South Korean authorities have confiscated assets worth millions of dollars from the employees of the blockchain firm Terraform Labs, according to a report.
The report by KBS News says that prosecutors in Seoul have seized real estate and other assets worth approximately $160 million from eight employees of the blockchain firm behind the collapsed Terra (LUNA) ecosystem and TerraUSD (UST) algorithmic stablecoin.
According to KBS News, assets worth approximately $60 million were seized from ex-Terraform Labs’ vice president Kim Mo while assets valued at about $31 million were confiscated from an unnamed executive of the embattled blockchain firm. Assets of an unnamed value belonging to the Terraform Labs co-founder Daniel Shin were also seized.
The seizures come weeks after the arrest of Terraform Labs co-founder Do Kwon in Montenegro after being on the run for months. Kwon is currently being held in Montenegro amid investigations into fake travel documents that were found on his person as he was trying to leave the southeastern European country for the United Arab Emirates.
Last month, Kwon was arrested at the Podgorica Airport while allegedly in the possession of a forged Costa Rican passport. Kwon’s identity was positively confirmed by South Korean authorities through photographic and biometric data.
Besides being wanted in South Korea, US federal prosecutors have filed charges against Kwon and including two counts of wire fraud and conspiracy to defraud, two counts of securities fraud and two counts of commodities fraud. The U.S. Securities and Exchange Commission (SEC) has also filed charges against the Terraform Labs co-founder.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
Credit: Source link
