South Korean authorities have confiscated property value hundreds of thousands of {dollars} from the workers of the blockchain agency Terraform Labs, based on a report.
The report by KBS Information says that prosecutors in Seoul have seized actual property and different property value roughly $160 million from eight staff of the blockchain agency behind the collapsed Terra (LUNA) ecosystem and TerraUSD (UST) algorithmic stablecoin.
In keeping with KBS Information, property value roughly $60 million had been seized from ex-Terraform Labs’ vice chairman Kim Mo whereas property valued at about $31 million had 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 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 faux journey paperwork that had been discovered on his individual 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 solid Costa Rican passport. Kwon’s identification was positively confirmed by South Korean authorities by photographic and biometric knowledge.
In addition to being needed in South Korea, US federal prosecutors have filed expenses 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 Change Fee (SEC) has additionally filed expenses in opposition to the Terraform Labs co-founder.
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