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Report: South Korean Prosecutors Raid Home of Terraform Labs Co-Founder

A team of South Korean prosecutors recently raided the home of Terraform Labs co-founder Shin Hyun-seong. During an earlier raid that targeted 15 places, including seven cryptocurrency exchanges, the prosecutors reportedly secured terra transaction data.

Following the fall of the UST stablecoin and the LUNA cryptocurrency, authorities in South Korea have sought to impose a tougher regulatory framework for cryptocurrencies.

Meanwhile, as per the Korean language Chosun Biz report, the prosecutors’ raids on individuals as well as companies associated with Kwon were sparked by disgruntled LUNA investors who raised fraud allegations in their lawsuits against the CEO.

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