Authorities in South Korea seize $160 million in assets belonging to Terra workers.

by Apr 4, 2023CryptoNews0 comments

According to reports, prosecutors seized homes and other assets to stop former Terra workers from selling things that may be tied to legal cases. According to reports, the Seoul Southern District Prosecutor’s Office has seized assets worth over $160 million from eight persons linked to the demise of Terraform Labs, including co-founder Daniel Shin.

Authorities confiscated property associated with former Terra workers, primarily in real estate, for over 210 billion won ($160 million at the time of publishing), according to a report from the South Korean news channel KBS on April 3. According to reports, law enforcement officials seized homes and properties worth around $60 million and $31 million each that belonged to former Terra Vice President Kim Mo and an unidentified executive.

Terra workers

A representative for the prosecution team stated, “We are currently looking into the suspects’ property ownership status, and we aim to implement collection preservation for the confirmed property in the future to recover the profits of crime and recoup damages.”

According to crypto News, the prosecutors’ efforts were taken to stop former Terra workers from disposing of assets to include them in prospective legal cases. Authorities seized Shin’s home in Seoul in November in a move similar to this but are still looking into other properties allegedly linked to the Terra co-founder.

No South Korean court has issued an arrest warrant for Shin as of the time of publishing. Moreover, no crypto assets that were confiscated as part of the inquiry were mentioned in the article.

Following the platform’s failure and months of uncertainty regarding his location, Terra co-founder Do Kwon was detained in Montenegro in March. The local government had received demands from both the United States and South Korea considering detaining Kwon, according to a March 29 statement from Montenegro Justice Minister Marko Kova.

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