Korean Court Freezes Over $90M Tied to Terra
Main page News, South Korea, Token, Regulations, Terra

A Seoul court has ordered to freeze around $92 million in assets of former Terraform Labs' affiliate firm Kernel Labs, The Korea Economic Daily has learned.

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Kernel Labs is said to have close ties with Terraform Labs, as its head, Kim Hyun-joong, previously worked as Vice President of Engineering at Terraform Labs. The court took the prosecution's position to freeze the property of individuals who reportedly were selling pre-issued terra (LUNA).

According to reports, Kim used the proceeds from the token sale to purchase real estate in South Korea in 2021 (a building in Gangnam-gu for $27 million and an apartment in Seongdong-gu for $7 million).

Terraform Labs Accuses Korean Prosecutors of Overreach

Meanwhile, disgraced blockchain entrepreneur, Do Kwon, is apparently hiding from South Korean authorities in Serbia as he might face charges over the $60 billion collapse of the Terra ecosystem.

Seoul's prosecutors said that reports about Kwon's relocating to a Balkan nation "aren't false." The reports also say that South Korean authorities have already reached out to Serbia for cooperation on the matter.

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