South Korean authorities continue their investigations to uncover fraudulent allegations in the collapse of the Terra cryptocurrency.
Prosecutors Raid Terra Co-Founder’s House
According to reports in South Korea, the house of Daniel Shin, co-founder of Terrafrom Lab, in Seoul was raided by prosecutors the other day.
According to the leaked reports, a thorough investigation was once again made, since it was fraud that caused the collapse of the TerraUSD (UST) stablecoin.
in last May terra The coin has bottomed on the chart, so to speak. Also in May, South Korea-based LUNA investors Terraform Labs and co-founder Do KwonThey filed a complaint alleging fraud and violation of local securities laws.
With the exception of Daniel Shin, major South Korean crypto exchanges including Bithumb and Upbit were raided by authorities this week. Last month, prosecutors imposed a travel ban on everyone under the umbrella of Luna, including former employees.
At the same time, rumors have surfaced about Terra co-founder Do Kwon’s tax evasion, and this claim is also being investigated. Finally, both Daniel Shin and Do Kwon, the co-founders of the mentioned cryptocurrency, have a residence address in Singapore. But it is not yet clear whether they reside there.
Finally, speaking of Terra, let’s take a look at her situation. According to CoinGecko data; At the time of writing, Terra (LUNC) is trading at $0.00010318.
