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South Korea Confiscates Over $100 Million From Terra's Co-founder Shin Hyun-Seong

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According to reports from local publication YTN, the court approved the prosecutor’s request to freeze 140 billion won ($104 million) in profits Shin Hyun-Seong (Daniel Shin), the co-founder of Terraform Labs, generated for selling pre-issued LUNA tokens at a high price without informing retail investors.

The request to seize Shin’s assets is part of an ongoing investigation to build a case against Terraform Labs that the co-founder generated unfair profits from Terra-related digital assets, including the collapsed LUNA and UST tokens – rebranded to LUNC and USTC. 

Prosecutors also claimed that he had a role in Terra’s crash and illegally sent customer transaction data from his payment technology firm Chai Corporation to Terraform Labs. The court’s verdict aims to prevent the Terra executive from disposing of the assets before his trial this week. 

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