South Korea Freezes $104 Million in Assets Belonging to Terra Co-Founder
The Seoul Southern District Court reportedly approved local prosecutors’ request Thursday to freeze about 140 billion won ($104 million) in assets belonging to Terraform Labs co-founder Shin Hyun-seung, aka Daniel Shin. The pre-indictment freeze order is a precautionary measure to prevent a suspect from disposing of criminal proceeds before a trial.
South Korea Confiscates Over $100 Million From Terra's Co-founder Shin Hyun-Seong
According to <a href="https://www.ytn.co.kr/_ln/0103_202211171314541217" target="_blank">reports</a> from local publication YTN, the court approved the prosecutor’s request to freeze 140 billion won ($104 million) in profits Shin Hyun-Seong (Daniel Shin), the co-founder of Terraform Labs, generated for selling pre-issued LUNA tokens at a high price without informing retail investors.
Terra Founder Do Kwon Says LUNA Not Responsible for Crash of FTX and 3AC
Kwon, in a tweet, noted that there remains no evidence that the embattled FTX had any exposure to LUNA. He highlighted an instance where the exchange denied being exposed to the collapsed Terra assets. Do Kwon further mentioned that the now-defunct crypto hedge fund 3AC only had $109M worth of LUNA despite having a balance sheet worth billions of dollars, suggesting that their LUNA holding was incapable of affecting them in a manner that would lead to their downfall. Kwon also pointed out that 3AC had no UST holdings.
