Terraform Labs Co-Founder Residence Raided by South Korean Authorities

In the broader investigation of fraud, South Korean prosecutors have raided the Terraform Labs house.

Terraform Labs Co-Founder Residence Raided by South Korean Authorities

Raids were conducted by the Korean Joint Financial and Securities Crime investigation Team on crypto exchange and offices, including the Terra co-Founder's residence and his payment app Chai corp over allegations that fraudulent activities may have triggered the demise of TerraUSD Stablecoin. 

The authorities conducted raids in 15 locations including Bithumb, Upbit, Coinnone, and other exchanges, earlier this week to probe a fraud case linked to the crash of TerraUSD and LUNA Classic

The investigators find some proof of misconduct by TerraForm employees. 

The team is now looking into the potential transfer of funds to different companies owned or operated by DoKwon to evade taxes. 

As per the view of State media reported that the authorities had detected a suspicious flow of money via a subsidiary. 

Uppsale Security asserted that the wallet behind the attack initiating the run against the algorithmic Stablecoin, UST, and its de-pegging was in fact, owned or controlled by Terraform Labs.

Teera's historic debacle, South Korean Justice Minister Han Dong hoon met with Cheif officials from the US Securities and Commodities task force to focus on launching a cooperative investigation against crypto and financial crimes.

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