TLDR:
South Korean prosecutors raided the home of Terraform Labs co-founder Daniel Shin, deepening a probe into allegations of illegal activity behind the collapsed stablecoin TerraUSD.
A series of raids on crypto-exchanges and offices on Wednesday also included Shin’s home and his payment app Chai Corp.
In South Korea, prosecutors conducted raids this week in 15 areas, including seven local exchanges such as Upbit, Bithumb and Gopax.
Prosecutors are also looking into whether the company’s other co-founder, Do Kwon, evaded taxes by moving profits from cryptocurrency transactions to an offshore account, local news agency Yonhap has reported.
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