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South Korean authorities have reportedly seized more than $100 million from Shin Hyun-sung, co-founder of collapsed stablecoin issuer Terra (LUNA).
according to the new report According to YTN Korea, the court froze Hyunsung’s funds at the request of the prosecution.
Hyung-seong has been accused of selling pre-issued LUNA tokens to unknowing customers before the company collapsed, realizing an immediate profit. Hyun-seong is also the general manager of He Chai Corporation, a payment platform and fintech company.
According to reports, Hyunsung is not only suspected of selling LUNA for illegal profits, but is also suspected of leaking Chai’s customer information to Terra.
Terra first collapsed in May when its algorithmic stablecoin, UST, lost its peg to the US dollar, wiping out billions of dollars. Since then, co-founder and former CEO Do Kwon has faced numerous investigations from authorities.
In September, the International Criminal Police Organization issued a deficit notice to Kwon, urging law enforcement to arrest him if found.
Kwon has not turned himself in, but said in an interview last month that he was responsible for the collapse of Terra and UST, and that it was his fault, and his alone.
“Whatever was wrong with Terra’s design, its weak point was [in responding] To the cruelty of the market, it is my responsibility, and only mine.
So for the community that has been involved in the Terra ecosystem, used its apps, and sent tokens and coins to many protocols, for the hundreds of thousands, if not millions, of companies that have used the Terra currency. It’s the downfall of companies that choose to build on Terra. [and] The Terra ecosystem built on top of all stability [TerraUSD], I take full responsibility for that, it’s not easy.
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