South Korea Seize Nearly $100 Million In Assets Belonging To Terra’s Co-Founder

The prosecution’s motion to seize Shin Hyun-assets Seong’s has been granted by a South Korean court due to his involvement in the demise of the Terra (LUNA) ecosystem and his position as co-founder of Terraform Labs.

According to a local South Korean publication, YTN, on November 17, the court specifically approved the confiscation of 140 billion won ($104 million) in profits Hyun-Seong allegedly made from selling pre-release LUNA at a premium price without informing regular investors.

Notably, the court’s decision was made as a preventative measure before the trial to avoid any potential proceeds being distributed before the accused was brought to court.

The prosecution’s request is a component of an ongoing inquiry into Hyun-alleged Seong’s use of criminal means to profit from the launch of Terra ecosystem-related assets. At the same time, the accused is alleged to have given Terraform Labs access to client transaction data from his other company, Chai Corporation.

Notably, the South Korean government has begun building a case against Terraform Labs in the wake of Terra’s high-profile failure by freezing Hyun-Seong’s assets.

Do Kwon, the platform’s founder, is accused by regulators of breaking the nation’s capital market laws; nevertheless, a recent report suggested that the government was having difficulty building a solid case against Terraform Labs.

South Korea bitcoin industry

The fundamental problem is the absence of rules that explicitly target the bitcoin industry at a time when Kwon is still at large despite an active Interpol

Kwon denies being on the run and insists he is innocent of the claims that he engineered the collapse of the Terra ecosystem. Meanwhile, Kwon is the subject of an active arrest warrant.

The prosecution asserts that it is doing everything possible to establish Kwon’s guilt while also stressing that the probe might still move forward in the absence of clear crypto legislation.

The court’s refusal to grant a request to hold those connected to the Terraform Labs ecosystem delivered a blow to the prosecution’s effort to prosecute the case.

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