Korea Seizes $150M in Terraform Labs Case: Prosecution Investigates Unfair Gains
• Korean authorities have seized over $150 million from people suspected of making unfair gains from Terraform labs.
• The prosecution in Seoul’s Southern District has seized unfair gains made by Terraform Labs co-founder Shin Hyun-Seong and seven other people.
• Do Kwon, the co-founder of Terraform Labs, was recently arrested and could face up to 5 years if found guilty of the charges posed against him.
Korea Seizes Funds as Compensation
Korean authorities have been working hard to compensate those who lost after the dramatic fall of Terra last year. The prosecution in Seoul’s Southern District has reportedly seized around KRW 210 billion ($151 million) from people tied to Terraform labs. This includes unfair gains made by Terraform Labs co-founder Shin Hyun-Seong and seven other people, which prevents them from selling their assets. The co-founder is suspected to have held some cryptos before and after the start of the business and made unfair profits from value gains – amounting to KRW 140 billion – with an additional KRW 10 billion increase due to more gains. The CEO and seven employees are also believed to have made about KRW 169 billion in gains, with KRW 114 billion being seized by prosecutors. They are currently attempting to recover KRW 79.1 billion and KRW 40.9 billion in criminal proceeds from Labs Kim Mo and another executive too.
The prosecution has frozen assets such as lands, houses and funds associated with the suspects in order to prevent them from selling these properties or using them for their own benefit without compensation or investigation into their ownership status first. Last November saw the prosecution freeze around KRW 100 billion worth of properties along with CEO shin’s home too.
Do Kwon Arrested
Do Kwon, another former crypto KOL who was also a co-founder at Terraform Labs, has recently been arrested too; facing potential jail time for up to 5 years if found guilty on all charges posed against him before trial begins soon..
In conclusion, Korean authorities are taking legal action against individuals linked with Terraform Labs for unfair profit making – seizing over $150 million already – while attempting further asset recovery as well as arresting Do Kwon for related activities too though he may not be found guilty until his trial begins soon enough..