Do Kwon-owned Terraform Labs affiliate Kernel Labs’ assets worth $92 million have been frozen by a South Korean court.
According to The Korea Economics Daily, the executives of Terraform Labs affiliate Kernel Labs had assets worth 120 billion won ($92 million) blocked by South Korean authorities.
Local media sources state that the Seoul Southern District Court approved the prosecution’s request to freeze the assets of early Terra LUNA investors. The South Korean court had previously in November ordered the freezing of Shin Hyun-Seong, a co-founder of Terra$108,’s million worth of assets.
Prosecutors have indeed been authorized by the Seoul Southern District Court to freeze the assets of seven people who made sizable profits through the sale of pre-issued Terra LUNA tokens. According to reports, Terraform Labs’ South Korean office also appointed employees from Kernel Labs.
The CEO of Kernel Labs, Kim Hyun-Joong, had worked previously as Terraform Labs’ vice president of engineering. According to reports, the CEO of Kernel Labs is in the hold of the maximum values of unlawful proceeds from the Do Kwon- company.
Authorities stated that the CEO of Kernel Labs fraudulently received at least 79 billion won ($61 million) from Terra. As per prosecutors, a former CEO of Kernel Labs also earned approximately 41 billion won ($31 million) in unlawful profits.
The search for Do Kwon goes on.
Authorities in Korea as well as other countries are still searching for Do Kwon, the controversial founder of Terraform Labs. The founder of Terra, according to South Korean authorities, was apparently spotted in Serbia after leaving Singapore earlier this year, as was reported earlier this month.
In spite of having an Interpol red notice out against him, Do Kwon continues to live without facing any consequences for what happened to Terra LUNA investors.