South Korean authorities are continuing their efforts to put an end to the victims of the first crypto crash of the year, which involved Terraform Labs. While crypto exchange FTX has taken the spotlight off other crashed ecosystems, South Korean authorities South Korea are still working to help the victims of Terraform Labs.

Nearly six months after the Terra (LUNA) blockchain was formally shut down, South Korean officials froze around $104.4 million (140 billion won) belonging to co-founder Shin Hyun-seong on the grounds of that he might have made illegal profits.

Shin’s assets, estimated to be worth more than $104 million, have been temporarily frozen after the Seoul Southern District Court approved a request by prosecutors.

The indictment concerned Shin’s alleged involvement in the sale of previously issued Terra tokens to unsuspecting investors.

According to local media reports, the district court withheld the allegedly stolen money until further investigations can be conducted. This decision was made on the basis of suspicion of profiting from unauthorized sales of LUNA.

According to the company, reports that Shin Hyun-seong, Luna’s CEO, sold the company at a high point and made a profit or generated wealth through other illicit techniques are not accurate. Shin’s lawyer was originally quoted by Cointelegraph.

Preserving funds prior to indictment is a method of preventing criminals from disposing of stolen money and forcing investors to suffer further damage or financial loss.

Shin is currently the subject of an investigation by South Korean authorities on two charges: unfairly profiting from the issuance of internal LUNA and TerraUSD (UST) tokens; and leaking customer transaction information from Chai, a Korean payment app linked to Terra, to Terraform Labs. The first charge relates to allegedly taking profit from the issuance of internal LUNA and TerraUSD (UST) tokens.

As part of their investigation into the dissolution of the company, South Korean prosecutors issued a summons to the alleged co-founder on November 14 requesting that he appear in court.

The prosecution filed the price manipulation charge against Do Kwon, one of Terra’s co-founders, during the first week of November.