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Assets of former Terra managers seized

The South Korean public prosecutor's office is going after the assets of former Terra employees.

By Mike Hesp
• 1 min read
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Assets of former Terra managers seized

South Korea's public prosecutor's office is going after the assets of former Terra employees. $200 million has already been seized.

According to reports, the Seoul public prosecutor's office seized real estate worth $200 million. These would belong to the former Terra executives of the collapsed crypto project Terraform Labs.

The eight former Terra directors are accused of purchasing assets with "ill-gotten gains." Among them is Terra co-founder Shin Hyun-Seong.

Only he is alleged to have earned $140 million fraudulently from insider trading. According to the report, more seizures are planned.

The announcement comes more than two weeks after the arrest of Terra CEO Do Kwon. As the primary figure behind last May's debacle, he now faces a slew of charges. Both the U.S. and South Korea are seeking his extradition.

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