S.Korea Freezes $92M Worth Terra Linked Asset

South Korean authorities have frozen 120 Billion Won ($92 million) worth of assets from the executives of Kernel Labs, an affiliate of Terraform Labs, The Korea Economics Daily reported.

According to local reports, The Seoul Southern District Court accepted the prosecution’s request to freeze the property of early investors in Do Kwon’s Terra LUNA. Earlier in November, the South Korean court had ordered the freezing of $108 million worth of assets from Terra co-founder Shin Hyun-Seong.

Prosecutors target early Terra investors

The Seoul Southern District Court court has given prosecutors a go ahead in freezing properties of seven people who made huge profits from selling pre-issued Terra LUNA tokens. Reportedly, Kernel Labs employees also worked at the South Korean office of Terraform Labs. Kernel Labs CEO Kim Hyun-joong had also served as vice president of engineering at Do Kwon’s Terraform Labs. Kernel Labs CEO is said to be holding the largest amount in illegal proceeds that came from the Do Kwon operated copmany.

Prosecutors alleged that Kernel Labs CEO received at least 79 billion won ($61 million) illegally from Terra. A former Kernel Labs CEO also received about 41 billion won ($31 million) in illegal proceeds, as per prosecutors.

Search for Do Kwon continues

The search for the controversial founder of Terraform Labs, Do Kwon, is still on by Korean and other countries’ authorities. As reported earlier this month, South Korean prosecutors claimed that Terra founder was seen in Serbia after leaving Singapore a few months ago. Do Kwon, who has interpol red notice out against him, continues to live without facing any consequences for what happened to Terra LUNA investors.

Jai Pratap is a Crypto and Blockchain enthusiast with over three years of working with different major media houses. His current role at Coingape includes creating high-impact web stories under tight deadlines. When not working, you’ll find him reading Russian literature or watching some Swedish movie.

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