• About Us
  • Careers
  • Contact
No Result
View All Result
Tuesday, October 21, 2025
DeFi Planet
  • News
    • People
    • Business
    • Crime
    • Regulation
    • Crypto
    • CBDC
  • Markets
    • Bitcoin
    • Ethereum
    • Stablecoins
    • Altcoins
    • Crypto ETFs
    • Memecoins
  • Policy
  • Articles
    • Press Releases
    • Opinion
    • Explainers
    • Guest Post
    • Sponsored
  • Directory
    • Companies
    • People
    • Products
    • Wallets
  • Multimedia
    • Videos
    • Podcasts
  • Learn
    • DeFi Basics
    • Tutorials
    • Reviews
    • Blockchain Fundamentals
  • Research
    • Case Studies
  • Explore
    • DeFi
    • Crypto Gaming
    • NFT
    • DAO
    • Metaverse
    • Glossary
  • Jobs
  • Markets Pro
    • DeFi Planet Pro
    • Spend Crypto
    • Swap Crypto
    • Coin Prices
    • Crypto Exchanges
    • Crypto Analyzer
  • News
    • People
    • Business
    • Crime
    • Regulation
    • Crypto
    • CBDC
  • Markets
    • Bitcoin
    • Ethereum
    • Stablecoins
    • Altcoins
    • Crypto ETFs
    • Memecoins
  • Policy
  • Articles
    • Press Releases
    • Opinion
    • Explainers
    • Guest Post
    • Sponsored
  • Directory
    • Companies
    • People
    • Products
    • Wallets
  • Multimedia
    • Videos
    • Podcasts
  • Learn
    • DeFi Basics
    • Tutorials
    • Reviews
    • Blockchain Fundamentals
  • Research
    • Case Studies
  • Explore
    • DeFi
    • Crypto Gaming
    • NFT
    • DAO
    • Metaverse
    • Glossary
  • Jobs
  • Markets Pro
    • DeFi Planet Pro
    • Spend Crypto
    • Swap Crypto
    • Coin Prices
    • Crypto Exchanges
    • Crypto Analyzer
No Result
View All Result
DeFi Planet
No Result
View All Result
Home News Latest News

Do Kwon Accused of Laundering Illicitly Obtained LUNA Funds via Bitcoin

7 April 2023
in Latest News, News
Reading Time: 3 mins read
105 3
Do Kwon Accused of Laundering Illicitly Obtained LUNA Funds via Bitcoin

Source: forkast.news

South Korean authorities have discovered illegally obtained assets worth 414.5 billion won ($314.2 million) in possession of Terraform Labs’ co-founder, Do Kwon, and his associates. Out of this amount, about 91.4 billion won ($69 million) has been directly linked to Kwon. 

Unfortunately, South Korean authorities are unable to recover any of Kwon’s assets as he is said to have converted most of the stolen funds into Bitcoin (BTC) via foreign crypto exchanges, rather than investing in tangible assets.

In an effort to recoup a portion of the misappropriated funds from the Terra-Luna debacle, South Korean authorities are actively pursuing properties associated with Terraform Labs executives. 

On April 3, they seized homes and other assets to prevent former Terra workers from trading assets that could be involved in legal disputes. In addition to residences located in Seoul owned by former CEO Shin Hyun-seong and others, prosecutors initiated foreclosure proceedings against foreign-registered automobiles, lands in Hwaseong and Gapyeong in Gyeonggi-do, and Taean in South Chungcheong Province.

Terra Luna had seen explosive growth as a thriving crypto ecosystem, centered around the algorithmic stablecoin TerraUSD Classic (USTC). Unfortunately, in May 2022, the stablecoin’s depegging caused the entire $40 billion ecosystem to crumble within days. 

While the infamous crash was initially believed to have been caused by market fluctuations, it was later revealed that the former CEO, Kwon, was at the center of a clear fraud scheme. The US Securities and Exchange Commission (SEC) subsequently filed a lawsuit against Do Kwon for allegedly orchestrating a multibillion-dollar crypto asset securities fraud.

Despite South Korean authorities issuing an arrest warrant and Interpol having a red notice against him, Kwon managed to evade arrest for almost a year until his capture on March 23 in Montenegro.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”

Tags: Do KwonTerraform Labs
Share63Tweet40Share11
Favour Udeo

Favour Udeo

Favour is a writer, who is interested in blockchain, DeFi, and Web3 in general. She finds machine learning and emerging technologies interesting.

