Lately, South Korean authorities froze $92 million illicitly linked to the Terra (LUNA) ecosystem. This operation was carried out as part of the judgment of several individuals with legal responsibility for the collapse of Terraform Labs.
Freeze of $92 million associated with Terraform Labs
After confiscating nearly $100 million held by Terraform Labs co-founder Shin Hyun-Seong last November, South Korean authorities just froze the assets of seven other people with ties to Terra (LUNA).
Conducted by the Seoul Southern District Court, the amount blocked by this operation amounts to 92 million dollarsincluding 61 million owned solely by Kim Hyun-Joong, CEO of Kernel Labs and former vice president of engineering at Terraform Labs.
Kernel Labs is a consulting firm specializing in blockchain and smart contracts. However, it turns out that this company was very linked to Terraform Labs through its CEO, but also through its employees: Kernel Labs employees worked on the premises of Terraform Labs members.
Another member of the Kernel Labs executive committee got frozen the equivalent of $31 million illegally received from Terraform Labs. In addition, five other people with links to these two companies had their assets seized for carrying out astronomical gains illegally with the Terra token (LUNA).
Despite everything, Do Kwon, the co-founder of Terraform Labs, still escapes the police authorities: according to the South Korean authorities, he is currently hiding in Serbia. caused tens of billions of lossesboth on the side of institutions and individuals.
👉 Learn all about the collapse of the Terra (LUNA) ecosystem
Alyra, training to integrate the blockchain ecosystem ⛓️
Source: The Korea Economic Daily, Korea JoongAng Daily
Newsletter 🍞
Receive a summary of crypto news every Monday by email 👌
What you need to know about affiliate links. This page presents assets, products or services relating to investments. Some links in this article are affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus by using our links.
Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky by nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.
AMF recommendations. There is no guaranteed high return, a product with high return potential involves high risk. This risk-taking must be in line with your project, your investment horizon and your ability to lose part of this savings. Do not invest if you are not ready to lose all or part of your capital.
To go further, read our Financial Situation, Media Transparency and Legal Notices pages.
Always enthusiastic about new technologies, I gradually moved closer to Web3-related activities during the year 2021. Over time, I wanted to add my stone to the building. It was then that I became an editor, with the aim of explaining cryptocurrency-related topics to as many people as possible.
Timothy Bourbotte
39 items
![[CHAINALYSIS PODCAST EPISODE 48] Crypto in the Crosshairs: Are Digital Assets Securities or Commodities?](https://blog.chainalysis.com/wp-content/uploads/2023/03/Episode-48-Website-Graphic.png)
