaker

Explore the policy fallout from the 2022 market crash, the advance of CBDCs and more.

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, with Kwon facing criminal charges in both nations.

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 of processing Kwon’s extradition from Montenegro.

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CoinDesk - Unknown

Sandali Handagama is a CoinDesk reporter with a focus on crypto regulation and policy. She does not own any crypto.


Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


CoinDesk - Unknown

Sandali Handagama is a CoinDesk reporter with a focus on crypto regulation and policy. She does not own any crypto.

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