Sign Up on MEXC
South Korean authorities have frozen 120 Billion Won ($92 million) worth of assets from the executives of Kernel Labs, an affiliate of Terraform Labs, The Korea Economics Daily reported.
According to local reports, The Seoul Southern District Court accepted the prosecution’s request to freeze the property of early investors in Do Kwon’s Terra LUNA. Earlier in November, the South Korean court had ordered the freezing of $108 million worth of assets from Terra co-founder Shin Hyun-Seong.
Prosecutors target early Terra investors
The Seoul Southern District Court court has given prosecutors a go ahead in freezing properties of seven people who made huge profits from selling pre-issued Terra LUNA tokens. Reportedly, Kernel Labs employees also worked at the South Korean office of Terraform Labs. Kernel Labs CEO Kim Hyun-joong had also served as vice president of engineering at Do Kwon’s Terraform Labs. Kernel Labs CEO is said to be holding the largest amount in illegal proceeds that came from the Do Kwon operated copmany.
Prosecutors alleged that Kernel Labs CEO received at least 79 billion won ($61 million) illegally from Terra. A former Kernel Labs CEO also received about 41 billion won ($31 million) in illegal proceeds, as per prosecutors.
Search for Do Kwon continues
The search for the controversial founder of Terraform Labs, Do Kwon, is still on by Korean and other countries’ authorities. As reported earlier this month, South Korean prosecutors claimed that Terra founder was seen in Serbia after leaving Singapore a few months ago. Do Kwon, who has interpol red notice out against him, continues to live without facing any consequences for what happened to Terra LUNA investors.
- Pro-Crypto Stephen Miran Sworn in as Fed Governor Ahead of FOMC Meeting
- Breaking: Circle Announces HYPE Investment and USDC Launch on Hyperliquid Ahead USDH Launch
- Coinbase Data Signals XRP Supply Shock Ahead- Analyst Claims $5 XRP Soon
- PUMP vs HYPE: PumpFun Daily Revenue Surges Past Hyperliquid, Analyst Projects New ATH
- Shiba Inu Update: Shytoshi Kusama Breaks Silence, Confirms “War Room” to Counter Shibarium Exploit
- SHIB Price Forecast: Taker Buys Lead as Developers Counter Shibarium Exploit
- Solana Price Set for a 25% Jump as Open Interest Nears a $20 Billion Milestone
- Bitcoin Price Prediction as Fed Decision Nears — Dump Before the Next Rally?
- Ethereum Price Prediction As Standard Chartered Says Treasury Buying Will Boost ETH Over Rivals
- Solana Price Prediction: Analyst eyes $1,250 as Galaxy Digital and Forward Industries Intensify Accumulation
