Korean Court Has Frozen $93 Million In Assets Of Terra’s Subsidiary
Key Points: A Korean court has frozen assets worth $93 million belonging to Terra’s subsidiary, Kernel Labs.
Selling pre-released Luna can make huge profits.
7 people are accused of selling Luna to make huge profits before its release.
Today, Korean media reported that a Korean court has frozen the assets worth 120 billion won ($93 million) of the former and current CEOs of Kernel Labs, an affiliate of Terraform Labs, the company that issued the Terra and Luna cryptocurrencies.Kernel Labs, a subsidiary of Terraform Labs, holds a patent for ‘Method and device for providing stable coin service on a blockchain’, one of Terra and Luna’s core technologies.As reported by the Sunday newspaper, the Seoul Southern District Court recently accepted the prosecution’s request to collect and preserve the assets of the three original investors in Terra and Luna and four key personnel in technology development. Collection protection is a way to stop the suspect from arbitrarily gaining the benefits of the ongoing trial. They are also accused of issuing cryptocurrencies for a profit without informing investors, even though they know that it is impossible to do business with cryptocurrencies like Terra or Luna. Prosecutors found that Kim earned at least 79.1 million won ($61.6million) in illegal profits. Mr. Choi, the former CEO of Kernel Labs received 40.9 million won ($31.4million) in illicit profits. Mr. Choi was an early investor in Terra and Luna and was responsible for introducing CEO Do-hyung Kwon, to CEO Hyunseong Shin who was considering starting a crypto-business. Mr. Kim and Mr. Choi made a total of 120 billion won ($93million) in illicit profits. On November 30, the prosecution requested arrest warrants to the seven people who had frozen their assets and Shin Hyun-sung. The court denied the warrant on December 3 and stated that “the nature of the crime was very serious, but it’s difficult to see why an arrest is necessary or meaningful.” Currently, he is being discovered hiding in Serbia, Han fquoocs officials also said they are cooperating with the country’s government to expand the investigation.DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.Join us to keep track of news: https://linktr.ee/coincuWebsite: coincu.comFoxyCoincu NewsTags: # Cryptocurrencies#MarketsBlockchaincryptoDaniel Shindo kwonKernel LabsKoreaLUNATerra