Related Posts

BOJ Deputy Governor Calls for Regulatory Overhaul as Stablecoins Reshape Global Finance
News

BOJ Deputy Governor Calls for Regulatory Overhaul as Stablecoins Reshape Global Finance

21 October 2025
Crypto and Fintech Coalition Urges U.S. Regulators to Protect Consumer Data Rights in Open Banking Rule
Crypto

Crypto and Fintech Coalition Urges U.S. Regulators to Protect Consumer Data Rights in Open Banking Rule

21 October 2025
Bitcoin Outflows Point to Renewed Accumulation as Binance Netflow Turns Negative
Bitcoin

Bitcoin Outflows Point to Renewed Accumulation as Binance Netflow Turns Negative

21 October 2025
Bithumb Lists ZORA and RECALL in KRW Market With Zero Trading Fees
Crypto

Bithumb Lists ZORA and RECALL in KRW Market With Zero Trading Fees

21 October 2025

Editors Picks

Mining vs. Staking: Which Crypto Validation Method Will Shape the Future?

Mining vs. Staking: Which Crypto Validation Method Will Shape the Future?

byOlajumoke Oyaleke
15 July 2025
0

Where Are the Ethereum-Killers Now?

Where Are the Ethereum-Killers Now?

byOlayinka Sodiqand1 others
6 January 2025
0

source: investorplace.com

How to Find the Newest Cryptocurrencies Before They’re Listed

byOlayinka Sodiq
30 December 2024
0

Exploring the Role of AI in Enhancing DeFi Security

Exploring the Role of AI in Enhancing DeFi Security

byOlayinka Sodiq
1 October 2024
0

The Ultimate Guide to How NFT Royalties Work

The Ultimate Guide to How NFT Royalties Work

byAdedamola Ojedokun
17 April 2024
0

Read More

Chain of Thoughts

The Aesthetics of Web3: Why Vibe Matters in Decentralized Communities

The Aesthetics of Web3: Why Vibe Matters in Decentralized Communities

byOlu Omoyele
27 September 2025
0

...

Zero-Knowledge Everything: Trust, Privacy, and Verification in the Digital Age

Zero-Knowledge Everything: Trust, Privacy, and Verification in the Digital Age

byOlu Omoyele
30 August 2025
0

...

What Happens When AI Gets a Wallet?

What Happens When AI Gets a Wallet?

byOlu Omoyele
31 July 2025
0

...

The Game-changing Triumvirate: Blockchain, Data Science, and Artificial Intelligence

The Game-changing Triumvirate: Blockchain, Data Science, and Artificial Intelligence

byOlu Omoyele
30 June 2025
0

...

Markets Update

Crypto in Latin America: Adoption Booms as Media Visibility Falls, Outset PR Finds

11 hours ago

Your Weekend Crypto Roundup | October 2025 (Week 3)

4 days ago

Crypto in Latin America: Adoption Booms as Media Visibility Falls

1 week ago

Your Weekend Crypto Roundup | October 2025 (Week 2)

2 weeks ago

Your Weekend Crypto Roundup | October 2025 (Week 1)

3 weeks ago

What $1 Billion in Liquidations Means for Market Stability

3 weeks ago
Read More

Events

  • No events
  • Spotlight

    All about Ethereum
    All about Algorand
    All about Bitcoin
    All about Gora

    Press Releases

    Bombastic Casino Unveils New Design and Enhanced Features

    bychainwire
    21 October 2025
    0

    Crypto Market Recovers as Liquidity Returns — Pepeto Announces $700K Giveaway and 221% Staking Rewards

    bychainwire
    21 October 2025
    0

    Limitless Prediction Market Closes $10M Seed Round Ahead of LMTS Token Launch

    bychainwire
    20 October 2025
    0

    Whale.io Introduces Crock Dentist Game and Exclusive RWA NFT Collection

    bychainwire
    20 October 2025
    0

    Bybit Card Honored as “the Best Performing Crypto Card” by Mastercard at EDGE 2025

    bychainwire
    20 October 2025
    0

    Read More

    ADVERTISING

    ABOUT

    TEAM

    CAREERS

    CONTACT

    TERMS & CONDITIONS

    PRIVACY POLICY

    © Copyright 2025 DeFi Planet

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In

    Add New Playlist

    No Result
    View All Result
    • News
      • People
      • Business
      • Crime
      • Regulation
      • Crypto
      • CBDC
    • Markets
      • Bitcoin
      • Ethereum
      • Stablecoins
      • Altcoins
      • Crypto ETFs
      • Memecoins
    • Policy
    • Articles
      • Press Releases
      • Opinion
      • Explainers
      • Guest Post
      • Sponsored
    • Directory
      • Companies
      • People
      • Products
      • Wallets
    • Multimedia
      • Videos
      • Podcasts
    • Learn
      • DeFi Basics
      • Tutorials
      • Reviews
      • Blockchain Fundamentals
    • Research
      • Case Studies
    • Explore
      • DeFi
      • Crypto Gaming
      • NFT
      • DAO
      • Metaverse
      • Glossary
    • Jobs
    • Markets Pro
      • DeFi Planet Pro
      • Spend Crypto
      • Swap Crypto
      • Coin Prices
      • Crypto Exchanges
      • Crypto Analyzer

    © Copyright 2024 DeFi Planet   |   Terms & Conditions   |   Privacy Policy

    -
    00:00
    00:00

    Queue

    Update Required Flash plugin
    -
    00:00
    00:00