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South Korea Freezes $104 Million in Assets Belonging to Terra Co-Founder

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The Seoul Southern District Court reportedly approved local prosecutors’ request Thursday to freeze about 140 billion won ($104 million) in assets belonging to Terraform Labs co-founder Shin Hyun-seung, aka Daniel Shin. The pre-indictment freeze order is a precautionary measure to prevent a suspect from disposing of criminal proceeds before a trial.

The prosecutors have accused the Terra co-founder of making “unfair” profits of about 140 billion Korean won by selling pre-issued cryptocurrency LUNA, now known as luna classic (LUNC), without proper disclosure to investors. However, Shin reportedly told the prosecutors Thursday that he did not sell the crypto at its peak price before the token crashed.

South Korean prosecutors have also been investigating the collapse of LUNA since May and have issued an arrest warrant for Kwon Do-Hyung, aka Do Kwon, who co-founded Terraform Labs with Shin. Interpol has also issued a Red Notice for him. Last month, South Korean authorities said they have frozen crypto assets belonging to Kwon. However, Kwon denied that the frozen coins were his.

# Terra # LUNA

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