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South Korean Prosecutors Target Cryptocurrency Assets of Failed Blockchain Project Terra's Founder Do Kwon

South Korean prosecutors are targeting the cryptocurrency assets of Do Kwon, the founder of failed blockchain project Terra, who allegedly funneled tens of millions of dollars out of Luna Foundation Guard (LFG). The whereabouts of Kwon's $29 million worth of digital tokens, which were transferred from a crypto wallet belonging to LFG, are currently unclear.

Alongside this, he and his associates still hold just over $13 million at Swiss crypto-focused lender Sygnum Bank AG. South Korean prosecutors are attempting to have the remaining $13 million held at Sygnum frozen and are also attempting to trace the whereabouts of Kwon's assets.

Kwon was arrested in Montenegro in March for allegedly using forged travel documents and has been charged with eight counts of fraud in New York. The US Securities and Exchange Commission (SEC) has also sued Terraform Labs and CEO Kwon for allegedly orchestrating a multibillion-dollar cryptocurrency fraud.

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