South Korean authorities seize $160M in assets tied to Terra employees: Report

The Seoul Southern District Prosecutor's Office has reportedly confiscated astir $160 cardinal worthy of assets from 8 radical connected to the illness of Terraform Labs, including co-founder Daniel Shin.

According to an April 3 study from South Korean quality outlet KBS, authorities seized astir 210 cardinal won — $160 cardinal astatine the clip of work — worthy of spot connected to erstwhile Terra employees, chiefly successful the signifier of existent estate. Prosecutors reportedly took power of houses and properties owned by erstwhile Terra vice president Kim Mo and an unnamed enforcement worthy astir $60 cardinal and $31 million, respectively.

"We are inactive investigating the spot ownership presumption of the suspects, and we program to transportation retired postulation preservation for the confirmed spot successful the aboriginal successful bid to retrieve the proceeds of transgression and retrieve damages," said a spokesperson for the prosecution team.

The prosecutors’ actions were reportedly aimed astatine preventing erstwhile Terra employees from disposing of assets successful an effort to guarantee they were portion of imaginable transgression proceedings. In November, authorities took akin measures by seizing Shin’s location successful Seoul, but are reportedly inactive investigating different assets allegedly connected to the Terra co-founder.

At the clip of publication, nary South Korean tribunal had authorized an apprehension warrant for Shin. The study besides did not notation immoderate crypto assets seized arsenic portion of the investigation.

Related: Terra’s branding astatine MLB opener draws attraction from spectators

After months without definitive nationalist cognition of his whereabouts pursuing the illness of the platform, Terra co-founder Do Kwon was arrested successful Montenegro successful March. Montenegrin Justice Minister Marko Kovač announced connected March 29 that the section authorities had received requests from some the United States and South Korea regarding taking Kwon into custody.

Magazine: Terra collapsed due to the fact that it utilized hubris for collateral — Knifefight