South Korea seizes $104M from Terra co-founder

Created By Fintech Team

The Seoul Southern District Court agreed to the prosecutors' plea to freeze Shin's assets, which total more than $104 million.

Even the cryptocurrency market is recovering from the scars left by FTX theft.

South Korean authorities continue their attempts to provide closure to the victims of the year's first crypto crash, Terraform Labs, 

About $104.4 million (140 billion won) was frozen by South Korean authorities from co-founder Shin Hyun-seong.

That sizeable sum was seized by the authorities on the grounds that it may have been obtained unfairly.

The order to freeze $104.4 million was approved by Seoul Southern District Court.

The allegation was Shin's participation in the sale of pre-issued Terra tokens to naïve investors.

Shin is being investigated for obtaining unauthorized profits from the issuance of internal tokens LUNA and TerraUSD (UST).

In addition to leaking client transaction data of Chai, a Korean payment app connected to Terra, to Terraform Lab