$160 Million Worth Property of Terra Employees Seized: Report

Lavina Daryanani
Source: Finbold

South Korean prosecutors have reportedly investigated and seized millions of dollars worth of real estate of Terra executives and employees. A recent report from the national broadcaster of South Korea, KBS, revealed that the Seoul Southern District Prosecutor Office’s Financial and Securities Crime joint-investigation team has “collected and preserved” 210 billion won [$159.5 million] in property, mainly in real estate.

This has been done to “recover the undue gains of eight people.” One among them included Terraform Labs co-founder, Shin Hyun-seong. According to the translated version of the report,

It has been confirmed that the amount of compensation collected by the prosecution for the property of Terraform Labs executives and employees charged with the virtual currency Terra and Luna incidents has so far exceeded 200 billion won.

Also Read: Do Kwon’s Extradition Is Now A Betting Opportunity: Here’s How

Commenting on the latest development, an official from the prosecution reportedly 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.”

“Undue gains” remain to be on the radar

Additionally, prosecutors are looking at the amount of “undue gains” that Shin made while working at Terra. As reported earlier, Shin was pinned for storing LUNA tokens which had been pre-issued without notifying regular investors. He allegedly earned profits of over 140 billion Korean won when he sold the tokens at a higher valuation. The value of the same roughly translated to $105.52 million.

However, Shin reportedly made a statement to the prosecution stating that “more than 70% of the disposed Luna was traded before the price soared. He added that “a significant amount was retained even at the time of the collapse.” The latest KBS report revealed that the number of unfair gains has increased by about 10 billion won, bringing the figure to 154.1 billion won [$117.1 million]. Prosecutors are additionally looking to track down hidden assets and freeze them. According to KBS,

“In addition, the prosecution estimated that the number of unfair profits earned by the seven employees of Terra, excluding former CEO Shin, amounted to KRW 169 billion, of which KRW 114 billion was collected and preserved.”

The report further pointed out that in November 2022, the prosecution seized Shin’s home in Seoul. So far, they have reportedly collected and preserved about 100 billion won [$76 million] of the former CEO Shin’s property.

In other Terra-related news, Watcher Guru recently reported that Do Kwon registered a “consultancy service” providing company for under $1. That was done in Q4 last year. Kwon is the sole owner of the entity. However, Han Chang-joon, the former CEO of Chai Corporation, is listed as a Co-Director.

Also Read: Do Kwon Established a Company for $1 in October 2022