South Korea is freezing more assets related to Terra amid global authorities continuing to search for Terraform Labs' controversial founder and CEO, Do Kwon.
More than six months after the collapse of the Terra ecosystem, South Korean authorities continue to investigate and freeze the funds of persons involved in Terra. from Terra co-founder Shin Hyun-Seong in November, the Seoul Southern District Court has recently ruled to confiscate more assets related to Terra.
The South Korean court has ordered to freeze of 120 billion won in assets of former and incumbent CEOs of Terraform Labs’ affiliate firm Kernel Labs, The Korea Economic DailyFounded in 2018, Kernel Labs is a blockchain consultancy firm focused on decentralized applications and blockchain payment systems. Kernel Labs is believed to have close ties with Terraform Labs, as CEO Kim Hyun-joong once reportedlyas vice president of engineering at Terraform Labs.
According to the new report, the Seoul Southern District Court has accepted the prosecution's request to seize property of seven people involved in selling pre-issued Terra tokens to make astronomical profits. Kernel Labs CEO Kim is one of the persons involved in the case, reportedly holding the largest amount in illegal proceeds from Terra. ProsecutorsKim’s illegal gains to amount to at least 79 billion won . Prosecutors also found that another Kernel Labs executive, a former CEO, received about 41 billion won in illegal proceeds from Terra.
Kim reportedly made some major real estate purchases in South Korea in 2021. In November, he bought a building in Gangnam-gu, the most expensive area in Seoul, for 35 billion won . In June, he also purchased an apartment in Seongdong-gu for about 9 billion won .
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