The authorities claim that the damage from the illegal activities of ex-managers of Terraform is not less than this amount. That is why the suspects’ property was seized during the investigation. Crypto Upvotes expert review
The Financial Crimes Investigation Unit of the Seoul South District Prosecutor’s Office seized property of former Terraform Labs employees worth 200 billion KRW ($153.6 million), local newspaper KBS News reported.
According to the South Korean law enforcers, the total damage from financial crimes. Terraform Labs creators are suspected of at least 200 million KRW, according to the report. Authorities have seized the property of eight former Terraform employees for that amount, including real estate. This will prevent the suspects from disposing of the property while they are under investigation.
Among those whose assets were seized is the company’s co-founder, Daniel Shin. The South Korean prosecutor’s office suspects him of making about $105 million in illegal profits from the sale of LUNA tokens. And it has already twice asked the court for a warrant for his arrest. Both times, the court refused, citing the vagueness of the charges and the fact that Shin is unlikely to destroy any evidence or flee.
Sheen faces charges of scam, breach of duty and capital markets laws. He denies all of the charges and claims that when he left Terraform Labs in 2020, he was no longer involved in its operations.
Do Kwon, the former head of Terraform Labs, was arrested in late March. This happened in Montenegro while trying to fly to Dubai with false documents. He is now in a local prison awaiting trial on a document forgery case. South Korean authorities have already requested his extradition. However, he will first have to serve his sentence in Montenegro if the local court finds him guilty.
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