South Korean authorities have frozen assets worth 120 Billion Won ($92 million) from executives of Kernel Labs, an affiliate of Terraform Labs, The Korea Economics Daily reported.
Based on local reports, the Seoul Southern District Court accepted the prosecution's request to freeze the assets of early investors in Terra LUNA Do Kwon. Earlier in November, a South Korean court ordered the freezing of assets worth $108 million from Terra co-founder Shin Hyun-Seong.
The Seoul Southern District Court has authorized prosecutors to freeze the properties of seven people who made huge profits from selling previously issued Terra LUNA tokens. Reportedly, Kernel Labs employees also work in Terraform Labs' South Korean office. Kernel Labs CEO Kim Hyun-joong also served as vice president of engineering at Terraform Labs Do Kwon. The CEO of Kernel Labs is said to hold the largest amount of illegal proceeds coming from Do Kwon's company.
Prosecutors allege that the CEO of Kernel Labs illegally received at least 79 billion won ($61 million) from Terra. A former CEO of Kernel Labs also received about 41 billion won ($31 million) in illegal proceeds, according to prosecutors.
As of now, the search for the controversial founder of Terraform Labs, Do Kwon, is still being pursued by authorities in Korea and other countries. Earlier this month, South Korean prosecutors claimed that Terra's founder was seen in Serbia after leaving Singapore several months ago. Do Kwon, who had an interpol red notice issued against him, lives on without facing any consequences for what happened to Terra LUNA's investors.
