Terra Co-Founder Denies $100M Unfair Profits Amid South Korean Investigation

Terraform Labs co-founder, Daniel Shin, is denying allegations of making $100 million worth of unfair profits, as South Korean authorities continue their investigation into the collapse of the Terra blockchain. The prosecution’s request is part of an ongoing investigation against Hyun-Seong (Daniel Shin) for allegedly making profits illegally while launching the Terra ecosystem-related assets.

The authorities allege that Shin engaged in illicit activities that led to substantial financial gains. However, Shin’s defence has denied reports that he “sold Luna at a high point and realized profits or that he made profits through other illegal methods”.

South Korea Seizes $104M from Terra Co-Founder Suspecting Unfair Profits

South Korea’s prosecutors have reportedly obtained a court order to freeze assets worth about $104 million belonging to Terraform Labs co-founder Daniel Shin. Nearly six months after the Terra blockchain was officially halted, South Korean authorities froze approximately $104.4 million (140 billion won) from co-founder Shin Hyun-Seong, suspecting unfair profits derived from the platform's operations.

The decision to freeze Shin’s asset worth over $104 million was approved by the Seoul Southern District Court, which was based on suspicions of illegal gains. The decision to freeze Shin’s asset worth over $104 million was approved by the Seoul Southern District.

This development comes as scrutiny intensifies surrounding the individuals involved in the creation and management of the Terra ecosystem, following its dramatic downfall and the subsequent impact on investors worldwide. The legal proceedings are ongoing.