South Korea seizes $104M from Terra co-founder

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

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

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

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

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

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

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

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

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

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