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Seoul Prosecutors Seize Real Estate, Assets From Terraform Labs Co-Founder, Employees

The prosecution's move aims to prevent suspects from disposing of assets suspected of being criminal proceeds during the trial.

Terraform Labs co-founders Daniel Shin and Do Kwon (Image: Terraform Labs)

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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.

The seized property, which amounts to around $160 million, and is mainly comprised of real estate connected to former Terra employees. Authorities have taken control of houses and properties belonging to former Terra vice president Kim Mo and another unnamed executive, worth approximately $60 million and $31 million, respectively, KBS News reported on Monday.

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.

Terraform Labs and Do Kwon are also being charged by the US Securities and Exchange Commission, and are under investigation in Singapore.

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.

In March, Terra co-founder Do Kwon was arrested in Montenegro after months without any public information about his whereabouts following the platform's collapse.

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

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