South Korean authorities have confiscated belongings price tens of millions of {dollars} from the staff 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 price roughly $160 million from eight staff of the blockchain agency behind the collapsed Terra (LUNA) ecosystem and TerraUSD (UST) algorithmic stablecoin.
Based on KBS Information, belongings price roughly $60 million have been seized from ex-Terraform Labs’ vice chairman Kim Mo whereas belongings valued at about $31 million have been confiscated from an unnamed government of the embattled blockchain agency. Belongings of an unnamed worth belonging to the Terraform Labs co-founder Daniel Shin have 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 presently being held in Montenegro amid investigations into pretend journey paperwork that have been discovered on his particular person as he was attempting to depart 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 identification was positively confirmed by South Korean authorities via photographic and biometric knowledge.
In addition to being wished in South Korea, US federal prosecutors have filed prices towards 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 prices towards the Terraform Labs co-founder.
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