A Complete Win for Do Kwon\'s Wife: Seoul Court Rules to Retain Ownership of Frozen Real Estate Assets

In the latest development, the spouse of Terraform Labs founder, Do Kwon, has secured a significant win against the South Korean government.

Terraform Labs founder Do Kwon's spouse has emerged victorious in a legal battle against the South Korean government, securing a crucial win amid the ongoing investigation into the Terra Luna collapse.

The Seoul Court's June 19th ruling marks a complete triumph for Do Kwon's wife in all third-party objection lawsuits against the government's asset seizure efforts. The court ultimately decided 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.

Among the assets in the case are real estate in Seoul's Seongsu-dong and official sales rights in Nonhyeon-dong. These properties were initially frozen as part of a massive 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.

A key factor in the court's decision was the presumption that the real estate shares and officetel sales rights belong to the wife as her special property under Article 830(1) of the Civil Act. The government had claimed that the properties were owned by Kwon, with his wife nominally holding them in her name, but the court dismissed this claim.

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, a finding that ultimately supported the court's recognition of the assets as her special property.

This victory comes as legal troubles continue regarding the collapse of the Terra Luna crypto ecosystem. While Do Kwon's wife secured this win, Do Kwon himself is still wanted on charges of violating capital market laws.

In another development, Coinbase's Chief Legal Officer, Paul Grewal, raised concerns about the SEC's ability to provide practical solutions for Terraform's victims and questioned the SEC's $4.47 billion settlement with Kwon and Terraform Labs.

The SEC's handling of the Terraform case and the broader regulatory approach to cryptocurrencies have faced scrutiny, with some critics arguing for more stringent measures to protect investors and maintain market integrity.

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