South Korea Froze Do Kwon’s Personal Assets

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The order also bans the disposition of Kwon’s financial assets, such as securities, bank deposits, and cryptocurrency stored in personal accounts on virtual currency exchanges.

Do Kwon was arrested in March 2023 in Montenegro and charged with falsifying documents. South Korean and U.S. authorities are currently seeking his extradition. In May 2022, the Terra Luna (LUNC) dual-token ecosystem created by Kwon and Terraform Labs imploded after the de-pegging of its native TerraUSD (USTC) stablecoin, erasing an estimated $40 billion in market value in a matter of days. 

South Korean prosecutors allege Kwon converted illicit funds from LUNC to Bitcoin and have identified $314.2 million in illegal assets. Meanwhile, U.S. prosecutors have charged Kwon with eight counts of fraud related to his promotion of the Terra Luna blockchain.

The best way to avoid crypto scams is to educate yourself about cryptocurrency, blockchain technology, and the specific projects or tokens you are interested in investing in. Always do your own research and due diligence before investing any money. Be wary of promises of quick and guaranteed profits, as these are often red flags for scams. 

Additionally, be cautious of unsolicited investment opportunities, and never give out personal or financial information to anyone you do not trust. Use reputable exchanges and wallets to store your cryptocurrency, and enable two-factor authentication whenever possible. Note that many fake exchanges are lurking for victims. Keep that in mind and be vigilant.

Finally, trust your instincts and be skeptical of anything that seems too good to be true. And if the worst happens, you can contact Global Fraud Protection. Our CipherTrace crypto analysts may help you track and trace your digital coins and collect enough evidence for legal disputes.

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The post South Korea Froze Do Kwon’s Personal Assets appeared first on Global Fraud Protection.


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