About $160,000,000 in Real Estate and Other Assets Seized From Terraform Labs Employees by Authorities: Report
South Korean authorities have confiscated assets worth millions of dollars from the employees of the blockchain firm Terraform Labs, according to a report.
The report by KBS News says that prosecutors in Seoul have seized real estate and other assets worth approximately $160 million from eight employees of the blockchain firm behind the collapsed Terra (LUNA) ecosystem and TerraUSD (UST) algorithmic stablecoin.
According to KBS News, assets worth approximately $60 million were seized from ex-Terraform Labs’ vice president Kim Mo while assets valued at about $31 million were confiscated from an unnamed executive of the embattled blockchain firm. Assets of an unnamed value belonging to the Terraform Labs co-founder Daniel Shin were also seized.
The seizures come weeks after the arrest of Terraform Labs co-founder Do Kwon in Montenegro after being on the run for months. Kwon is currently being held in Montenegro amid investigations into fake travel documents that were found on his person as he was trying to leave the southeastern European country for the United Arab Emirates.
Last month, Kwon was arrested at the Podgorica Airport while allegedly in the possession of a forged Costa Rican passport. Kwon’s identity was positively confirmed by South Korean authorities through photographic and biometric data.
Besides being wanted in South Korea, US federal prosecutors have filed charges against Kwon and including two counts of wire fraud and conspiracy to defraud, two counts of securities fraud and two counts of commodities fraud. The U.S. Securities and Exchange Commission (SEC) has also filed charges against the Terraform Labs co-founder.
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Author: Mark Emem
