South Korean Authorities Seize $160M in Assets Tied to Terra Employees: Report

The Seoul Southern District Prosecutor's Office has reportedly confiscated roughly $160 million worth of assets from eight people connected to the collapse of Terraform Labs, including co-founder Daniel Shin.

According to an April 3 report from South Korean news outlet KBS, authorities seized roughly 210 billion won — $160 million at the time of publication — worth of property connected to former Terra employees, mainly in the form of real estate. Prosecutors reportedly took control of houses and properties owned by former Terra vice president Kim Mo and an unnamed executive worth roughly $60 million and $31 million, respectively.

The prosecutors’ actions were reportedly aimed at preventing former Terra employees from disposing of assets in an attempt to ensure they were part of potential criminal proceedings. In November, authorities took similar measures by seizing Shin’s home in Seoul, but are reportedly still investigating other assets allegedly connected to the Terra co-founder.

(by Turner Wright)