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.
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 more Terra-related assets.
According to The Korea Economic Daily, on December 20, a South Korean court ordered the assets of the current and past CEOs of Terraform Labs’ affiliate company Kernel Labs to be frozen at 120 billion won ($92 million).
Kernel Labs is a blockchain consulting company that specializes on decentralized applications and blockchain payment networks. It was founded in 2018. Due to CEO Kim Hyun-alleged joong’s prior employment as Terraform Labs’ vice president of engineering, it is thought that Kernel Labs and Terraform Labs have a tight working relationship. Some sources claim that workers from Terraform Labs’ South Korean headquarters also came from Kernel Labs.
The Seoul Southern District Court has granted the prosecution’s motion to take the property of seven people who were involved in selling pre-issued Terra tokens for enormous profits, the latest news claims.
One of the parties in the case is Kernel Labs CEO Kim, who is said to be in possession of the highest amount of unlawful Terra earnings. Kim’s illegal earnings were worth at least 79 billion won ($61 million), according to the prosecution. Additionally, prosecutors discovered that a previous CEO of Kernel Labs earned around 41 billion won ($31 million) in unlawful proceeds from Terra.
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