Korea seizes $150m as compensation in Terra case

Korean authorities have seized over $150 million from people suspected of making unfair gains from Terraform labs. 

After the dramatic fall of Terra last year, regulators have been working hard to compensate those who lost. Based on reports, the prosecution recently seized around KRW 210 billion ($151 million) from people tied to Terraform labs.

According to a news report from KBS News, the prosecution in Seoul’s Southern District seized unfair gains made by Terraform Labs co-founder Shin Hyun-Seong and seven other people. 

The seizure of these assets prevents the suspects from selling them. However, this does not mean that the funds resulted from a crime. The prosecution noted in part:

“We are still investigating the property ownership status of the suspects, and we plan to carry out collection preservation for the confirmed property in the future to recover the proceeds of crime and recover damages.”

Korean prosecutors

Based on reports, the co-founder made unfair gains amounting to KRW 140 billion, which increased by KRW 10 billion owing to more gains. The resorts suggest that Shin held some cryptos before and after the start of the business and made unfair profits from value gains. This accumulates into insider trading. 

The prosecution also noted another instance where the CEO and seven employees made about KRW 169 billion gains. The prosecution managed to seize KRW 114 billion.

Further reports indicate that the prosecution is working on recovering about KRW 79.1 billion and KRW 40.9 billion, considered to be criminal proceeds from Labs Kim Mo and another executive. 

Based on the info provided by KBS, the prosecution team has seized properties like lands and houses associated with the suspects. Last November, the prosecution froze KRW 100 billion and CEO shin’s home and property. 

Do-Kwon’s case

As updates concerning amounts seized from Terra suspects increase, Do Kwon, the co-founder of Terraform Labs, also faces legal problems. 

https://fincryptotips.com/watch?v=3KZY41SqaTI

Based on reports, this former crypto KOL was arrested a few days ago. He will face up to 5 years if found guilty of the charges posed against him.


Follow Us on Google News

Leave a Comment

Your email address will not be published. Required fields are marked *