A Seoul court has ordered to freeze around $92 million in assets of former Terraform Labs' affiliate firm Kernel Labs, The Korea Economic Daily has learned.
Kernel Labs is said to have close ties with Terraform Labs, as its head, Kim Hyun-joong, previously worked as Vice President of Engineering at Terraform Labs. The court took the prosecution's position to freeze the property of individuals who reportedly were selling pre-issued terra (LUNA).
According to reports, Kim used the proceeds from the token sale to purchase real estate in South Korea in 2021 (a building in Gangnam-gu for $27 million and an apartment in Seongdong-gu for $7 million).
Meanwhile, disgraced blockchain entrepreneur, Do Kwon, is apparently hiding from South Korean authorities in Serbia as he might face charges over the $60 billion collapse of the Terra ecosystem.
Seoul's prosecutors said that reports about Kwon's relocating to a Balkan nation "aren't false." The reports also say that South Korean authorities have already reached out to Serbia for cooperation on the matter.
