Seoul Takes Control Over $160 Million in Assets of Former Terraform Employees, Founder.
05 Apr 2023, 08:00
Seoul Takes Control Over $160 Million in Assets of Former Terraform Employees, Founder
Authorities in South Korea have reportedly seized assets worth billions of won belonging to former representatives of Terraform Labs. The measure should prevent suspects in the case with the failed blockchain firm from selling property that may have been obtained with criminal proceeds.
South Korean Law Enforcement Moves to Seize Terraform-Linked Real Estate, ReportProsecutors in South Korea have so far established control over 210 billion won (nearly $160 million) in assets owned by employees and executives of Terraform Labs, the company behind the collapsed cryptocurrency luna and stablecoin terrausd, the national broadcaster KBS reported.
The property, mostly real estate, has been seized by the financial and securities crime joint investigation team of the Seoul Southern District Prosecutor’s Office. The move aims to prevent eight people from disposing of the assets that authorities suspect may have been acquired using undue profits.