Terraform Labs Co-Founder Residence Raided by South Korean Authorities (Report)

As a part of the broader investigation of fraud, South Korean prosecutors have raided the home of Terraform Labs’ co-founder, Daniel Shin.

• Bloomberg confirmed a sequence of raids carried out by the Korean Joint Monetary and Securities Crime Investigation Crew on crypto exchanges and places of work, together with the Terra co-founder’s residence and his cost app Chai Corp. over allegations that fraudulent actions might have triggered the demise of TerraUSD (UST) stablecoin.
• The authorities carried out raids in 15 places, together with Bithumb, Upbit, Coinone, and 4 different exchanges, earlier this week to probe a fraud case linked to the crash of TerraUSD and Luna Basic (LUNC).
• The investigators reportedly searched and found some proof of misconduct by Terraform workers.
• The crew is at present wanting into the potential switch of funds to completely different corporations owned or operated by Do Kwon to evade taxes. As such, Shin’s agency can be into consideration.
• State media not too long ago reported that the authorities had detected a suspicious move of cash through a subsidiary – Flexi Company.
• Well-liked safety firm Uppsala Safety not too long ago asserted that the pockets behind the assault initiating the run towards the algorithmic stablecoin, UST, and its de-pegging was, in truth, owned or managed by Terraform Labs or the Luna Basis Guard.
• Within the aftermath of Terra’s historic debacle, South Korean Justice Minister Han Dong-hoon met with chief officers from the US Securities and Commodities Process Drive to give attention to launching a cooperative investigation towards crypto and monetary crimes.