TL;DR
- Following a judicial decision in South Korea, Do Kwon’s wife, founder of Terraform Labs, has achieved a significant legal victory by securing ownership of various real estate assets.
- The ruling by the Seoul Court confirmed that these assets are separate property of Do Kwon’s wife, acquired with her own funds before marriage.
- The assets include a multifunctional apartment in Seongsu-dong and subscription rights to an officetel in Nonhyeon-dong, collectively valued at approximately $183 million.
Following a judicial resolution in South Korea, Do Kwon’s wife, founder of the crypto company, Terraform Labs, has obtained a major legal victory by securing ownership of various real estate assets and subscription rights, which had been frozen by the government during the investigation related to the Terra Luna collapse.
The ruling issued by the Seoul Court on June 19 ratified that these assets are separate property of Do Kwon’s wife, acquired with her own funds before marriage. This marks a turning point in the legal disputes linked to the case, as the court dismissed the government’s claims that the assets were registered under Kwon’s wife’s name to conceal illegally obtained assets.
The assets in question include a multifunctional apartment in Seongsu-dong and subscription rights to an officetel in Nonhyeon-dong, collectively valued at approximately 233.3 billion South Korean won (around $183 million). These assets were initially frozen as part of an asset preservation order.
The Kwon Family’s Legal Crusade Will Continue for a Long Time
The court based its decision on presented evidence showing that the funds used to acquire these assets came from profits and investments made by Kwon’s wife in cryptocurrencies, including transactions in Bitcoin and Ethereum. This evidence was crucial in establishing that the assets legitimately belong to her and were not under direct control of Do Kwon.
Despite the victory for Do Kwon’s family, the founder of Terraform Labs continues to face complex legal issues. Currently detained in Montenegro, he awaits a decision on his extradition to both South Korea and the United States, where he faces accusations of violating capital market laws.
The decision by the South Korean court has provided a small victory for the Kwon family in this complex legal case. However, the situation remains highly intricate. With the state’s appeal filed, legal debates over assets linked to Do Kwon’s family are expected to continue, prolonging the ongoing judicial process.
