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South Korean Authorities Raid Terra Co-Founder’s Home

 |  July 25, 2022

South Korean prosecutors have raided the home of Daniel Shin, co-founder of Terraform Labs, as authorities there continue a probe into illegal activity behind the collapse of the TerraUSD stablecoin.

There were several raids on crypto exchanges and offices Wednesday (July 20), Bloomberg reported Thursday, including Shin’s payment app Chai Corp., according to the Seoul Southern District Prosecutors Office.

Prosecutors in South Korea behind the investigation of Terraform Labs have reportedly executed a search and seizure in 15 firms, including seven crypto exchanges.

According to a Wednesday report from News1 Korea, the Joint Financial and Securities Crime Investigation Team of the Seoul Southern District Prosecutors Office raided the offices of Upbit, Bithumb, Coinone, Korbit and Gopax as well as other businesses connected to the collapse of Terra. Authorities reportedly obtained data related to TerraUSD (formerly UST) and Terra (LUNA) — now Luna Classic (LUNC) — transactions, in which roughly 200,000 Korean investors suffered losses following the tokens’ severe price devaluation and subsequent collapse in May.

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