South Korean authorities have reportedly seized over $100 million from Shin Hyun-seong, the co-founder of collapsed stablecoin issuer Terra (LUNA).
According to a new report by YTN Korea, a court has frozen the funds of Hyun-seong at the request of prosecutors.
Hyung-seong is accused of selling pre-issued LUNA tokens to unaware customers before the firm’s collapse and immediately realizing the profits. Hyun-seong is also the general manager of payments platform and fintech firm Chai Corporation.
According to the report, Hyun-seong is not only suspected to have earned illicit profits from selling LUNA, but he is also accused of leaking Chai customer information to Terra.
Terra initially collapsed in May after UST, its algorithmic stablecoin, lost its peg to the US dollar, wiping out billions of