• South Korean authorities have seized assets worth $160M from Terraform Labs’ executives.
• Most of the seized property is real estate, and the seizure was done to ensure it remains available for litigation.
• Terraform Labs’ CEO Do Kwon was arrested in Montenegro after trying to fly to another country using fake documents to mask his identity.
South Korean Authorities Seize Assets From Terraform Labs
The South Korean authorities have recently seized assets worth $160 million from the executives of Terraform Labs. The majority of the seized property is real estate, which has been taken as a preventative measure to ensure it is available for litigation purposes.
Arrest Of Do Kwon
Do Kwon, the CEO of Terraform Labs, was arrested in Montenegro two weeks ago after attempting to flee the country using false documentation that masked his identity. After confirming his true identity, both South Korea and the U.S requested extradition of Do Kwon from Montenegrin authorities.
Denial Of Arrest Warrant
Following Do Kwon’s arrest, law enforcement in South Korea requested an arrest warrant for Shin „Daniel“ Hyun-Song; co-founder of Terraform Labs; however this request was denied due to a lack of evidence indicating he had plans to destroy any evidence or flee the country.
Seizure Of Property
In order to fulfil their duty, South Korean police proceeded with seizing property belonging to both Shin „Daniel“ Hyun-Song and one unnamed individual connected with Terraform labs; as well as five other employees associated with the company.
This move by South Korean law enforcement serves as a preventative measure against any potential attempts made by those involved with Terraform Lab’s business activities to evade justice when facing legal proceedings in court regarding their actions related with this case.