@ysv reviewed 3 files and all commit messages, and made 3 comments.
Reviewable status: all files reviewed, 3 unresolved discussions (waiting on masihyeganeh, metalarm10, miladz68, and TxCorpi0x).

integration-tests/modules/dex_test.go line 3058 at r1 (raw file):

// via raw bank keeper. This test asserts the fix: the second order (which would
// lock frozen tokens) must be rejected.
func TestFrozenTokenEscapeViaDEX(t *testing.T) {

are these 2 tests from immunify bugreport ?

they are almost equal so I would keep 1 one of them. Either integration or keeper test

x/asset/ft/keeper/keeper_dex.go line 69 at r1 (raw file):

	for _, send := range actions.Send {
		// Validate frozen balances before sending to prevent transferring frozen tokens

does this part of code run during order execution ?

As far as I remember our plan was to make sure that if order is inside orderbook it will be guaranteed executable when matched. And I think this check brakes such logic

Lets discuss

integration-tests/modules/dex_test.go line 3230 at r1 (raw file):

		placeOrder2,
	)
	requireT.Error(err, "Second order of 400,000 must fail: it would lock frozen tokens; available spendable is 0")

maybe it makes sense to check that address is not able to lock 100k or 10k also.
Smaller portion of frozen/locked.