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Cryptogambling / Terra: South Korean Authorities Seize Assets Worth $160M

Terra: South Korean Authorities Seize Assets Worth $160M

Publish Date: 04/04/2023

According to a report, prosecutors seized homes and other assets in an effort to stop former Terra employees from selling things that might be tied to legal cases.

whalechart
2023-04-03 14:30
BREAKING: South Korean prosecutors have investigated and seized more than 200 million US dollars in real estate of Terra executives and employees
472 19

The Seoul Southern District Prosecutor’s Office has seized assets worth over $160 million from eight people linked to the demise of Terraform Labs, including co-founder Daniel Shin.

The police seized assets associated with former Terra employees worth around 210 billion won, or $160 million at the time of publication.

According to KBS, a South Korean news outlet, which reported the incident on April 3. Prosecutors are alleged to have taken possession of Kim Mo, a former vice president of Terra, and an unnamed executive’s mansions and other property, which are worth roughly $60 million and $31 million, respectively.

However, at the time of this report, no South Korean court had issued an arrest warrant for Shin as of the time of publishing. Moreover, no crypto assets that were seized as part of the inquiry were mentioned in the article.

A representative for the prosecution team stated,

“We are still looking into the suspects’ property ownership status, and we plan to implement collection preservation for the confirmed property in the future in order to recover the proceeds of crime and recoup damages.”

Things to know About Terra CEO

Do Kwon, a co-founder of Terra, was detained in Montenegro in March after the platform’s failure left the public in the dark about his location for months.

The local government had received demands from both the United States and South Korea regarding detaining Kwon, according to a March 29 statement from Montenegro Justice Minister Marko Kova.

According to a US court document, Do Kwon has been accused of four other offenses in addition to commodities fraud, wire fraud, securities fraud, and conspiracy to commit fraud and market manipulation.

He was attempting to board a flight to Dubai with his business partner Hon Chang Joon when he was stopped at the Podgorica airport.

Shin’s 100 billion won ($76 million) worth of property was seized and frozen by authorities in November of last year. According to sources, Shin allegedly claimed more than $106 million by storing LUNC tokens at cheap prices before the launch.

Nonetheless, the prosecution said that the total purchases made by the other 7 defendants came to $128.5 million (169 billion KRW). To date, they have received $86.7 million (114 billion KRW) in repayment. The Terra Luna suspects have not had any cryptocurrencies seized by the authorities, according to the local media.

Twitter Tweeps

Some traders on twitter are worried that in spite of the allegations against Terra, one of the biggest crypto company Binance is still trading LUNA. Traders are starting to think that the coin is printed out of thin air.

FatMan
2023-03-28 21:14
The largest exchange in the world is still trading a coin printed out of thin air (third time’s the charm!) by an international fugitive charged with fraud who is currently pending extradition, allowing retail to punt and TFL employees to dump Crypto will never not amaze me lol https://t.co/tDePAlGJYd
787 165

Key TakeawayΒ 

  • Terra Assets worth $160M have bee seized
  • Employees are under pressure over possible link to Terra fraud case
  • Terra CEO, DO Kwon, yet to be arrested.

Final Note

The rate of of scam and misappropriation of fund in the crypto world is terrifying. Although it is expected of a growing currency where people and companies are taking advantage of its security issues for personal game. while this is not a financial advice, it is imperative for investors to be more careful with their investment.

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