South Korean prosecutors raided Terraform Labs co-founder's home on Wednesday as the probe behind the Terra-Luna collapse intensified.
<h2>Terra Co-Founder Home Raided in Seoul</h2>
According to a Bloomberg <a href="https://www.bloomberg.com/news/articles/2022-07-22/terra-founder-s-home-raided-as-korea-widens-crypto-failure-probe#xj4y7vzkg" target="_blank" rel="nofollow noopener">report</a> from today, the home of Terraform Labs co-founder Daniel Shin in Seoul was raided by prosecutors as part of a broader investigation over allegations that fraud caused the collapse of the TerraUSD (UST) stablecoin.

Earlier this week, prosecutors investigated 15 crypto offices, including seven local exchanges such as Upbit, Bithumb, and Gopax. The series of raids on crypto exchanges and offices on Wednesday included Terra Shin's home and his payment app company Chai Corp, the Seoul Southern District Prosecutors Office said.

The move comes just a month after the authorities <a href="https://www.cryptoknowmics.com/news/south-korea-bans-terras-main-designers-from-leaving-the-country/" target="_blank" rel="noopener">banned</a> current and former employees of Terraform Labs from leaving the country. They are also investigating whether the company's other co-founder, Do Kwon, evaded taxes by moving profits from cryptocurrency transactions to an offshore account.

However, since TerraUSD imploded, Shin has put a notice on his app distancing himself from Do Kwon and TerraLabs. Despite the investigations and allegations, Kwon has gone on to launch Terra 2.0. Following the Terra ecosystem collapse due to the de-pegging of the UST stablecoin in May, about $40 billion of investor funds were wiped off the markets.

Terra Founder's Home Raided, S. Korea Intensifies Crypto Collapse Probe

South Korean prosecutors raided Terraform Labs co-founder's home on Wednesday as the probe behind the Terra-Luna collapse intensifies.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Terra Founder's Home Raided, S. Korea Intensifies Crypto Collapse Probe

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