$104,000,000 Seized From Terra (LUNA) Co-Founder by South Korean Authorities: Report

South Korean authorities have reportedly seized over $100 million from Shin Hyun-seong, the co-founder of collapsed stablecoin issuer Terra (LUNA). According to a new report by YTN Korea, a court has frozen the funds of Hyun-seong at the request of prosecutors.

Timeline of Terra-luna-v2

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. The authorities allege that he unfairly profited from selling cryptocurrency LUNA at high prices before the token crashed. Shin has denied the allegation.

In a piece of vital news related to Terra (LUNA), the “Alliance” module will bring interchain staking to form economic alliances among various blockchains. Alliance is a Cosmos SDK module and therefore can be plugged into the Terra Blockchain which is built on Tendermint, a consensus protocol built for Cosmos.

An analysis of the FTX and Alameda Research collapse has been published by the blockchain and crypto analytics firm Nansen and the report notes that the Terra stablecoin collapse, and the liquidity crunch that ensued, likely started the domino effect that led to the company's implosion.

According to local reports, Terraform Labs Co-founder Daniel Shin has claimed that he did not sell LUNA at its peak, before the token's price collapsed. Shin reportedly held a considerable number of LUNA during the ecosystem's collapse in May.

Terra Luna Classic price prediction is bearish; however, buyers still have hope for a bullish reversal above $0.000169, a support level extended by an upward trendline. The cryptocurrency market has recently been harsh to investors, with most cryptocurrencies unable to produce gains.

A South Korean Court has frozen Terra co-founder, Daniel Shin's US$104 million in digital assets for allegedly violating the capital markets law and breach of duty. CEO Do Kwon tweets he was wrong, not fraudulent.

A South Korean court has approved the prosecution's request to seize assets belonging to Terraform Labs co-founder Shin Hyun-Seong over his role in the collapse of the Terra (LUNA) ecosystem. 

Luna Foundation Guard released a third-party technical audit on 16 November The audit confirmed the absence of impropriety on the part of Terraform Labs and LFG. When Terra crashed, it caused billions of dollars in losses in the crypto world, both personally and for institutions.

A third-party audit report released by JS Held on Nov. 16 revealed that Luna Foundation Guard spent $2.8 billion after the UST de-peg to come out of the debacle. Notably, it has become clear that the reserves were not used to pay back the investors of the project.

Luna Foundation Guard (LFG), the entity behind the collapsed Terra ecosystem, spent $2.8B (80,081 BTC and 49.8M in stablecoins) to defend UST's peg, a new report by London-based third-party auditing firm JS Held has shown.