South Korea froze the assets of Terra co-founder worth $104 million.
The collapse of Terra’s algorithmic UST stablecoin and its sister LUNA cryptocurrency, once one of the most widely used cryptocurrencies especially in the decentralized finance community, affected hundreds of thousands of investors worldwide and had an industry-wide impact. South Korean authorities have been after Do Kwon and other Terra associates since Terra collapsed in May.
South Korea Freezes Terra Co-Founder Existence
South Korea’s Seoul Southern District Court has approved local prosecutors’ request to freeze $104 million in assets belonging to Terraform Labs Co-Founder Daniel Shin.
Shin is reportedly participating in the investigation at the local prosecutor’s office, where he is under investigation for crimes of violation of capital market law and misconduct.
Local prosecutors are accusing Daniel Shin of making an unfair profit of about $104 million with the LUNA cryptocurrency he raised before its official issuance, without giving proper explanation to regular investors.
Shin is also facing breach of duty charges, where he is accused of using the personal information of customers at Chai Corporation, the payment technology company that Terra founded to promote cryptocurrencies.
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