Do Kwon transformed illicit funds from LUNA to Bitcoin: S.Korean prosecutors

South Korean prosecutors have recognized 414.5 billion received ($314.2 million) in illicit property related to Terraform Labs co-founder Do Kwon and his associates. Out of the recognized unlawful property, prosecutors have linked about 91.4 billion received ($69 million) of the required quantity on to Kwon.

Though Kwon amassed hundreds of thousands, not one of the property tied to him are recoverable or beneath the jurisdiction of the South Korean authorities. That is primarily as a result of the now-arrested former CEO reportedly transformed a lot of the illicit funds into (BTC) utilizing abroad crypto exchanges as a substitute of investing in bodily property, per a report revealed by native media outlet KBS.

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