Do Kwon, wanted in the US & South Korea; his millions is missing

The founder of the collapsed crypto platform, Terra-LUNA, owns no property in South Korea, according to reports from local media attributed to prosecutors in the country.

Terraform Labs, the creator of the Terra blockchain and LUNA-UST cryptocurrencies, imploded last year, resulting in a significant loss of funds for many investors in the Terra ecosystem. Since then, the founder has reportedly been on the run as prosecutors dig deep into the case.

In March, Do Kwon was reportedly arrested in Montenegro as he was attempting to travel using falsified travel papers. Reports show that the United States is calling for the extradition of Do Kwon to the country as he has a case to answer there. South Korea is not left out either. Do Kwon is wanted in both jurisdictions for illegal activities. In the US, he is wanted for violating the registration and anti-fraud provisions of the Securities Act and the Exchange Act”.

According to the Securities and Exchange Commission, Do Kwon and Terraform Labs raised billions of dollars from its inception in April 2018 using illegal procedures. The money realized from investors was in exchange for tradable crypto and other related assets that the SEC called securities.

According to prosecutors, about nine executives of Terraform Labs made about $315 million worth 415 billion won, of which 91 billion won belonging to Do Kwon wasn’t found in South Korea.

It is interesting to see how the case will progress, considering there may be difficulty in securing Do Kwon’s extradition from Montenegro. This is due to the failure to secure an arrest warrant for Terraform Lab co-founder Daniel Shin.

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