The Seoul Southern District Attorney’s Office reportedly confiscated approximately $160 million worth of assets from eight individuals, including co-founder Daniel Shin, who were linked to the collapse of Terraform Labs.
Prosecutors confirmed that the amount of property confiscated through confiscation orders against Terraform Labs employees involved in the Terra and Luna cryptocurrency scandal exceeds 200 billion won (approximately 168 million USD).
According to local KBS News, the Financial Securities Crimes Joint Investigation Team of the Seoul Southern District Procuratorate’s Office has been working with eight, including Shin Hyun-seong, the former CEO of Chaie Corporation and co-founder of Terraform Labs, in an attempt to recover their illegal earnings. confiscated the person’s property worth 200 billion won, including real estate.
The seizure order is a legal measure that prevents suspects from disposing of assets suspected of being the proceeds of crime during their trial. “We continue to investigate the suspects’ property status and plan to enforce confiscation orders for assets identified with the aim of recovering the proceeds of crime and satisfying the victims,” a prosecutor said. said.
Last November, prosecutors froze Shin’s assets worth nearly 100 billion won, including his house in Seongsu-dong, Seoul.
Prosecutors estimate that Shin made illegal gains of 154.1 billion won on Terra (LUNA) and will freeze any classified assets they may find. It has been reported that Shin bought Terra at a low price before its official launch and sold it for a much higher price, making about 140 billion won illegally.
Along with Shin, seven Terraform Labs employees are under investigation for alleged illegal gains totaling 169 billion won, and their assets worth 114 billion won were confiscated.
Prosecutors also confiscated the properties of Kim Mo, CEO of a related company, and a former Terraform Labs executive known simply as “A” who is suspected of making illegal profits of 79.1 billion won and 40.9 billion won respectively as part of the Terra project.
*Not investment advice.
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