According to reports, the Seoul Southern District Prosecutor’s Office in South Korea has seized assets worth $160 million from eight individuals connected to the collapse of Terraform Labs, including co-founder Daniel Shin. The authorities reportedly took control of various properties owned by former Terra employees, mainly in the form of real estate, in an attempt to prevent them from disposing of assets that could potentially be connected to criminal proceedings.
The Seizure of Assets
South Korean news outlet KBS reported that prosecutors have confiscated around $160 million worth of assets, which includes roughly 210 billion won, mainly in the form of property owned by former Terra Vice President Kim Mo and an unnamed executive worth approximately $60 million and $31 million, respectively.
The prosecution team spokesperson stated, “We are still investigating the property ownership status of the suspects, and we plan to carry out collection preservation for the confirmed property in the future in order to recover the proceeds of crime and recover damages.”
The prosecutors reportedly took this action to prevent former Terra employees from disposing of their assets to avoid being part of potential criminal proceedings. This is not the first time authorities have taken such measures, as they seized Shin’s home in Seoul in November last year. However, they are still investigating other assets allegedly linked to the Terra co-founder.
No Arrest Warrant Authorized for Shin
At the time of publication, no South Korean court had authorized an arrest warrant for Shin, and the report did not mention any cryptocurrency assets seized as part of the investigation.
Following the collapse of the Terra platform, co-founder Do Kwon’s whereabouts remained unknown for months. However, he was arrested in Montenegro in March, and Montenegrin Justice Minister Marko Kovač announced on March 29 that the local government had received requests from both the United States and South Korea to take Kwon into custody.
Conclusion
The seizure of assets worth $160 million by South Korean authorities from former Terra employees is a significant development in the investigation of the Terraform Labs collapse. The authorities’ actions were aimed at preventing individuals from disposing of their assets and ensuring that they were part of potential criminal proceedings. The investigation is ongoing, and the public awaits further developments on this matter.
Ecosystem
Research
News Network
About