Media report searches at Terraform Labs co-founder’s home

Officials from the Seoul Southern District Prosecutor’s Office conducted searches at the home of Terraform Labs co-founder Daniel Shin as part of the Terra ecosystem’s collapse investigation. Local media report.

According to investigators, they also visited the headquarters of the cryptocurrency exchanges Upbeat? Upbit, Coinone, Bithumb, Korbit and Gopax. Journalists say that law enforcement officials were interested in information about transactions involving LUNA by Terraform Labs founder Do Kwon and company employees.

Earlier, searches allegedly took place at the offices of Dunamu & Partners, an early investor in the firm. According to the media, the company invested 2 billion won in Terraform Labs to obtain 20 million LUNA, and then swap the tokens for Bitcoin.

The publication notes that Dunamu & Partners is a subsidiary of Dunamu, the operator of the Upbit exchange. Prosecutors’ representatives have not yet commented on the information.

Following the Terra collapse, South Korean financial regulators held an emergency meeting to assess the consequences of the incident. According to the media, local authorities began a probe into Terraform Labs employees as part of the investigation.

In June, it emerged that the people behind the UST stablecoin had attracted the interest of the United States Securities and Exchange Commission (SEC).

Earlier, the Seoul Southern District Prosecutor’s Office reached an agreement with colleagues in New York on exchanging information regarding the Terra collapse.