South Korea seizes $104M from Terra co-founder suspecting unfair profits

South Korea seizes $104M from Terra co-founder suspecting unfair profits


While crypto exchange FTX stole the limelight from other fallen ecosystems, South Korean authorities continue their efforts to bring closure to the victims of the year’s first crypto crash — Terraform Labs. Nearly six months after the Terra (LUNA) blockchain was officially halted, South Korean authorities froze approximately $104.4 million (140 billion won) from co-founder Shin Hyun-seong based on suspicion of unfair profits.

The decision to freeze Shin’s asset worth over $104 million was approved by the Seoul Southern District Court, which was based on a request from the prosecutors. The claim related to Shin’s involvement in selling pre-issued Terra (LUNA) tokens to unwary investors.

Based on suspicion of profiting from unwarranted LUNA sales, the district court froze the allegedly stolen funds until further investigations are underway,

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