{"id":11377,"date":"2023-04-08T10:54:45","date_gmt":"2023-04-08T10:54:45","guid":{"rendered":"http:\/\/www.cryptoheretostay.com\/?p=11377"},"modified":"2023-04-08T10:54:46","modified_gmt":"2023-04-08T10:54:46","slug":"terra-executives-made-over-300m-from-failed-project-do-kwon-owns-no-property-in-south-korea","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=11377","title":{"rendered":"Terra executives made over $300M from failed project; Do Kwon owns no property in South Korea"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p>South Korean prosecutors said Terraform Labs executives, including Do Kwon and Daniel Shin, made 414.5 billion won ($314.2 million) by tricking investors into investing in the failed project.<\/p>\n<p>According to an April 7 KBS News report, the co-founder and former CEO of Chai Shin Hyun-Seong (also known as Daniel Shin) made 154.1 billion won, while seven other unnamed employees made 169 billion won.<\/p>\n<p>The report noted that the Seoul prosecutors had started freezing properties belonging to Shin and these other employees so they could not sell them.<\/p>\n<p>Some assets the South Korean prosecutors seized include apartments in Seoul, lands in Hwaseong and Gapyeong in Gyeonggi-do, Taean in South Chungcheong Province, and cars.<\/p>\n<h2>Do Kwon owns no property in South Korea<\/h2>\n<p>However, efforts to freeze assets belonging to Do Kwon has been futile because he owns no asset in the Asian country.<\/p>\n<p>According to the report, Kwon made\u00a0an estimated 91.4 billion won ($69 million) from the proceeds.<\/p>\n<p>An unnamed prosecutor reportedly said:<\/p>\n<p>&#8220;It was found that there is almost no property owned by CEO Kwon in Korea.&#8221;<\/p>\n<p>Kwon reportedly converted most of his properties into Bitcoin (BTC) and moved them into crypto exchanges outside South Korea. Prosecutors said they had contacted Binance to freeze Kwon&#8217;s crypto assets held on the exchange.<\/p>\n<p>Meanwhile, Kwon is currently held in Montenegro, where he was arrested with fake travel documents while trying to board a flight to Dubai. Both the U.S. and South Korea want to extradite him to face criminal charges.<\/p>\n<p>The post Terra executives made over $300M from failed project; Do Kwon owns no property in South Korea appeared first on CryptoSlate.<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptoslate.com\/terra-executives-made-over-300m-from-failed-project-do-kwon-owns-no-property-in-south-korea\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>South Korean prosecutors said Terraform Labs executives, including Do Kwon and Daniel Shin, made 414.5 billion won ($314.2 million) by tricking investors into investing in the failed project. According to an April 7 KBS News report, the co-founder and former CEO of Chai Shin Hyun-Seong (also known as Daniel Shin) made 154.1 billion won, while [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11378,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[3],"tags":[],"class_list":["post-11377","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11377","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11377"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11377\/revisions"}],"predecessor-version":[{"id":11379,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11377\/revisions\/11379"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/11378"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11377"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11377"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11377"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}