July 16, 2024


Digitally first class

South Korean prosecutors said to have raided Terra cofounder Shin’s residence


South Korean prosecutors’ lookup and seizure campaign on Terra-LUNA and affiliate marketers incorporates raiding the private dwelling of Terraform Labs cofounder Daniel Shin, or Shin Hyun-seung, amid some others on Wednesday, area media noted.

See connected article: S.Korea prosecutors raid crypto exchanges as component of Terra-LUNA investigation

Quick details

  • Shin, who founded Terraform Labs with present-day chief govt officer (CEO) Do Kwon in 2018, stepped down from his position as CEO in 2020. 
  • Following reducing his stake in Terraform Labs, Shin went on to set up Chai Corporation, a Seoul-based payment fintech organization that was also investigated in the course of this lookup and seizure.
  • Chai Corporation notified people in May well in the course of the crash of Terra’s stablecoin and sister cryptocurrency that the firm had lower ties with Terra in 2020.
  • Daniel Shin also launched e-commerce platform TMON in 2010, which recorded product sales of 129 billion gained (US$98 million) past year.
  • Prosecutors raided 15 providers relevant to the Terra-LUNA debacle together with 7 cryptocurrency exchanges, which provided Upbit and Bithumb.
  • The whereabouts of Terraform Labs main government officer Kwon Do-hyung, or Do Kwon, is yet to be recognized by the prosecutors, even as he stays energetic on Twitter.

See associated report: LUNA, UST investors in S.Korea want to seize Do Kwon’s qualities: report


Resource website link