South Korean prosecutors have identified $314.2 million in illicit assets associated with Terraform Labs co-founder Do Kwon and his associates. However, most of the assets linked to Kwon are not recoverable or under the jurisdiction of South Korean authorities because they were reportedly converted into Bitcoin and stored in overseas crypto exchanges. Binance has been requested to halt any withdrawal requests associated with Kwon, and they have confirmed that they are cooperating with the prosecutors. The South Korean authorities are actively tracing properties associated with Terraform Labs executives in an effort to recover some of the illicit funds stolen from the Terra-Luna debacle. The collapse of the $40 billion ecosystem was initially thought to be a market-triggered event, but turned out to be a clear case of fraud with Kwon at the center of it. Kwon evaded arrest for nearly a year before being caught in Montenegro on March 23.

(By PRASHANT JHA)