South Korea freezes US$93 mln in assets of former Terra-Luna associates
A South Korean court has approved local prosecutors’ request to freeze assets of about 120 billion Korean won (US$93.3 million) belonging to seven former associates of Terraform Labs Pte. Ltd., according to local media reports.The seven former associates consist of three early investors and four core developers of Terra-Luna who are accused of collectively earning the US$93 million by selling LUNA that they attained prior to the officially disclosed issuance, local news outlet Ilyo Shinmun reported Tuesday.Local prosecutors also reportedly accuse them of issuing Terra stablecoin and Luna cryptocurrency without telling investors that the tokens cannot be adopted as payment measures.
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