South Korea Confiscates Over $100 Million from Terra’s Co-founder
According to reports from local publication YTN, the court approved the prosecutor’s request to freeze 140 billion won ($104 million) in profits Shin generated for selling pre-issued LUNA tokens at a high price without informing retail investors. South Korean prosecutors have seized more than $100 million worth of assets belonging to Shin Hyun-Seong. The request to seize Shin’s assets is part of an ongoing investigation to build a case against Terraform Labs that the co-founder generated unfair profits from Terra-related digital assets, including the collapsed LUNA and UST tokens – rebranded to LUNC and USTC. Prosecutors also claimed that he had a role in Terra’s crash and illegally sent customer transaction data from his payment technology firm Chai Corporation to Terraform Labs.
Source
https://t.me/Terra_Luna_Tron
