February 22, 2024


Super Technology

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


South Korean prosecutors’ look for and seizure marketing campaign on Terra-LUNA and affiliates contains raiding the personal home of Terraform Labs cofounder Daniel Shin, or Shin Hyun-seung, among many others on Wednesday, area media reported.

See linked posting: S.Korea prosecutors raid crypto exchanges as aspect of Terra-LUNA investigation

Rapid details

  • Shin, who launched Terraform Labs with present-day main executive officer (CEO) Do Kwon in 2018, stepped down from his situation as CEO in 2020. 
  • Just after lessening his stake in Terraform Labs, Shin went on to establish Chai Company, a Seoul-centered payment fintech business that was also investigated all through this search and seizure.
  • Chai Company notified people in May during the crash of Terra’s stablecoin and sister cryptocurrency that the organization had minimize ties with Terra in 2020.
  • Daniel Shin also launched e-commerce system TMON in 2010, which recorded revenue of 129 billion won (US$98 million) past year.
  • Prosecutors raided 15 corporations connected to the Terra-LUNA debacle including 7 cryptocurrency exchanges, which incorporated Upbit and Bithumb.
  • The whereabouts of Terraform Labs main government officer Kwon Do-hyung, or Do Kwon, is nevertheless 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 homes: report


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