Financial and Securities Crime Joint Investigation Team of the Southern District Prosecutors’ Office Searches for and Preserves Over 270 Billion Won in Property

On April 3rd, it was reported that the Financial and Securities Crime Joint Investigation Team of the Southern District Prosecutors’ Office in Seoul, South Korea, searched for and preserved approximately 270 billion won (approximately 205 million US dollars) of property worth 154.1 billion won, 79.1 billion won, and 40.9 billion won in order to recover the improper interests of eight individuals, including Daniel Shin, co-founder of Terraform Labs. Collection preservation is a measure to prevent the suspect from arbitrarily disposing of the property suspected of criminal gains during the trial.

South Korean prosecutors have searched and seized properties totaling over $200 million worth of Terra executives and employees

It was reported on April 3rd that the Financial and Securities Crime Joint Investigation Team of the Southern District Prosecutors’ Office in Seoul, South Korea, has taken steps to recover the improper interests of eight individuals, including Daniel Shin, co-founder of Terraform Labs. The team searched for and preserved approximately 270 billion won (approximately 205 million US dollars) of property worth 154.1 billion won, 79.1 billion won, and 40.9 billion won. Collection preservation is a measure to prevent the suspect from arbitrarily disposing of the property suspected of criminal gains during the trial.

Introduction

The Southern District Prosecutors’ Office in Seoul, South Korea, has taken proactive measures to recover the improper interests of eight individuals, including Daniel Shin, co-founder of Terraform Labs. On April 3rd, the Financial and Securities Crime Joint Investigation Team of the Southern District Prosecutors’ Office searched for and preserved approximately 270 billion won of property to prevent the suspects from disposing of the property suspected of criminal gains during the trial.

Background Information

The collection preservation measure is a preventive measures system that aims to protect assets during the proceedings to recover criminal gains. It allows the authorities to preserve property suspected of being linked to criminal activity, thus preventing the suspects from disposing of the property during the trial. This method is also referred to as asset freezing because it restricts the owners of these properties from accessing them during the investigation and trial process.

Terraform Labs Co-Founder and Other Individuals Impacted

The individuals impacted by the collection preservation measure are eight individuals, including Daniel Shin, co-founder of Terraform Labs, a South Korean cryptocurrency firm that recently went public on the U.S. stock market. Terraform is known for its stablecoin, UST, which is backed by the US dollar and is collateralized by a range of cryptocurrencies. Terraform’s market cap has grown to over one billion dollars in recent months.

Property Worth 270 Billion Won Preserved

The Financial and Securities Crime Joint Investigation Team of the Southern District Prosecutors’ Office has searched for and preserved approximately 270 billion won of property in total. These properties include 154.1 billion won, 79.1 billion won, and 40.9 billion won worth of assets, including real estate and other forms of property. The measure is part of the country’s ongoing efforts to combat financial irregularities and corruption.

How Collection Preservation Works

Collection preservation requires the suspect’s cooperation, as well as that of a court order, to ensure that the assets are not sold, transferred, or otherwise disposed of during the proceedings. This system allows the authorities to block access to the suspect’s assets to prevent them from being used for further criminal activities, and it also makes it easier to determine the source of the suspect’s funds. In this way, the measure helps prevent rapid disposal of assets and the possibility of additional crimes being committed.

Conclusion

The Financial and Securities Crime Joint Investigation Team of the Southern District Prosecutors’ Office has taken a proactive measure to prevent eight suspects, including Terraform Labs’ co-founder, Daniel Shin, from disposing of property suspected of criminal gains during the trial. The collection preservation measure allows authorities to protect assets during proceedings to recover criminal gains and prevent the possibility of further criminal activities. The total property worth preserved exceeds 270 billion won, including real estate and other forms of property.

FAQs

1. What is collection preservation?
Collection preservation is a preventive measure system that aims to protect assets during the proceedings to recover criminal gains. It allows the authorities to preserve property suspected of being linked to criminal activity, thus preventing the suspects from disposing of the property during the trial.
2. Why is collection preservation important in this case?
Collection preservation is important in this case because it prevents eight suspects, including Terraform Labs’ co-founder, Daniel Shin, from disposing of property suspected of criminal gains during the trial. This measure allows the authorities to preserve the property, making it easier to determine the source of the suspect’s funds and prevent additional crimes from being committed.
3. How is collection preservation implemented?
Collection preservation requires the suspect’s cooperation, as well as that of a court order, to ensure that the assets are not sold, transferred, or otherwise disposed of during the proceedings. This system allows the authorities to block access to the suspect’s assets to prevent them from being used for further criminal activities.