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According to South Korean broadcaster KBS, prosecutors have stated that Do Kwon, the founder of the defunct cryptocurrency issuer Terraform Labs, does not possess any identifiable assets in South Korea.
Last month, the South Korean citizen was detained in Montenegro while trying to travel with forged documents. He is now facing extradition requests from both South Korea and the U.S., as Kwon is expected to face criminal charges in both countries.
South Korean prosecutors, who confirmed the report to Forkast, have revealed that nine executives collectively earned 414.5 billion won ($315 million) from the company. However, they have been unable to locate "virtually all" of the 91.4 billion won that belongs to Kwon within South Korea, as per the report.
An estimated 154 billion won is believed to be in the possession of Terra co-founder, Daniel Shin. Prosecutors have attempted to obtain an arrest warrant for Shin twice, but have been unsuccessful.
The Korea Times reported earlier this week that the inability of prosecutors to obtain an arrest warrant for Shin may pose a challenge to South Korea's extradition process of Kwon from Montenegro.
Source Coindesk
