- Do Kwon’s wife was permitted to keep her substantial real estate assets that had been frozen.
- The assets were obtained between March and May of 2021, when the couple was married.
A major legal victory has been achieved by the spouse of Do Kwon, founder of Terraform Labs, against the government of South Korea. She was permitted to keep her substantial real estate assets. That had been frozen as part of the inquiry into the Terra-Luna collapse after a Seoul court decided in her favor.
In situations involving crypto, the decision calls into question the limits between private and public assets. And overturns the government’s original asset preservation order. Furthermore, the difficulty in tracing ownership and money movements in the cryptocurrency business adds to the complexity of investigating and prosecuting instances in this sector.
Comprehensive Win
Furthermore, in all third-party objection cases against the South Korean government’s wealth seizure operations, Do Kwon’s wife has won comprehensively. This is as per the Seoul Southern District Court’s verdict on June 19th. Also, after reviewing the matter, the court ruled that the assets at issue should be considered special property of the wife. As they were obtained during her marriage to Kwon.
Moreover, property in Seoul’s Seongsu-dong and the right to sell office space in Nonhyeon-dong are the main assets at stake here. The original asset preservation decision against Kwon included the freezing of these properties. Which was a considerable 233.3 billion won ($177 million). Nevertheless, the court has temporarily halted the foreclosure proceedings on these properties until the verdict is finally confirmed.
All of the assets were obtained between March and May of 2021, when the couple was married. Crucially, the court rejected the government’s claim that the properties were really owned by Kwon. And were only formally kept in his wife’s name.
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