South Korea seizes $104 million in Terra co-founder’s fortunes

South Korean court orders seizure of Terra co-founder’s assets

A South Korean court has ordered the seizure of $104 million worth of Terra co-founder Shin Hyun-seong’s assets after it was discovered that LUNA tokens were offered to investors before the coin’s launch. The court considered that this money may be profit that was illegally earned.

The court will hold Shin’s assets until it can be verified that the profits were not illegal.

However, Shin’s lawyers denied this, saying that reports that Shin sold LUNA at high prices to make a profit through illegal means are unfounded.

The court order is to prevent fraudsters from causing financial damage to investors. Shin is currently being investigated by South Korean authorities for allegedly profiting from LUNA and TerraUSD. (UST) and the release of customer transaction data on the Chai platform (a Korean payment platform connected to Terra).

On November 14, prosecutors asked Shin to testify against Terra.

Terraform Labs spokesperson animate

During the first week of November on Prosecutors have accused Terra co-founder Do Kwon of manipulating the price of Terra.

“It is very disappointing to see prosecutors trying to justify their unfounded claims. Previous orders from Korean financial authorities, including the FSC, pointed out that crypto tokens are not securities that are contracts for cryptocurrencies. investment,” said a Terraform Labs spokesperson.

source : LINK

source site