South Korean prosecutors: Terra project involved in criminal proceeds of approximately $300 million, Do Kwon's assets may have been transferred.

According to a BlockBeats report on April 7th, Korean prosecutors stated that nine former and current executives of Terraform Labs illegally raised 414.5 billion Korean won (approximately $314.2 million) from the project, of which about 91.4 billion Korean won belonged to the company's CEO Do Kwon, but confirmed that his assets were not under Korean jurisdiction. Local prosecutors temporarily seized assets belonging to Terraform co-founder Shin Hyun-seung (also known as Daniel Shin), including real estate and imported cars. The country's prosecutors accused Daniel Shin of illegally profiting more than 154 billion Korean won from the Terra-Luna project. It appears that Do Kwon has converted a large portion of his assets into Bitcoin and transferred them to overseas cryptocurrency exchanges. Prosecutors stated that they have requested Binance to prevent Do Kwon from withdrawing his cryptocurrency.