Korean prosecutors have contacted Binance, the world's largest cryptocurrency exchange, requesting it to prevent crypto fugitive Do Kwon from withdrawing funds. Prosecutors fear that Kwon will start liquidating crypto from the proceeds of selling property. They estimated that assets seized from Terra/Luna executives, including Kwon, were worth around $314 million, with Kwon's share estimated to be around $69 million. Prosecutors have applied for the foreclosure of sales of executives' apartments in Seoul, and there are properties located across the country also under investigation. However, prosecutors revealed that Kwon owned no property in Korea and had likely converted a large part of his property to Bitcoin, which was then transferred to overseas crypto exchanges, potentially including Binance. Kwon was arrested in Montenegro on March 23 and may also face charges there for passport fraud, which could delay any extradition efforts by South Korea.

(By Martin Young)