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Just before the collapse of the company's crypto assets, Kwon allegedly sent 9 billion won, or approximately $7 million to a top South Korean law firm Kim & Chang, according to a report.
The former crypto fugitive is currently detained in Montenegro, waiting as authorities investigate his alleged use of fake travel documents.
An unnamed South Korean prosecutor confirmed that "It has been found that there is very little property formed and owned by CEO Kwon in the country."
South Korean authorities are not leaving anything to chance as they try to turn all the stones in the ongoing investigation concerning Terraform Labs.
Despite the arrest of Do Kwon, the founder of Terraform Labs, who was on the run in Montenegro, prosecutors in Korea have been unable to obtain arrest warrants for other persons of interest in the case. This could complicate Korea's efforts to have Kwon extradited.