South Korean Officials Confiscated $160M in Assets from Terraform Labs Employees

Months after the Terraform Labs' collapse, a recent report has emerged stating that the Seoul Southern District Prosecutor's Office confiscated around $160 million in assets from eight Terraform Labs employees.

On April 3rd, South Korean news outlet KBS reported that authorities seized assets, predominantly in the form of real estate, worth approximately 210 billion won ($160 million).

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According to the report, authorities confiscated properties and houses owned by former Terra Vice President Kim Mo and another unidentified executive. It is believed that Kim Mo's property was valued at $60 million, while the house of the unnamed executive was worth around $31 million.

A spokesperson for the Seoul Southern District Prosecutor's Office noted:

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.

In a similar move in November, authorities seized Terraform Labs co-founder Daniel Shin's home in Seoul. However, the investigation into other assets allegedly related to the Terra co-founder is ongoing.

With confiscation, prosecutors reportedly aimed to prevent ex-Terra employees from disposing of assets and to guarantee their inclusion in potential criminal proceedings.

Despite seizing the property, South Korean authorities haven't issued arrest warrants for Shin or other employees. On top of that, the report did not specify any crypto assets that may have been seized during the investigation.

It appears that the investigation into the collapse of Terraform Labs is gaining momentum. After months of searching for Terraform Labs co-founder Do Kwon, the man was finally arrested in Podgorica airport carrying forged travel documents. It was reported that South Korean authorities are asking for Do Kwon's extradition to the country.