Terra’s $200 Million In Real Estate Belonging Has Been Confiscated By South Korean Prosecutors

Key Points:

• In South Korea, prosecutors conducted raids and took possession of over 200 million dollars’ worth of real estate that belonged to administrators and employees of Terra.
• The prosecution has taken possession of the real estate, automobiles, and financial assets of the early financiers and employees involved in the case.

Recent events have resulted in South Korean authorities inspecting and seizing the real estate of Terra executives and employees.

It has been established beyond a reasonable doubt that the prosecution has amassed over two hundred billion won in compensation for the assets of Terraform Labs executives and employees accused in connection with the incidents involving the virtual currencies Terra and Luna.

According to KBS, the Financial Securities Crime Joint Investigation Team of the Seoul Southern District Prosecutor’s Office in South Korea searched and preserved approximately 270 billion won (approximately 205 million dollars), with the assets totaling 154.1 billion won, 79.1 billion won, and 40.9 billion won. 

Expropriation and preservation is a technique that can be used to stop criminal suspects from arbitrarily getting rid of property that they obtained through criminal activity while their cases are pending in court. In addition, the real estate, automobiles, and stock possessions of early investors and employees who have been recognized as suspects in the case have been placed under a suspension by the prosecutors.

In the beginning of this year, the authorities in Seoul stated that Shin faces allegations of deception, dereliction of duty, violation of rules governing the capital market, and illegitimate fundraising. It was reported earlier today that a magistrate in South Korea had once again decided against placing Daniel Shin under custody.

Representative Shin and a few others are being accused of founding the Terra company, keeping virtual currencies released before and after the beginning of the business, and unjustly profiting from the sale of these currencies when their value rises.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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