04-04-2023 icon

South Korean Officials Confiscate $160M Worth of Properties Linked to Terra Staff: Report

By Lucy Adegbe

The Seoul South region jurist unit has allegedly seized an estimated $160 million in properties from eight individuals linked to the shutdown of Terraform Labs, including co-owner Daniel Shin.

As noted in a Monday announcement from the South Korean broadcast network KBS, officials confiscated an approximated $210 billion –$160 million as of the time of the broadcast– in assets linked to the previous Terra members of staff, mostly as real estate.

Jurists allegedly seized houses alongside other assets owned by the previous Terra deputy chair Kim Mo and an anonymous member of the management approximated to be about $60 million and $31 million respectively.

According to a mediator for the jurist unit, officials are still scrutinizing the asset ownership situation of the accused and they intend to follow up with compilation protection for all of the verified assets later to get back proceeds of the corruption and recuperate damages.

The jurist’s activities were allegedly focused on stopping the previous Terra staff from getting rid of properties as they try to confirm that they were associated with probable illegal proceedings.

In the past November, officials adopted the same step to confiscate Shin’s property in Seoul, but are allegedly still scrutinizing other properties speculated to be linked to the Terra co-owner.