South Korea’s prosecutors have confiscated $200 million worth of assets owned by Terra and its employees. The Seoul Southern District Prosecutor’s Office’s Financial Security Crime Joint Investigation Team seized and held about 270 billion won (about $205 million) of property, of which 154.1 billion won was real estate, 79.1 billion won was stocks, and 40.9 billion won was cars. This method of taking is used to prevent the suspects from disposing of money obtained from criminal activity while their cases are going through court. The court has also taken hold of early investors' and employees' real estate, cars, and stocks.

Earlier this year, there were allegations of deception, negligence, breaking capital market laws, and illegal fundraising against Terra’s founder, Daniel Shin. Shin has refused to be taken into custody and another appeal to keep him off the streets was dismissed by a court in South Korea.

The prosecutors claim that Shin and other co-founders established Terra, collected virtual currencies that were launched before and after the company's formation, and illegally profited when the value of the currency went up.

Despite an ongoing battle with South Korean prosecutors, the virtual currencies Terra and Luna have performed well with both experiencing an increase in value between early May to mid-June, contrary to the trend displayed by competitors. Providing users with hope that it can overcome modern financial challenges, the digital currencies have risen in profitability since Q1 2021, as more and more users move towards crypto.



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