$160M Tied to Terra Employees Siezed in South Korea

According to reports, the Seoul Southern District Prosecutor’s Office has seized significant assets worth over $160 million from eight persons linked to the demise of the Terra ecosystem, including co-founder Daniel Shin.

Authorities confiscated property associated with former Terra workers, which consisted primarily of real estate, for over 210 billion won or $160 million, in accordance with a report from the South Korean news channel KBS on April 3. 

Real Estate Belonging to Terra Employees Seized

According to sources, law enforcement officials seized residences and real estate worth around $60 million and $31 million each that belonged to former Terra Vice President Kim Mo and an unidentified executive.

One of the representatives of the prosecution’s staff said, “We are still investigating the property ownership status of the suspects, and we plan to carry out collection preservation for the confirmed property in the future in order to recover the proceeds of crime and recover damages.”

As per the information, the attorneys’ activities were initiated to prevent former Terra workers from disposing of assets in an effort to include them in prospective legal cases. 

Authorities seized Shin’s home in Seoul in November in a procedure related to something like this, but they are still looking into other properties allegedly linked to the Terra co-founder. However, a Seoul court has recently denied a request to arrest Shin.

Do Kwon, whose full name is Kwon Do-hyung has now become highly sought after the platform’s demise. He has been charged with many allegations, along with the interpol issuing a Red Notice against him. 

As reported by TheCoinRise, there has been evidence that Kwon has been relocating regularly since the breakdown of the Terra ecosystem, ranging from Singapore, Dubai, Seychelles, Mauritius and Serbia. 

Finally, in March, he was detained in Montenegro. In addition, he was charged with fraud by American investigators in New York.