South Korea seizes more than $100 million from Terra’s co-founder
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Answer South Korea seizes more than $100 million from Terra’s co-founder
South Korean authorities are continuing their efforts to rescue what can be salvaged and return the money to the victims of this year’s Luna cryptocurrency crash.
While cryptocurrency exchange FTX has taken the spotlight away from other collapsing ecosystems, South Korean authorities are still working to help victims of Terraform Labs.
Nearly six months after Terra (LUNA) officially shut down, officials in South Korea froze about $104.4 million (140 billion won) belonging to co-founder Shin Hyun-seong on the grounds that it may have made illegal gains.
Shin’s assets, valued at more than $104 million, were temporarily frozen after the Seoul South District Court approved a request made by plaintiffs.
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The allegation relates to Shin’s alleged involvement in selling Terra Coins to investors.
According to local news reports, the county court has stopped the money allegedly stolen until additional investigations can be conducted.
This decision was made on the basis of suspected profiteering from unauthorized sales of LUNA.
Reports are that Luna CEO Shen sold cryptocurrency at a high point and made gains or made fortunes via other imprecise illicit techniques.
Shin is currently under investigation by the South Korean authorities on two charges:
- Realizing unfair profits from the issuance of internal digital currencies LUNA and TerraUSD (UST).
- Customer information for Chai, a Korean payment app linked to Terra, was leaked to Terraform Labs.
As part of the investigation, South Korean prosecutors issued a summons to the alleged co-founder on November 14 requesting a court appearance.
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Prosecutors charged the main defendant, Do Kwon, one of the founders of Terra, with price-rigging during the first week of November.
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