South Korea seizes $104m from Terra co-founder on suspicion of unfair profits
The decision to freeze Shin's assets worth over $104 million has been approved by the Southern District Court of Seoul, based on a request from prosecutors.
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While crypto exchange FTX stole the show from other fallen ecosystems, South Korean authorities continue their efforts to put an end to the victims of the first crypto crash of the year - Terraform Labs. Nearly six months after the Terra (LUNA) blockchain was officially shut down, South Korean authorities have frozen around $104.4 million (140 billion won) from co-founder Shin Hyun-seong on suspicion of undue profits.
The decision to freeze Shin's assets worth more than $104 million has been approved by the Seoul Southern District Court, based on a request from prosecutors. The claim related to Shin's involvement in selling pre-issued Terra (LUNA) tokens to unwary investors.
Based on suspicion of profiting from wrongful sales of LUNA, the district court froze the allegedly stolen funds until further investigations are underway, local news outlet YTN reported.
"Reports that CEO Shin Hyun-seong sold Luna at a high time and made a profit or that he made a profit through other illegal methods are not true," previously quoted the Shin's lawyer.
Preserving funds before indictment is a way to prevent bad actors from disposing of stolen funds and causing further financial damage or loss to investors.
Shin is currently being investigated by South Korean authorities on two counts: making unfair profits by issuing internal LUNA and TerraUSD (UST) tokens and disclosing information about customer transactions of Chai, a Korean payment application linked to Terra, to Terraform Labs. .
On November 14, South Korean prosecutors asked the accused co-founder to appear in court as part of an investigation into the company's collapse.
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The decision to freeze Shin's assets worth over $104 million has been approved by the Southern District Court of Seoul, based on a request from prosecutors.
New
While crypto exchange FTX stole the show from other fallen ecosystems, South Korean authorities continue their efforts to put an end to the victims of the first crypto crash of the year - Terraform Labs. Nearly six months after the Terra (LUNA) blockchain was officially shut down, South Korean authorities have frozen around $104.4 million (140 billion won) from co-founder Shin Hyun-seong on suspicion of undue profits.
The decision to freeze Shin's assets worth more than $104 million has been approved by the Seoul Southern District Court, based on a request from prosecutors. The claim related to Shin's involvement in selling pre-issued Terra (LUNA) tokens to unwary investors.
Based on suspicion of profiting from wrongful sales of LUNA, the district court froze the allegedly stolen funds until further investigations are underway, local news outlet YTN reported.
"Reports that CEO Shin Hyun-seong sold Luna at a high time and made a profit or that he made a profit through other illegal methods are not true," previously quoted the Shin's lawyer.
Preserving funds before indictment is a way to prevent bad actors from disposing of stolen funds and causing further financial damage or loss to investors.
Shin is currently being investigated by South Korean authorities on two counts: making unfair profits by issuing internal LUNA and TerraUSD (UST) tokens and disclosing information about customer transactions of Chai, a Korean payment application linked to Terra, to Terraform Labs. .
On November 14, South Korean prosecutors asked the accused co-founder to appear in court as part of an investigation into the company's collapse.
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