Authorities in South Korea are still looking into the collapse of the Terra ecosystem more than six months after it happened and have frozen the funds of those who were involved, as reported by Cointelegraph.
According to Cointelegraph, Shin Hyun-Seong, a co-founder of Terra, had 140 billion won ($108 million) seized from him in November, and the Seoul Southern District Court has just decided to seize additional Terra-related assets.
According to The Korea Economic Daily, on December 20, a South Korean court ordered the assets of the current and former CEOs of Terraform Labs’ affiliate company Kernel Labs to be frozen at 120 billion won ($92 million).
According to Cointelegraph, the news comes as international law enforcement agencies continue to look for controversial Terraform Labs founder and CEO Do Kwon. The most recent reports indicate that Kwon, who left Singapore a few months ago, is thought to have been hiding in Serbia as of mid-December, according to South Korean authorities.
Cointelegraph further noted that in 2021, Kim reportedly made a number of significant real estate purchases in South Korea. He paid 35 billion won ($27 million) for a building in Gangnam-gu, the priciest district of Seoul, in November. He also paid around 9 billion won ($7 million) for an apartment in Seongdong-gu in June.
As was previously reported, one of the biggest contagion events on the cryptocurrency market in 2022 was the collapse of Terra. Before it lost its peg to the dollar in May, TerraUSD Classic (USTC), an algorithmic stablecoin, was among the top 10 cryptocurrencies. The incident set off a chain reaction that devastated the cryptocurrency lending market by causing massive liquidations and unpredictability.
(With insights from Cointelegraph)
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