The prosecution's move aims to prevent suspects from disposing of assets suspected of being criminal proceeds during the trial.
The Seoul Southern District Prosecutor's Office has seized approximately 210 billion won worth of assets from eight individuals allegedly involved in the collapse of Terraform Labs, including co-founder Daniel Shin.
Former Terra vice president Kim Mo and an unnamed executive have had their houses and properties seized, valued at around $60 million and $31 million, respectively. The prosecution is still investigating the property ownership status of the suspects and plans to continue collecting assets to recover the proceeds of crime and damages, the report said.
Former CEO Shin and others are accused of designing the Terra business, holding virtual currencies issued before and after the business started, and making unfair profits by selling them when the price rises.
Read more: SEC Finally Charges Do Kwon, Terraform Labs With Fraud
The prosecutors previously seized Shin's home in Seongsu-dong – an area described as the "Brooklyn of Seoul" for its craft coffee bars and organic restaurants in repurposed warehouses – in November last year, and are reportedly still investigating other assets linked to the Terra co-founder. Authorities at the time also imposed a travel ban on current and former employees of Terraform Labs.
There has been no authorization for an arrest warrant for Shin, and the report did not mention any crypto assets seized in the investigation.
Montenegrin Justice Minister Marko Kovač confirmed that the government received requests from the United States and South Korea to take Kwon into custody.
Related: Do Kwon to Appeal Detention Extention Following Arrest
The world of Web3 can be quite a whirlwind. Whether it’s crypto news in Singapore, South East Asia or even across the globe, we understand how busy the industry is keeping you, so we kindly send out three newsletters each week:
- BlockBeat for a wrap-up of the week’s digital assets news
- Blockhead Brief for weekend happenings as well as what to look forward to in the week ahead
- Business Bulletin for macroeconomic updates and industry developments.
To avoid FOMO and access member-only features, click here to subscribe for FREE.