Terraform Labs Collapse: Eight People Connected To The Scandal Have $160M Worth Of Assets Seized

South Korean authorities have reportedly confiscated approximately $160 million worth of assets from eight individuals associated with the collapse of Terraform Labs (Terra) LUNA/USD, including co-founder Daniel Shin.

The Seoul Southern District Prosecutor's Office seized around 210 billion won in real estate owned by former Terra employees, primarily former Vice President Kim Mo and an unnamed executive, KBS News reported.

The prosecutor's office has stated they are investigating the property ownership status of the suspects and plan to recover the proceeds of crime and damages.

The prosecutors' actions were aimed at preventing former Terra employees from disposing of assets that could potentially be used in criminal proceedings.

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No arrest warrant has been issued for Shin, and the report did not mention any crypto assets seized as part of the investigation.

In March, Terra co-founder Do Kwon was arrested in Montenegro, following months of speculation surrounding his whereabouts after the platform's collapse.

Both the U.S. and South Korea have requested that Kwon be taken into custody.

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