Friday, December 8, 2023

The home of Terra Co-Founder Daniel Shin is searched by South Korean prosecutors.

Daniel Shin, the man who co-founded Terraform Labs, has his home in Seoul. This home was raided by prosecutors from the country, last Wednesday. Local media has reported that the raid was a part of an investigation that was broader. This investigation was regarding allegations of fraud. This is what is believed that caused the terraUSD stablecoin to collapse.

Fall Of TerraUSD

Earlier in May, terraUSD was found to have fallen off the dollar peg that it had. This led to a fallout across the industry. As a result, many hedge funds and even exchanges ended up becoming victims of being overexposed. Also in May, LUNA token investors, which is a South Korea-based token, ended up filing a complaint.

This complaint was against Do Kwon, the other co-founder of Terraform Labs. Their complaint was regarding fraud as well as violations of the securities laws that were local. Daniel Shin Is just the latest among stakeholders who have found themselves raided by the authorities in South Korea. Earlier just this week, authorities also raided Upbit as well as Bithumb, which are both crypto exchanges based in South Korea.

In the month of June, the prosecutors had seen that a travel ban was implemented on many people. These people were selected as they had connections to Terraform Labs. Some of these people also used to work at Terraform Labs. Prosecutors are also looking at allegations of Do Kwon of Terraform Labs evading taxes. Both Kwon, as well as Shin, also have Singapore-based addresses. However, it’s not clear whether they live there or not.

Cryptured Team
Cryptured Team
The writers team at is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

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