Korean Prosecutors Raid Terra Co-Founder Daniel Shin's Home: Report

Jul 22,2022
KingData News: The home of Terraform Lab’s co-founder, Daniel Shin, in Seoul was raided by prosecutors on Wednesday, according to a local media report. The raid was conducted as part of a broader investigation over allegations that fraud caused the collapse of the TerraUSD (UST) stablecoin, the report said. Concurrently, prosecutors are also investigating allegations of tax evasion by Terraform Labs founder Do Kwon.
This indicator provides follow-up on the depg of Terra's stablecoin UST on May 8th. Terra's stablecoin UST briefly lost its peg to the U.S. dollar on May 8th, dipping as low as $0.985. The depeg event came after a series of multi-million dollar UST selloffs as one account traded about $85 million worth of UST for USDC on Curve Finance, while another user reportedly sold $108 million worth on Binance. UST posted a slight recovery shortly after Terraform Labs CEO Do Kwon posted a tweet calling out the stablecoin's critics.