It has been confirmed that the amount of assets seized through prosecution's seizure and freeze measures for the employees of Terraform Labs, who were indicted in the virtual currency Terra and Luna case, has exceeded 200 billion won (around 160 million dollar).
According to KBS, the joint investigation team for financial and securities crimes at the Southern Seoul District Prosecutor's Office has seized and frozen properties worth over 210 billion won, mainly in real estate, for eight individuals including Shin Hyun-seong, the former CEO of Chain Corporation and co-founder of Terraform Labs.
Asset seizure and freeze measures are taken to prevent suspects from disposing of assets that are suspected to have been earned through illegal means while they are on trial.
A prosecution official explained, "We are continuing to investigate the ownership status of the suspects' assets, and will continue to execute seizure and freeze measures for any identified assets to recover criminal profits and compensate for damages."
The prosecution estimates that Shin made an illegal profit of 154.1 billion won through Terra and Luna operations, and is also planning to freeze hidden assets.
Shin was known to have unfairly earned around 140 billion won by buying Terra at a low price before its official release and selling it at a high price. In addition, the prosecution estimates that seven other Terra employees earned an illegal profit of 169 billion won, of which 114 billion won has been seized and frozen.
The prosecution has also seized and frozen the properties of Kim Mo, CEO of Terraform Labs' affiliated company, and a former Terraform Labs executive.
TokenInsight is dedicated to covering the most important and cutting-edge trends in the world of crypto. If you have information to share with us, please feel free to contact our email news@tokeninsight.com. Your trust will be well respected.
Terra
