A South Korean court has ordered the freeze of 120 billion won ($92 million) of the former and CEO of Kernel Labs, a Terraform Labs subsidiary, according to the court.report of The Korea Economic Daily on December 20
Founded in 2018, Kernel Labs is a blockchain consulting firm focused on decentralized applications and blockchain payment systems. Kernel Labs is closely associated with Terraform Labs as CEO Kim Hyun-joong was.hold a positionVP of Engineering at Terraform Labs, according to sources. Kernel Labs employees also work at the South Korean office of Terraform Labs.
Seoul Southern District Court It has accepted prosecutors’ requests to seize the assets of seven people involved in the sale of Terra.
Kernel Labs CEO Kim is one of the people involved in the case. It was reportedly holding huge sums of money from Terra, which prosecutorsAssess that Kim illegally gained at least 79 billion won ($61 million), and prosecutors also found that another Kernel Labs executive, the former CEO, received about 41 billion won ($31 million) in earnings. Illegal from Terra
Kim reportedly made a major real estate purchase in South Korea in 2021 and in November. He bought a building in Gangnam District. which is the most expensive neighborhood in Seoul at 35 billion won ($27 million). He also bought an apartment in Seongdong-gu for about 9 billion won ($7 million USD).
The news comes as authorities around the world continue to search for Terraform Labs founder and CEO Do Kwon, according to recent reports. South Korean authorities believe Do Kwon had been hiding in Serbia since mid-December after leaving Singapore a few months ago.
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