$176M of Do Kwon's assets are frozen: Report By Cointelegraph

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$176M of Do Kwon's assets are frozen: Report

Published May 10, 2023 02:00PM ET Updated May 10, 2023 03:40PM ET

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$176M of Do Kwon's assets are frozen: Report

On May 10, local news outlet Hankyung reported that Do Kwon, co-founder and former CEO of Terraform Labs, had over 233.3 billion Korean won ($176 million) in personal assets frozen as part of ongoing criminal proceedings.

Chief Judge Yun Chan-Young of the 12th Criminal Division of the Seoul Southern District Court has prohibited the sales of Do Kwon's Galleria Foret apartment complex in Seoul, a novel officetel and a series of imported cars. The order also bans the disposition of Kwon's financial assets, such as securities, bank deposits and cryptocurrency stored in personal accounts on virtual currency exchanges.

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