The home of Daniel Shin, co-founder of Terraform Lab in Seoul, was raided Wednesday by authorities.media reportslocal
The raid is part of a broader investigation into the allegations. Fraud and collapsing TerraUSD (UST) stablecoin, reports say
In May, TerraUSD fell sharply. and making an impact across the industry. Both hedge funds and exchanges have fallen victim to the catastrophe. Also in the same month, some South Korean investors Luna (LUNA) filed a lawsuit against Terraform Labs and its co-founder Do Kwon. Allegations of fraud and violations of local securities laws
Daniel Shin is the latest stakeholder to be raided by the Korean authorities. After earlier this week, major South Korean crypto exchanges, including Bithumb and Upbit, were raided by authorities.
in juneAuthorities have banned travel.Out of the country with dozens of people linked to Terraform Labs, including former employees.
meanwhile Authorities are also investigating allegations of tax evasion by Terraform Labs founder Do Kwon.
refer : LINK
The post South Korean official Raids of Terra co-founder Daniel Chin’s home appeared first on Bitcoin Addict.