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., 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.
Policymakers around the world have zeroed in on stablecoins given the turmoil in the crypto markets, most notably the collapse of the popular TerraUSD token in May. That spurred a debate about whether blowups of crypto experiments could pose a risk to the wider financial system, along with calls for stronger regulation.
In South Korea, prosecutors conducted raids this week in 15 areas, including seven local exchanges such as...
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