The Seoul Southern District Prosecutor's Office has reportedly seized approximately $160 million worth of assets from eight people connected to the collapse of Terraform Labs, including co-founder Daniel Shin.
According to an April 3 report by South Korean news outlet KBS, authorities attorney approximately 210 billion won ($160 million at press time) in property related to former Terra employees, mainly in the form of real estate. Prosecutors reportedly seized control of the homes and properties of former Terra Vice President Kim Mo and an unnamed executive worth approximately $60 million and $31 million, respectively.
"We are still investigating the property status of the suspects, and we plan to carry out collection preservation of the confirmed property in the future to recover the proceeds of crime and recover damages," a spokesperson for the prosecution team said.
The prosecutors' actions were reportedly aimed at preventing former Terra employees from disposing of the assets in an attempt to ensure they were part of potential criminal prosecutions. In November, authorities took similar steps by seizing Shin's home in Seoul, but are reportedly still investigating other assets allegedly linked to the Terra co-founder.
At the time of publication, no court in South Korea had authorized an arrest warrant for Shin. The report also did not mention any crypto assets seized as part of the investigation.
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After months without the public having definitive knowledge of his whereabouts following the collapse of the platform, Terra co-founder Do Kwon was arrested in Montenegro in March. The Minister of Justice of Montenegro, Marko Kovaฤ, announced on March 29 that the local government had received requests from both the United States and South Korea regarding Kwon's detention.
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