Korea Freezes Terra Cofounder Daniel Shin’s US$104M in Assets

Nov 17,2022
KingData News: Korea’s Seoul Southern District Court approved local prosecutors’ request on Thursday to freeze some US$104 million in assets belonging to Terraform Labs cofounder Shin Hyun-seung, or Daniel Shin. Local authorities believed the assets were illegitimately earned through the LUNA cryptocurrency, local media reported.
This indicator provides follow-up on the depg of Terra's stablecoin UST on May 8th. Terra's stablecoin UST briefly lost its peg to the U.S. dollar on May 8th, dipping as low as $0.985. The depeg event came after a series of multi-million dollar UST selloffs as one account traded about $85 million worth of UST for USDC on Curve Finance, while another user reportedly sold $108 million worth on Binance. UST posted a slight recovery shortly after Terraform Labs CEO Do Kwon posted a tweet calling out the stablecoin's critics.