South Korean Authorities Seize Assets Worth $160 Million Belonging to Terra Execs, Former Employees

South Korean Authorities Seize Assets Worth $160 Million Belonging to Terra Execs, Former Employees

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Venture Capitalists

To prevent suspects from selling assets that may have been acquired illegally, so that the outcome of Do Kwon’s failed blockchain case will not be affected, the Seoul authorities have reportedly moved to seize assets belonging to Kwon, and Terraform employees.

The move by the South Korean law enforcement agency was disclosed by local media, KBS, which according to the report, the assets are worth more than 210 billion won and equivalent to $160 million and a large portion of the seized assets is real estate.

One of the notable individuals whose assets were seized is Terraform Labs co-founder Daniel Shin, Shin, who in the past have been allegedly said to have made millions of dollars after buying Luna prior to when it was formally issued and reached its peak price. Also, Shin has been accused of promoting Luna using customer information and funds from a fintech firm, he is however currently facing multiple charges including the violation of South Korean financial laws.

Shin’s house was seized by prosecutors late last year, and also since then, his assets worth millions of dollars have been seized, meanwhile, last week, the Seoul court rejected the bid for his pre-trial detention.

The CEO of Terra, a failed blockchain was arrested in Montenegro last month, and according to reports, he will face charges for using a forged passport before he will be extradited to either the US or South Korea where he will be prosecuted.

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