Do Kwon’s Fraud Brings Down Terra: $314.2 Million in Illicit Funds Found

• Terra, a popular cryptocurrency, saw its value plummet from $40 billion to nearly nothing due to a fraud conspiracy orchestrated by its former CEO, Do Kwon.
• South Korean authorities have been working to collect criminal funds tied to Kwon and his associates and have so far discovered 414.5 billion won ($314.2 million) in unlawful assets tied to him.
• Do Kwon has been issued an Interpol Red Notice and is facing extradition requests from both South Korea and the United States for his crimes.

The Downfall of Terra

The downfall of Terra in May last year stunned the cryptocurrency community. Terra, once a promising ecology, saw its value drop from $40 billion to nearly nothing. According to investigations, former chief executive Do Kwon was at the core of a vast fraud conspiracy.

South Korean Authorities’ Efforts

Since then, South Korean authorities have been attempting to collect criminal funds linked to Kwon and his friends. Unfortunately, the officials have encountered a number of roadblocks in their efforts. The majority of Kwon’s assets are unrecoverable, as the former CEO allegedly changed them into Bitcoin utilizing offshore crypto exchanges. Despite this, prosecutors have discovered 414.5 billion won ($314.2 million) in unlawful assets tied to Kwon, of which nearly $70 million is directly linked to the former top honcho.

Freezing Crypto Funds

Do Kwon has been ordered by South Korean officials to stop liquidating millions in crypto funds by notifying Binance ––the world’s biggest cryptocurrency exchange––to freeze all wallets related with Kwon’s name. In addition, prosecutors seized former Terra executives’ residences and other assets in order prevent them from selling any asset that may be linked with legal matters

Do Kwan was Caught

Despite an arrest warrant and an Interpol red notice against his name, Do Kwon eluded capture for nearly a year before being apprehended in Montenegro on March 23 while attempting to travel using forged passports . But he may face charges in Montenegro for passport fraud which could stymie South Korea’s extradition efforts . Both South Korea and The United States have requested his extradition ,and Do Kwons is facing criminal accusations in both countries .

What is Red Notice ?

An Interpol Red Notice is a call made out by law enforcement around the world to find and temporarily arrest someone who is wanted for extradition or prosecution by a national jurisdiction .It contains information on person sought like there name ,photo ,description of suspected crime they are sought for .If red notice is issued member nations can take appropriate action against that person