A South Korean court has approved the request of local prosecutors to freeze Terraform Labs CEO Kwon Do-hyeong’s domestic assets and properties worth KRW 233.3 billion (US$176 million), according to the Seoul Southern District Prosecutors’ Office on Wednesday.
The frozen assets include Kwon’s private residence in Seoul, real estate, imported automobiles, securities deposited with Mirae Asset Securities Co., deposits with Woori Bank, and cryptocurrencies in cryptocurrency exchanges.
After a final guilty verdict, the amount of the assets that prosecutors identified as Kwon’s illegal profits will be confiscated.
Kwon is wanted in South Korea and the U.S. for allegedly designing the Terra-Luna project to defraud investors and servicing unregistered financial securities.
The Terraform CEO has repeatedly denied all allegations. If convicted, he may face over 40 years in prison, which will be the heaviest sentence given to a financial crime in the country’s history.