Share this article
Do Kwon's Millions Are Not in South Korea, Prosecutors Say: Report
South Korea has requested the extradition of the Terraform Labs CEO after his recent arrest in Montenegro.
Updated Apr 11, 2023, 7:08 a.m. Published Apr 7, 2023, 11:16 a.m.
Do Kwon, founder of collapsed crypto issuer Terraform Labs, has no discernible property in South Korea, prosecutors in the country have said, according to local broadcaster KBS.
The South Korean national was arrested in Montenegro last month as he was attempting to travel with falsified documents. Both South Korea and the U.S. has requested his extradition, with Kwon facing criminal charges in both nations.
STORY CONTINUES BELOW
Prosecutors in South Korea – who confirmed the broadcaster's report to Forkast – estimate nine executives made a total of 414.5 billion won (US$315 million) from the enterprise. Of that, prosecutors found "almost none" of the 91.4 billion won belonging to Kwon in South Korea, according to the report.
Some 154 billion won are suspected to be in Terra co-founder Daniel Shin's possession. Prosecutors have twice tried and failed to obtain an arrest warrant for Shin.
Korea Times reported earlier this week that prosecutors' inability to obtain an arrest warrant for Shin may complicate the country's chances of processing Kwon's extradition from Montenegro.
Prosecutors also reportedly said they had asked Binance to block the withdrawal of crypto associated with Kwon.
“We provided Korean LE [law enforcement] authorities with the requested assistance. Since we cannot comment on ongoing LE investigations, for any further comment please reach out to the prosecutors,” a spokesperson for Binance said in an emailed statement to CoinDesk following the publication of this article.
Read more: Do Kwon Arrested in Montenegro: Interior Minister
Update (April 11, 2023 07:09 UTC): Adds comment from Binance in the last paragraph.
More For You
L1 tokens broadly underperformed in 2025 despite a backdrop of regulatory and institutional wins. Explore the key trends defining ten major blockchains below.
What to know:
2025 was defined by a stark divergence: structural progress collided with stagnant price action. Institutional milestones were reached and TVL increased across most major ecosystems, yet the majority of large-cap Layer-1 tokens finished the year with negative or flat returns.
This report analyzes the structural decoupling between network usage and token performance. We examine 10 major blockchain ecosystems, exploring protocol versus application revenues, key ecosystem narratives, mechanics driving institutional adoption, and the trends to watch as we head into 2026.
More For You
Russia’s central bank unveils new crypto rules to be adopted in 2026
Bank of Russia outlined a new framework intended to let retail and qualified investors buy crypto under defined tests and caps by 2027.
What to know:
- Russia's central bank has proposed a framework to legalize and regulate cryptocurrency trading for individuals and institutions.
- The proposal allows ordinary citizens to buy and sell cryptocurrencies through regulated platforms, with limits for nonqualified investors.
- The framework supports broader use of Russian-issued digital financial assets and permits crypto purchases abroad with mandatory tax reporting.
Top Stories
