- Authorities took control of properties owned by Kim Mo, former Terra VP
- They want to make sure the properties are considered in future penal proceedings
The Southern District Prosecutor’s Office of Seoul, South Korea, has reportedly seized around $160 million worth of assets from a number of individuals linked to Terraform Labs, including Daniel Shin, one of the founders, CoinTelegraph reported.
Assets were mainly in the form of real estate
South Korean news medium KBS reported on April 3 that employees of the Prosecutor’s Office had confiscated around 210 billion won (the local currency) worth of assets linked to former Terra staff, primarily in the form of real estate.
Reportedly, authorities took control of real estate and other properties owned by Kim Mo, former Terra Vice President, and another senior executive, who remains anonymous. They were worth around $60 million resp. $31 million.
A Prosecution spokesperson 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.
Reportedly, authorities’ actions were aimed at stopping former Terra staff from disposing of the properties to make sure they were considered in any future penal proceedings.
Prosecutors took similar measures in November last year, when they seized Shin’s home in Seoul. Media have reported that they are still investigating other assets allegedly owned by Shin.
Do Kwon finally arrested
Do Kwon, the infamous CEO of Terraform, was arrested in Montenegro, the minister of interior of the Eastern European country tweeted on March 23. A few hours later, he had been charged with fraud by US prosecutors in New York.
Do Kwon has been charged with commodities fraud, wire fraud, securities fraud, and conspiracy to defraud and engage in market manipulation along with four other crimes, according to a US court filing. When he was detained at Podgorica airport, he was trying to fly to Dubai with a business partner, Hon Chang Joon.
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