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Terra Co-Founder’s Home Raided as Korea Widens Crypto Probe (1)

July 22, 2022, 6:54 AM

South Korean prosecutors raided the home of Terraform Labs co-founder Daniel Shin, deepening a probeinto allegations of illegal activity behind the collapsed stablecoin TerraUSD.

A series of raids on crypto-exchanges and offices on Wednesday also included Shin’s home and his payment app Chai Corp., the Seoul Southern District Prosecutors Office said via a text message, confirming an earlier report from MBC News. Police also visited two affiliated firms, a spokesperson for the prosecutors said, declining to provide further detail in an ongoing investigation.

Policymakers around the world have zeroed in on stablecoins given the turmoil in the crypto markets, ...