South Korean prosecutors have frozen assets worth US$176 million belonging to Do-Hyung Kwon, CEO of Terraform Labs, over allegations of defrauding investors in the Terra-Luna project and related decentralized finance services. The frozen assets include Kwon’s Seoul residence, real estate, imported cars, securities deposited with Mirae Asset Securities, deposits with Woori Bank, and crypto assets in cryptocurrency exchanges. Kwon is also facing charges of orchestrating a cryptocurrency fraud both in the US as well as South Korea and could face over 40 years in prison if convicted. The move by South Korean authorities indicates a strong stance against white-collar crimes in the country.