The saga of the failed stablecoin TerraUSD continues as South Korean prosecutors raided the house of Terraform Lab’s co-founder, Daniel Shin, and his payment app Chai Corp. on Wednesday.
Prosecutors also seized and searched 15 companies, including seven crypto exchanges (Upbit, Coinone, Bithumb, Korbit, and Gopax), to obtain Terra and Luna transaction details of Do Kwon and his company’s employees.
Authorities believe that Terra funneled money into various companies via tax havens in 2019. Shin’s company is considered to be one of those.
The investment arm of Dunamu (parent company of Upbit), Dunamu & Partners was also raided by authorities. Dunamu & Partners is suspected of investing 2 billion won in Terraform Labs in 2018 to receive 20 million Luna.
It is alleged that the Luna was exchanged for bitcoins, earning the company tens of billions of won in profits.
Also Read: S Korea Investigates Terraform Labs for Possible theft of Bitcoin
