South Korean authorities have seized the Terra co-founder He has 100 million assets!
South Korean authorities have seized the Terra co-founder He has 100 million assets! A South Korean court has approved a request by plaintiffs to seize the assets of Terraform Labs founder Shin Hyun-Seong for his role in the failure of Terra (LUNA).
In particular, the court approved the forfeiture of 140 billion won ($104 million) of Hyun-Seong’s profits for allegedly selling LUNA at high prices without informing ordinary investors, South Korean newspaper YTN reported. on November 17. . Apparently, the court’s decision comes as a pre-trial precaution to prevent the waste of the proceeds before the defendant is handed over to the court.
Prosecutors’ request is part of an ongoing investigation against Hyun-Seong for allegedly profiting illegally from the start of assets related to Terra Environment. At the same time, the defendant allegedly removed customer transaction data from his other company Chai Corporation and Terraform Labs.
Apparently, the copy of Hyun-Seong’s assets was among the first steps taken by the South Korean authorities to build a case against Terraform Labs due to the highly publicized failure of Terra.
Fight to sue Terra co-founder begins
Although the regulator accuses the founder of the platform, Do Kwon, of violating the country’s capital market law, recent reports show that the government is struggling to develop a case against Terraform Labs. At the center of this issue is the lack of specific legislation targeting the cryptocurrency sector at the time Kwon remained on the run despite an existing Interpol Red Notice issued against him.
Along with denying he ran, Kwon maintains his innocence in Terra’s environmental engineering claims. Meanwhile, Kwon also has a warrant out for his arrest.
According to the prosecutors, they are doing their best to prove Kwon’s case and ensure that the lack of clear crypto principles does not hinder progress in the investigation. Prosecutors’ plans to file a lawsuit in the case were shaken after the court rejected a request to arrest people involved in the Terraform Labs environment.
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