Property Belonging to Terra Workers Worth Almost $160 Million Is Seized.
According to reports, South Korean authorities have looked into and taken property belonging to Terra executives and workers worth millions of dollars.
The Seoul Southern District Prosecutor Office’s Financial and Securities Crime joint-investigation team has “collected and saved” 210 billion won [$159.5 million] in property, primarily in real estate, according to a recent report from South Korea’s national broadcaster, KBS.
The report’s translated version states this was done to retrieve eight peoples’ undue gains, and Shin Hyun-Seong, a co-founder of Terraform Labs, was one of them.
It has been revealed that the prosecution has so far recovered more than 200 billion won in compensation for the property of Terraform Labs executives and staff accused of the virtual currency Terra and Luna issues.
An official from the prosecution reportedly said the following in response to the most recent development:
“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 to recover the proceeds of crime and recover damages.”
Shin’s Undue gains at Terra
Prosecutors are also examining the amount of “undue gains” Shin earned while working at Terra.
As mentioned, Shin was found guilty of holding pre-issued LUNA coins without alerting regular investors.
When he sold the tokens at a higher price, he allegedly made gains of approximately 140 billion Korean won, and the equivalent was about $105.52 million.
Yet according to a statement Shin allegedly submitted to the prosecution, “more than 70% of the disposed of Luna was traded before the price soared.
He said, “Even at the time of the collapse, a sizable quantity was retained.”
Prosecutors Looking to Track Hidden Assets
According to the most recent KBS report, the unfair gains have climbed by almost 10 billion won, totaling 154.1 billion won (117.1 million dollars).
Also, prosecutors want to find and freeze any hidden assets.
According to KBS, the prosecution calculated that the seven Terra employees—excluding former CEO Shin—earned KRW 169 billion in unfair earnings, of which KRW 114 billion was collected and kept.
The report also noted that the prosecution had taken possession of Shin’s Seoul residence in November 2022.
So far, they have collected and saved approximately 100 billion won ($76 million) of former CEO Shin’s assets.
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