South Korean authorities raid Terra co-founder’s home

Terraform Labs co-founder Daniel Shin had his house raided by South Korean prosecutors after further allegations of illegal activity concerning the collapse of stablecoin TerraUSD.

Following several raids on crypto exchanges on Wednesday, July 20, Shin’s home and payment app, Chai Corp were both investigated.

Authorities are also looking into Do Kwon – Terra’s additional co-founder – to decipher if he dodged taxes by moving profits from crypto transactions into offshore accounts, as reported a local news agency Yonhap.

Both Shin and Kwon are said to be in Singapore and have not responded to requests for comment.

Alongside the raids on Shin, a further two affiliated films also came under speculation surrounding an ongoing investigation. However, a spokeswoman for the additional firms denied providing further detail to the police.

Last week, South Korean prosecutors conducted raids in 15 areas including local exchanges; Bithumb, Upbit and Gopax.

Such action followed authorities deciding to ban past and present employees of Terraform Labs from leaving the country.

Globally, policymakers have focused their attention on stablecoins following the turmoil across the crypto market, especially after the crash of TerraUSD in May.

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Updated: 07/25/2022 — 16:00