South Korean Authorities Raid Terra Co-Founder’s Home

#SouthKorean prosecutors raided the home of Daniel Shin, co-founder of Terraform Labs, as part of an investigation into illegal activity linked to the collapse of the #TerraUSD stablecoin. Several raids on crypto exchanges and offices were conducted, including Shin’s payment app Chai Corp. Prosecutors executed search and seizure operations in 15 firms, including seven crypto exchanges, gathering data related to TerraUSD and Terra transactions. Approximately 200,000 Korean #investors incurred losses due to the severe price devaluation and collapse of the tokens in May.

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