Terra’s Do Kwon still has Bitcoin in Swiss bank, charges Daniel Shin

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South Korean prosecutors on Tuesday charged 10 people, including Terra co-founder Daniel Shin, with ties to the Terra-LUNA crisis. Prosecutors have frozen $185 million in assets as part of the investigation, with Bitcoin worth millions remaining in a Swiss bank.

The action came after a South Korean court on Monday rejected prosecutors’ appeal to confiscate Daniel Shins’ properties and arrest him for violating capital markets law.

Terra Do Kwon founders and Daniel Shin face wrath from prosecutors

The Seoul Southern District Prosecutor’s Office has charged Terra co-founder Daniel Shin and seven others without custody on multiple counts, including fraud, dereliction of duty and embezzlement. While two were indicted for breach of trust, Korean news agency Yonhap reported on April 25.

Shin and others have pocketed nearly $300 million in illegal earnings from Terra ecosystem tokens by trading and promoting these cryptocurrencies.

At a press conference after the prosecution indicted 10 people, Chief Prosecutor Dan Seong-han said the prosecutors office would continue to track Bitcoin holdings and transactions by TFL and LFG. Do Kwon still has Bitcoins worth millions in a Swiss bank, having converted some of them into cash last year.

Earlier, the US SEC disclosed that Do Kwon cashed around $100 million worth of Bitcoin from a Swiss bank. A certain sum was transferred to the law firm Kim & Chang for the payment of legal fees.

Meanwhile, Do Kwon was detained and charged in Montenegro for passport falsification. Daniel Shin and others were behind the structuring of the TerraUSD and LUNA cryptocurrencies, causing $60 billion to disappear in the Terra-LUNA crisis.

Prosecutors are also seeking Do Kwon’s extradition from Montenegro. US prosecutors have also charged Terra and Do Kwon with fraud and are seeking their extradition. The extradition will take months because the judicial procedure for extradition has not yet started.

Terra (LUNA) and Terra Classic (LUNC) prices remain under pressure following the arrest of Do Kwons and the prosecutors office continued its actions against Daniel Shin and related entities. LUNA price is trading at $1.24, while LUNC price is at $0.000109, down 1% in the last 24 hours.

Also Read: Paradigm Files Amicus Brief in US SEC Lawsuit Against Terra and Do Kwon

Varinder Singh

Varinder is a technical writer and editor, technology enthusiast, and analytical thinker. Fascinated by disruptive technologies, he shared his knowledge on blockchain, crypto-currencies, artificial intelligence and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period of time and currently covers all the latest updates and developments in the crypto industry.

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