Terraform Labs Shin Hyun South Korea North Korea county Luna city Seoul business regulation Court investigation Terraform Labs Shin Hyun South Korea North Korea county Luna city Seoul

South Korea seizes $104M from Terra co-founder suspecting unfair profits

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cointelegraph.com

While crypto exchange FTX stole the limelight from other fallen ecosystems, South Korean authorities continue their efforts to bring closure to the victims of the year’s first crypto crash — Terraform Labs.

Nearly six months after the Terra (LUNA) blockchain was officially halted, South Korean authorities froze approximately $104.4 million (140 billion won) from co-founder Shin Hyun-seong based on suspicion of unfair profits.The decision to freeze Shin’s asset worth over $104 million was approved by the Seoul Southern District Court, which was based on a request from the prosecutors.

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