South Korean Prosecutors Seize $160M in Assets Linked to Terraform Labs Collapse

Eight individuals, including co-founder Daniel Shin, face seizure of properties worth roughly $160 million in connection to the collapsed DeFi platform Terraform Labs.

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South Korean authorities have seized property worth around $160 million from eight individuals linked to the collapse of Terraform Labs, including its co-founder Daniel Shin.

According to reports, the assets seized were mainly in the form of real estate, with prosecutors taking control of properties owned by former Terra Vice President Kim Mo and another unnamed executive worth around $60 million and $31 million, respectively.

Prosecutors aim to ensure that the former Terra employees do not dispose of any assets that may be used as part of potential criminal proceedings. The report did not mention any cryptocurrency assets seized as part of the investigation.

Terra co-founder Do Kwon was arrested in Montenegro in March after months without public knowledge of his whereabouts following the platform’s collapse.

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