South Korea seizes Terra team assets worth $205 million

The Financial Crimes Investigation Group of the Seoul Southern District Prosecutor’s Office seized assets of early investors and Terraform Labs employees, including co-founder Daniel Shin, totaling about $205 million.

South Korean prosecutors have investigated and seized more than 200 million US dollars in real estate of Terra executives and employees

— 8BTCnews (@btcinchina) April 3, 2023

The procedure affected real estate, vehicles and exchange-traded assets.

“In the future, an inventory of identified assets will be conducted to recover criminal proceeds and compensate for damages,” — a spokesperson for the prosecutor’s office said.

In September 2022, issued an arrest warrant for Terraform Labs co-founder Do Kwon and five other company employees. In October, authorities carried out the first arrest, but the court did not remand the detained company employee in custody.

Prior to that, the Seoul Southern District Prosecutor’s Office conducted searches at Shin’s house.

On 23 March 2023, Montenegrin police arrested Do Kwon, who was attempting to fly from Podgorica airport to Dubai using forged documents.

The arrest occurred at the request of U.S. law enforcement, Singapore and South Korea. Earlier media citing the Seoul Prosecutor’s Office reported that he is hiding in Serbia.

On 29 March it was announced that Do Kwon will stand trial in Montenegro before extradition.

The U.S. Attorney’s Office in New York has charged the Terraform Labs co-founder with eight counts.