Terraform Labs co-founder’s home raided by South Korean authorities
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Answer Terraform Labs co-founder’s home raided by South Korean authorities
The investigation into the “Terraform” case continues by the South Korean authorities.
As part of the investigation, South Korean prosecutors raided the home of Terraform Labs co-founder Daniel Shen.
Earlier confirmed Bloomberg A series of raids by the Korean Joint Securities and Financial Crimes Investigation Team has taken place on crypto exchanges and offices, including the residence of the founder of Terra and his payment app, Chai Corp.
The recent raid was due to allegations that fraudulent activities may have caused the demise of the digital stablecoin TerraUSD UST.
Authorities conducted raids on 15 crypto companies, including:
Bithumb, Upbit, Coinone, four other trading platforms, and a few offices and other crypto firms, earlier this week to investigate a fraud case linked to the TerraUSD and Luna Classic (LUNC) crash.
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Investigators have reportedly searched and discovered some evidence of misconduct by Terraform employees.
The team is currently looking into the possibility of transferring funds to different companies owned or operated by Do Kwon to evade taxes.
As such, Shen’s company is also under consideration.
State media recently reported that authorities detected a suspicious flow of funds through a subsidiary, Flexi Corporation.
Popular security firm Uppsala Security recently confirmed that the wallet behind the attack that began against the algorithmic stablecoin UST and its delinking was in fact owned or controlled by Terraform Labs or Luna Foundation Guard.
In the wake of the historic Terra disaster, South Korean Justice Minister Han Dong-hoon met with senior officials from the US Securities and Commodities Task Force to focus on launching a collaborative investigation against crypto and financial crimes.
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Read also:
Raid on 7 cryptocurrency exchanges in South Korea to investigate Terra
Ethereum outflow from exchanges breaks record
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