In the latest development, the spouse of Terraform Labs founder, Do Kwon, has secured a significant win against the South Korean government. The Seoul Court ruling allowed her to retain the ownership of valuable real estate assets frozen amid the ongoing investigation into the Terra Luna collapse.

A Complete Win for Do Kwon’s Wife

The Seoul Court’s June 19th ruling is a comprehensive win for Do Kwon’s wife in all third-party objection lawsuits against the South Korean government’s asset seizure efforts. The court determined that the property in question should be classified as Do Kwon’s wife’s special property, which was acquired at the time of her marriage to Kwon.

The assets in the case include real estate in Seoul’s Seongsu-dong and official sales rights in Nonhyeon-dong. These properties were initially frozen as part of a significant 233.3 billion won ($177 million) asset preservation order against Kwon. However, the court has now suspended the execution of foreclosure on these properties pending final confirmation of the judgment.

Assets Classified As Special Properties

A critical factor in the court’s decision was the presumption that the real estate shares and officetel sales rights are the wife’s special property under Article 830(1) of the Civil Act. The government had claimed that the properties were owned by Kwon, nominally held in his wife’s name. Notably, the court dismissed the claim. 

The evidence presented in the court suggested that Kwon’s wife used funds from her virtual asset account to make the down payment on the Seongsu-dong property. This discovery played a critical role in the court’s decision to identify the assets as her special property.

Settlements and Criticisms!

This significant victory for the Kwon family comes when legal troubles are going on concerning the collapse of the Terra Luna crypto ecosystem. While Do Kwon’s wife secured this win, Do Kwon himself remains a culprit who is wanted on charges of violating capital market laws. 

However, Coinbase’s CLO, Paul Grewal questioned the SEC’s ability to provide practical solutions for Terraform’s victims and was concerned about the SEC’s $4.47 billion settlement with Kwon and Terraform Labs. This highlights the ongoing controversies surrounding regulatory actions in the cryptocurrency space and their effectiveness in protecting investors and maintaining market integrity.

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