TerraLuna Co-founder’s Home Raided by Korean Authorities

Transcript

00:00So breaking news the South Korean prosecutors have raided Tara's co-founder Daniel Shin's home

00:08of course the South Korean authorities had made it clear that they wanted the guys who are behind

00:14Tara, Luna and that whole ecosystem not to leave the country as you know of course this company

00:23lost some 40 billion dollars and a whole lot of money and accusations and things of that nature

00:33have come to the fore since then. So the home of Terraform Labs' co-founder Daniel Shin in Seoul

00:41was raided by prosecutors on Wednesday according to local media reports. The raid was conducted as

00:48part of a broader investigation over allegations that fraud caused the collapse of TerraUSD,

00:55UST stablecoin according to that report in May. This TerraUSD fell drastically off its US dollar peg

01:03causing an industry-wide fallout that saw several hedge funds and exchanges fall victim to overexposure.

01:11In the same month South Korea-based Luna investors filed a complaint against Terraform Labs

01:16and the co-founder Do Kwon alleging fraud and violations of securities laws and Shin is the

01:24sort of the latest stakeholder to be raided by Korean authorities. Earlier this week the major

01:30South Korean crypto exchanges including BitThump Upbit were raided by authorities as well.

01:37In June prosecutors also implemented a travel ban on dozens of people connected to TerraLabs including

01:45former staff members. Currently prosecutors are also investigating tax allegations of evasion

01:52by TerraLabs founder Do Kwon and both Shin and Kwon have addresses in Singapore. It's unclear if they

02:01reside there currently at this time. So of course this is just another one of those latest updates as far as

02:12the drama around TerraLuna and all of these guys and yeah man let me know what you guys think. Do you feel like

02:24they're getting what they deserve and yeah let me know what your thoughts are and don't forget to check out

02:30the links in the description to my books to recognize Trillions, Blockchain Applied. Like, share, subscribe,

02:36turn on the notifications man. I'll see you in the next. Peace.