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 performed by the Korean Joint Monetary and Securities Crime Investigation Staff on crypto exchanges and workplaces, together with the Terra co-founder’s residence and his fee app Chai Corp. over allegations that fraudulent actions might have triggered the demise of TerraUSD (UST) stablecoin.
• The authorities performed raids in 15 areas, 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 workforce is at the moment wanting into the potential switch of funds to totally different corporations owned or operated by Do Kwon to evade taxes. As such, Shin’s agency can be into consideration.
• State media just lately reported that the authorities had detected a suspicious stream of cash by way of a subsidiary – Flexi Company.
• In style safety firm Uppsala Safety just lately 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 Pressure to give attention to launching a cooperative investigation towards crypto and monetary crimes.