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