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South Korean Prosecutors Uncover Alleged $314 Million Criminal Proceeds Tied to Terraform Labs Co-Founders

South Korean prosecutors have reportedly discovered 414.5 billion won ($314 million) in alleged criminal proceeds tied to employees of Terraform Labs, with 91.4 billion won associated with co-founder Do Kwon. According to a report by South Korean news publication KBS, prosecutors suspect Kwon of selling "a large part" of his assets for bitcoin and transferring it to an overseas virtual asset exchange.

They have contacted Binance and requested the exchange block the withdrawal of cryptocurrency owned by Kwon. Meanwhile, investigators have seized real estate worth 210 billion won from eight Terraform Labs team members, but none of the properties are believed to belong to Kwon.

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