South Korean authorities seized $104M from Terra co-founder suspecting unfair profits
The freeze on Shin’s assets worth over $104 million was approved by the Seoul Southern District Court, based on a request from the prosecutors.
South Korean authorities continue their efforts to bring closure to the victims of the infamous Terraform Labs, as authorities froze approximately $104.4 million (140 billion won) from co-founder Shin Hyun-seong based on suspicion of unfair profits.
The decision was approved by the Seoul Southern District Court, which was based on a request from the prosecutors. The claim relates to Shin’s involvement in selling pre-issued LUNA tokens. The district court froze the allegedly stolen funds until further investigations are underway.
Terra co-founder Shin is currently being investigated by South Korean authorities on two charges (i) making unfair profits from issuing in-house tokens LUNA and TerraUSD (UST) and (ii) leaking customer transaction information of Chai — a Korean payment app linked to Terra — to Terraform Labs.
The South Korean prosecutors requested the accused co-founder appear in court as part of an investigation into the firm's collapse on November 14. The prosecutors also accused Terra co-founder Do Kwon of manipulating Terra’s price in the first week of November.