South Korean Prosecutors Make Massive $160M Seizure of Terraform Assets

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Key takeaways:

  • Authorities seized Kim Mo assets, a former Terra Vice President.
  • They want to ensure that the properties are considered in potential criminal proceedings.

Eight individuals linked to the demise of Terraform Labs, including co-founder Daniel Shin, allegedly had their assets valued at about $160 million seized by the Seoul Southern District Prosecutor’s Office.

KBS, a South Korean news outlet, reported on April 3 that officials seized assets linked to former Terra employees totaling about 210 billion won, or $160 million at the time of publication, primarily in the form of real estate. Kim Mo, a former vice president of Terra, and an unidentified executive are said to have had their homes and other assets, valued at about $60 million and $31 million, respectively, seized by prosecutors. A spokesperson for the prosecution said:

“We are still investigating the property ownership status of the suspects, and we plan to carry out collection preservation for the confirmed property in the future in order to recover the proceeds of crime and recover damages,” 

According to reports, the prosecutor’s actions were taken in an effort to stop former Terra employees from disposing of assets in order to guarantee that they would be involved in any future legal actions. It was reported that the authorities seized Shin’s home in Seoul in November, but it appears that they are still investigating other assets that are allegedly connected to the co-founder of Terra.

A warrant for Shin’s arrest had not been approved by any South Korean judge. Additionally, no crypto assets that were seized as part of the probe were mentioned in the report.

In March, Do Kwon, a co-founder of Terra, was detained in Montenegro after Terra’s failure left the public in the dark about where he was for months following Terra’s failure. During a press conference on March 29, Montenegro’s justice minister, Marko Kova, revealed that the local government had received demands from the United States of America and the Republic of Korea asking for Kwon to be detained.

Seoul Southern District Court has recently rejected a request to keep Daniel Shin in detention until the case is resolved, after a request to do so was filed. Shin is currently charged with several fraud offenses, including hiding the risks of buying Terraform Labs’ exclusive tokens. 

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