South Korean authorities have confiscated belongings value thousands and thousands of {dollars} from the workers of the blockchain agency Terraform Labs, in keeping with a report.
The report by KBS Information says that prosecutors in Seoul have seized actual property and different belongings value roughly $160 million from eight workers of the blockchain agency behind the collapsed Terra (LUNA) ecosystem and TerraUSD (UST) algorithmic stablecoin.
Based on KBS Information, belongings value roughly $60 million had been seized from ex-Terraform Labs’ vp Kim Mo whereas belongings valued at about $31 million had been confiscated from an unnamed govt of the embattled blockchain agency. Property of an unnamed worth belonging to the Terraform Labs co-founder Daniel Shin had been additionally seized.
The seizures come weeks after the arrest of Terraform Labs co-founder Do Kwon in Montenegro after being on the run for months. Kwon is at present being held in Montenegro amid investigations into pretend journey paperwork that had been discovered on his particular person as he was making an attempt to go away the southeastern European nation for the United Arab Emirates.
Final month, Kwon was arrested on the Podgorica Airport whereas allegedly within the possession of a cast Costa Rican passport. Kwon’s id was positively confirmed by South Korean authorities by photographic and biometric information.
Moreover being wished in South Korea, US federal prosecutors have filed charges in opposition to Kwon and together with two counts of wire fraud and conspiracy to defraud, two counts of securities fraud and two counts of commodities fraud. The U.S. Securities and Alternate Fee (SEC) has additionally filed charges in opposition to the Terraform Labs co-founder.
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