An official from the Seoul Southern District Prosecutor's Office has recently confirmed that the crypto exchange Binance has been asked to freeze digital assets owned by the Co-founder of Terraform, Daniel Shin. Authorities believe these assets include cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).

This news relates to the high-profile criminal investigation involving Shin and the Terraform ecosystem crash of May 2022. Last year, two other crypto exchanges, KuCoin and OKEx, were asked to freeze assets thought to belong to Do Kwon, Shin's Terraform Co-founder.

In an effort to obtain evidence, the prosecution has conducted multiple raids of Shin's home and offices. However, they have yet to succeed in obtaining an arrest warrant for him.

Despite Shin's claim that he and his company severed ties with Terra and Kwon in 2020, South Korean media outlets have raised questions and doubts. This is primarily due to Shin's own previous statement in an interview three weeks prior to the Terra crash that Chai products could be bought at "Terra stations".

Furthermore, authorities have estimated that more crypto has been hidden by Terra officials and have said they are “continuing” their investigation into the matter. One example is Do Kwon, who was captured while trying to go to Montenegro with forged documents last month.

In light of their recent partnership with a South Korean trading platform, Gopax, Binance may be more likely to comply to the request for freezing Shin's cryptocurrency holdings. This remains to be seen, however, as the investigation is still ongoing.



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