South Korean authorities have successfully recovered assets worth $160M from 8 employees of Terraform labs including that of the co-founder Daniel Shin. These 8 employees were linked with the collapse of Terraform Labs. The Southern District Prosecutor Office of Seoul has seized the assets.
What assets were recovered?
On April 3, the authorities reported that they seized over 210 billion won of assets which roughly comes to around $160M which were primarily held in the form of real estate. The prosecutors also took control of the properties and houses owned by the former Vice President of Terra, Kim Mo and also of an anonymous employee which accounted for $60M and $31M respectively.
Why this move?
The authorities have taken this move to make sure that the employees are stopped from disposing of the properties which can be of great help in any legal proceedings that could occur in the future. The authorities had also seized Daniel Shin’s house last November and are looking for other unnamed properties that Terra employees could hold.
Hyun -Song Shin has also been accused of insider trading through which he generated improper profits of around 100 billion won (roughly $76M). If these allegations about insider trading come out to be true then his confiscated real estate will not be able to recover the amount he obtained through illegal means which will leave $11M worth of money unaccounted for.