South Korean authorities continue to investigate and freeze the funds of persons involved in Terra.
After seizing 108 million from Terra co-founder Shin Hyun-Seong in November, the Seoul Southern District Court has recently ruled to confiscate more assets related to Terra. The South Korean court has ordered to freeze 92 million in assets of former and incumbent CEOs of Terraform Labs’ affiliate firm Kernel Labs.
Founded in 2018, Kernel Labs is a blockchain consultancy firm focused on decentralized applications and blockchain payment systems. Kernel Labs is believed to have close ties with Terraform Labs, as CEO Kim Hyun-joong once reportedly served as vice president of engineering at Terraform Labs. According to some sources, Kernel Labs employees also worked at the South Korean office of Terraform Labs.
Kernel Labs CEO Kim is one of the persons involved in the case, reportedly holding the largest amount in illegal proceeds from Terra. Prosecutors estimated Kim’s illegal gains to amount to at least $61 million. Prosecutors also found that another Kernel Labs executive, a former CEO, received about $31 million in illegal proceeds from Terra.
