South Korean Authorities Impound Over $100 Million From Terra’s Co-Founder
A South Korean judge has ordered the freezing of the assets of Terra’s co-founder, Daniel Shin. The digital assets, totalling about $104 million, were allegedly generated by breaking capital laws. The confiscation intends to stall Daniel’s likely plans to dispose of the assets before his trial, which is later this week.
Daniel Shin Loses Assets To Confiscation
The co-founder of Terraform Labs has had his digital assets worth about $104 million confiscated pending the outcome of this trial later this week.
The order that was given by a South Korean district court was the result of a motion moved by South Korean prosecutors. According to them, there is a really high chance that Daniel Shin will sell them off in fear of the likely outcome of the ongoing trial at the court.
As a result, it became imperative that his assets be seized to stall whatever secret damage control strategy he might be mulling over.
Following the demise of Terraform Labs, a blockchain protocol based in Seoul, the associates of the company, particularly the founders Do Kwon and Daniel Shin, have continued to face a public outlash. In fact, an investigation panel has been in place for some time, and the blockchain company has a case to answer.
Daniel Shin’s (Shin Hyun-Seong) involvement with the trial has to do with him allegedly selling off his tokens privately without the knowledge of other investors in a bid to make a great deal of profit just before the Terra crash.
In addition to that, evidence has surfaced that Daniel Shin had also fraudulently forwarded sensitive customer data from Chai Corporation, his payment company, to Terra.
Do Kwon Makes A Twitter Thread, Pleads Innocence
On the 16th of November, Do Kwon, the co-founder of Terraform Labs, took to his Twitter page with the username @stablekwon and made a 13-paragraph thread to plead his innocence.
Do Kwon, who has been on the run since the event of the crash, made what could be termed an elaborate speech explaining why, as a co-founder, he had the responsibility to ensure things are done the right way. However, he did not believe that he ought to be legally liable for his mistakes.
While maintaining that the entire Terra team did not act with malicious intent, Kwon made public his intention to hold a conference and reveal his current location.
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