Terraform Labs property worth $205 million was seized in South Korea
After the inventory, the authorities will be able to sell the property to compensate the affected users
03.04.2023 - 12:20
271
3 min
0
What’s new? The South Korean prosecutor’s office has seized the real estate of eight Terraform Labs (TFL) executives and employees, including co-founder Daniel Shin, to the tune of $205 million. Real estate, vehicles, and stock assets of early investors and company employees who are suspects in the case against Terra were also frozen. 8BTCnews journalists reported on April 3.
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
What else is known? According to a spokesperson for the prosecutor’s office, the agency plans to take an inventory of seized assets in the future to sell them in order to compensate users affected by the May 2022 collapse of the Terra ecosystem.
More details about the TFL situation. Almost immediately after the project’s collapse, South Korean retail investors filed a class action lawsuit against TFL CEO Do Kwon, and local authorities accused him of tax evasion and began investigating company employees over alleged fraud.
Terra community member accidentally received $1,5 million in LUNA tokens
Terraform Labs co-founder Do Kwon called for the FBI to be involved in the investigation
In July, the government began cooperating with the United States on the investigation of TFL’s activities. On March 23, Kwon was detained in Montenegro with forged documents and had been wanted since last September. After that, the US attorney’s office charged him with fraud and market manipulation, saying it plans to seek the entrepreneur’s extradition. Kwon had also previously been sued by investors in California, and the financial regulator accused him of withdrawing $238 million from the project.
In March, a TFL investigation was launched in Singapore, with local investors also suing the company for $57 million.
Useful material?
Telegram 
Twitter Mining
Along with this, the company will reduce non-mining business units
Nov 8, 2024
Market
Earlier, Trump promised to include the first cryptocurrency in the country’s reserves if re-elected as president
Nov 7, 2024
Incidents
According to the publication, the platform’s activities fall under the definition of gambling
Nov 7, 2024
Market
According to the founder of TRON, the leading US crypto exchange asked for several hundred million dollars for the listing of TRX
Nov 4, 2024
Incidents
The company conducted fictitious trading for six years to inflate the trading volume of tokens of several companies, receiving payment for these services
Nov 1, 2024
Market
1,5 million addresses have already left applications
Oct 31, 2024
Cryptocurrency rates
-
Bitcoin
$76 483
BTC
+0.74%
-
Ethereum
$2 922.69
ETH
+2.69%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$0.546819
XRP
-0.73%
-
Dogecoin
$0.193352
DOGE
+0.31%
-
Cardano
$0.445939
ADA
+14.56%
-
Bitcoin Cash
$369.33
BCH
-3.04%
-
Polkadot
$4.3
DOT
+4.37%
-
Litecoin
$71.95
LTC
+0.57%
-
Stellar XLM
$0.100839
XLM
+1.21%