The prosecution has frozen assets worth over 200 billion won of eight individuals connected to the failed cryptocurrency firm Terraform Labs.

According to a KBS report on Monday, the Seoul Southern District Prosecutors' Office froze assets primarily in the form of real estate worth some 200 billion won, or over 150 million U.S. dollars, of Terraform Labs co-founder Shin Hyun-seong, also known as Daniel Shin, and seven others.

Officials from the prosecution explained that they were still investigating additional assets and plan to freeze them to recover illegitimately obtained gains and recover damages.

Last November, the prosecution froze assets worth 140 billion won from Shin, but recent findings add 10 billion won more. 

Shin faces charges of obtaining illegal profits before the cryptocurrencies TerraUSD and Luna collapsed massively last year.