After $192 million confiscated in November and December 2022, the South Korean authorities repeated their operation against those responsible for the company Terraform Labs. This time, 8 people were involved in this seizure reaching a total value of 160 million dollars, mainly composed of real estate.
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Assets valued at $160 million
For several months, the South Korean authorities increase the number of seizures of assets associated with individuals with ties to Terraform Labs. In this context, the Seoul Southern District Prosecutor’s Office announced that it had successfully completed a new seizure valued at 210 billion won, equivalent to 160 million dollars.
The confiscated assets belong to 8 people responsible for the collapse of the Terra (LUNA) ecosystem which occurred in May 2022. Among those concerned, we find Kim Mo, the former vice-president of Terraform Labs, whose confiscated property is worth $60 million.
Assets immobilized by the authorities mainly concern real estate. For their part, the country’s authorities are continuing their investigation in order to seize new funds and cover the losses of the victims :
“We continue to investigate the titles of the suspects and we plan to proceed in the future with the preservation of the assets in order to recover the funds obtained from a crime and to obtain damages. »
👉 Revisit the consequences of the collapse of the Terra (LUNA) ecosystem
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The authorities are stepping up operations
Last November, Terraform Labs co-founder Shin Hyun-Seong, also known as Daniel Shin, had also had $100 million seized in the form of assets. Similarly, a month later, half a dozen individuals linked to the company were implicated in a seizure operation amounting to $92 million.
These confiscations were justified by the South Korean authorities as potentially being the fruit “ of criminal activity” related to the sale of LUNA tokens (now LUNC).
Regarding Do Kwon, the co-founder and CEO of the company, his recent arrest by local authorities in Montenegro triggered strong reactions from South Korea and the United States.
Each wishing to be extradited, the two countries must wait for the moment: the Montenegrin Minister of Justice affirmed that Do Kwon will be judged on the spot first. for possessing false identity documents.
👉 To know more about the situation of Do Kwon in Montenegro
Source: KBS News
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Always enthusiastic about new technologies, I gradually moved closer to Web3-related activities during the year 2021. Over time, I wanted to add my stone to the building. It was then that I became an editor, with the aim of explaining cryptocurrency-related topics to as many people as possible.
Timothy Bourbotte
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