South Korea freezes Terra cofounder Daniel Shin’s US$104 mln in assets

11/17 10:51

According to Forkast, South Korea’s Seoul Southern District Court approved local prosecutors’ request on Thursday to freeze some US$104 million in assets belonging to Terraform Labs cofounder Shin Hyun-seung, or Daniel Shin. Local authorities believed the assets were illegitimately earned through the LUNA cryptocurrency, local media reported. Earlier on Thursday, Shin reportedly attended the investigation at the local prosecutors’ office where he is under investigation for charges of violating the capital markets law and breach of duty. South Korean prosecutors declined to confirm these reports with Forkast. Local prosecutors accuse Shin of allegedly making “unfair” profits of about 140 billion Korean won, or around US$104 million with LUNA cryptocurrency that he attained before the official issuance without proper disclosure to regular investors.
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