- Authorities are keenly tracking down the undue gains made by Terra co-founder Shin.
- Property worth $86.7M, at press time, was recovered from 7 Terra employees.
South Korean regulator, Seoul Southern District Prosecutor’s Office, succeeded in recovering 210 billion won, worth $160 million at press time, from 8 suspects of the Terra Luna collapse.
Reportedly, the authorities seized properties that were “unfair profits” earned by the Terraform Labs co-founder Shin Hyun-Seong also known as Daniel Shin and 7 Terra employees. The news about the seizure was confirmed by the nation’s local news.
About this active Terra Luna case, the South Korean prosecutor clarified:
“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.”
Last week, the prosecutor’s office filed a motion, for the second time, in the court to detain Daniel Shin in custody. But the court denied the arrest warrant the same way it did in November 2022. Notably, the main protagonist Do Kwon was arrested in late March. Shin, the second prime suspect after Do Kwon, is still not proven guilty as he strongly denied his role.
It is during last November the authorities seized Shin’s Seoul house and froze his 100 billion won ($76 million) property. As per sources, Shin is reported to have unfairly claimed over $106 million by stocking LUNC tokens at cheap prices before the launch.
On the other hand, the prosecution reported the other 7 suspects’ summed-up acquisition to be $128.5 million (169 billion KRW). As of now, it recovered $86.7 million (114 billion KRW) from them. As per the local news, the regulators have not seized any cryptocurrencies from the Terra Luna suspects.
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