Do Kwon Converted Illicit Funds From LUNA To Bitcoin

According to South Korean prosecutors, Terraform Labs co-founder Do Kwon converted most of the illicit funds associated with him and his associates into Bitcoin. CoinTelegraph reports: South Korean prosecutors have identified 414.5 billion won ($314.2 million) in illicit assets associated with Terraform Labs co-founder Do Kwon and his associates. Out of the identified illegal assets, prosecutors have linked about 91.4 billion won ($69 million) of the specified amount directly to Kwon. Although Kwon amassed millions, none of the assets tied to him are recoverable or under the jurisdiction of the South Korean authorities. This is mainly because the now-arrested former CEO reportedly converted most of the illicit funds into Bitcoin using overseas crypto exchanges instead of investing in physical assets, per a report published by local media outlet KBS.

The South Korean authorities have requested Binance to halt any withdrawal request associated with Kwon. Binance confirmed to Cointelegraph that they are cooperating with the prosecutors and offering any assistance they need. South Korean prosecutors are actively tracing properties associated with Terraform Labs executives to recover some illicit funds from the Terra debacle. On April 3, prosecutors seized homes and other assets to stop former Terra employees from selling things that might be tied to legal cases. In addition to the residences in Seoul owned by former CEO Shin Hyun-seong and others, the prosecutors also filed foreclosure actions against their foreign-registered vehicles, lands in Hwaseong and Gapyeong in Gyeonggi-do, and Taean in South Chungcheong Province. Kwon evaded arrest for almost a year before getting caught in Montenegro on March 23rd.

Re:

[Bill, Shooter of Bul]

This isn't a troll or even that much of an exaggeration. There isn't a secret cabal ( well except for Tether) , but that's the invisible hand of the market encouraging scams where there is no regulation. It can't be argued form an economics perspective.

I've been saying it forever

[Powercntrl]

The purpose of every altcoin is so people who missed the boat on Bitcoin can fleece a new set of suckers who think they might also be getting in early on something that will be as big as Bitcoin. Which isn't to say Bitcoin itself is some great thing you should be investing in, but just that it's got that whole ransomware/money laundering/drug money underworld thing propping up its value.

Re:

[nocoiner]

[Bitcoin]'s got that whole ransomware/money laundering/drug money underworld thing propping up its value.

LOL so its only real value is how it can facilitate ransomware/money laundering/drug money - great attribute!

Re: I've been saying it forever

[todmanic]

Yes, crypto performing as it was intended, can't say that for lots of software. And driven by greed, what a hook. Nuke crypto from orbit, it's the only safe way.