Terra co-founder’s home raided as South Korea widens crypto failure probe

A file photo of a screen, right, showing the falling values of Luna at a cryptocurrency exchange in Seoul, South Korea, on May 27 2022. South Korean prosecutors raided the home of Terraform Lab co-founder Daniel Shin, deepening a probe into allegations of illegal activity behind the collapse of stablecoin TerraUSD. — AP

South Korean prosecutors raided the home of Terraform Lab co-founder Daniel Shin, deepening a probe into allegations of illegal activity behind the collapse of 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.