$175 million in Terraform Labs assets frozen

Recently, Korean prosecutors froze $175 million in assets belonging to a company Terraform Labs and former high-ranking employees.

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The frozen assets were part of the ongoing investigation into a meltdown Terra Terraaccording to what was reported by a South Korean media.

On the other hand, the prosecution collected and saved a total of 230 billion won (about $175 million) in the property of those involved in the case, including the co-founder of the company. Terra Terra, Shin Hyun-seongalso known as Daniel Shin.

It is worth noting that the Joint Investigation Team on Securities Crimes of the South Seoul Public Prosecutor’s Office had obtained a court decision in November last year, which would allow it to freeze the property of Shin Shin before being charged.

Prosecutors plan to continue freezing his illegal gains shin, It is estimated by 154.1 billion won ($117 million), in addition to the unjustified gains received by the affiliated CEO Terraform Labs TFL, Kim Mo estimated at 79.1 billion won ($60 million), and the former CEO of Terraform Labs With 40.9 billion won (60 million dollars).

In a related context, the report also mentioned that the former CEO of terraform wear, Do Kwon Dowho was arrested in Montenegro and is believed to have tried to hide 95 billion won ($72 million) in virtual assets, his assets have also been frozen by the prosecution.

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As an official from the prosecution stated:

“We have collected and preserved a significant amount of criminal damages, and we may continue the freezing process in the future