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On April 3rd, 2021, Southern District Prosecutors’ Office in Seoul Preserves Property Worth Over 270 Billion Won

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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

On April 3rd, 2021, Southern District Prosecutors Office in Seoul Preserves Property Worth Over 270 Billion Won

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

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.

What is the Southern District Prosecutors’ Office in Seoul?

The Southern District Prosecutors’ Office is one of the largest prosecutors’ offices in Korea with more than 400 prosecutors and 2,000 employees, exercising jurisdiction over Seoul, Seongnam, Suwon, and Gwacheon. It is known for taking a strong stance on financial crime and is actively prosecuting various financial fraud cases.

What is the Financial and Securities Crime Joint Investigation Team?

The Financial and Securities Crime Joint Investigation Team is a specialized body created to investigate financial crimes in Korea. It is composed of investigators from the Financial Supervisory Service, the Financial Intelligence Unit, the National Tax Service, and the National Police Agency. This specialized team is responsible for investigating high-profile financial fraud cases.

Who is Daniel Shin and Terraform Labs?

Daniel Shin is a co-founder of Terraform Labs, a blockchain startup based in South Korea. Terraform Labs is known for developing Terra, a decentralized payment platform that uses a stablecoin called UST to facilitate borderless transactions. Shin also co-founded Coinplug, a cryptocurrency exchange.

What is Collection Preservation?

Collection preservation is a legal measure that allows prosecutors to prevent suspects from disposing of any property suspected of being obtained through criminal gains. The property is temporarily seized and held by the authorities until the trial is concluded. Collection preservation is a common practice in Korea to ensure that the defendant does not tamper with the evidence or use the proceeds of the crime while awaiting trial.

Why did the Prosecutors’ Office Preserve Property Worth Over 270 Billion Won?

The Southern District Prosecutors’ Office conducted the search and seizure of property worth over 270 billion won to recover improper interests of eight individuals, including Daniel Shin. The property was suspected of being obtained through false disclosures and stock price manipulation. The individuals are accused of committing financial fraud involving Gift Card factory, a company that operates the popular KakaoTalk messaging platform. The prosecutors’ office has been investigating the case since last year and is expected to file charges against the individuals soon.

What is the Impact of the Search and Seizure?

The search and seizure of property worth over 270 billion won is one of the largest financial fraud investigations in South Korea. It highlights the continuous efforts of the authorities to crack down on white-collar crime and protect the interests of investors. It also raises questions about the regulatory environment for startups and financial institutions in South Korea. The case involving Terraform Labs and Gift Card factory is likely to have broader implications for the blockchain industry and the regulation of cryptocurrencies in Korea.

Conclusion

The Southern District Prosecutors’ Office in Seoul’s search and seizure of property worth over 270 billion won is a significant development in the ongoing investigation of the financial fraud case involving Terraform Labs and Gift Card factory. The collection preservation measure is an important legal tool used to prevent suspects from disposing of property suspected of being obtained through criminal gains. The case raises important questions about the regulatory environment for startups and financial institutions in South Korea and highlights the need for strong measures to curb financial fraud.

FAQs

Q1. What is Terraform Labs?
A1. Terraform Labs is a blockchain startup based in South Korea known for developing Terra, a decentralized payment platform that uses a stablecoin called UST to facilitate borderless transactions.
Q2. Why did the Southern District Prosecutors’ Office preserve the property?
A2. The Prosecutors’ Office preserved property worth over 270 billion won to recover improper interests of eight individuals, including Daniel Shin, co-founder of Terraform Labs, suspected of committing financial fraud involving Gift Card factory.
Q3. What is collection preservation?
A3. Collection preservation is a legal measure that allows prosecutors to prevent suspects from disposing of any property suspected of being obtained through criminal gains. It is a common practice in Korea to ensure the defendant does not tamper with the evidence or use the proceeds of the crime while awaiting trial.

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