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


South Korean prosecutors’ search and seizure campaign on Terra-LUNA and affiliate marketers includes raiding the non-public house of Terraform Labs cofounder Daniel Shin, or Shin Hyun-seung, amid other people on Wednesday, local media noted.

See related short article: S.Korea prosecutors raid crypto exchanges as portion of Terra-LUNA investigation

Rapid points

  • Shin, who established Terraform Labs with latest chief executive officer (CEO) Do Kwon in 2018, stepped down from his posture as CEO in 2020. 
  • Soon after decreasing his stake in Terraform Labs, Shin went on to set up Chai Company, a Seoul-primarily based payment fintech enterprise that was also investigated in the course of this research and seizure.
  • Chai Company notified consumers in May in the course of the crash of Terra’s stablecoin and sister cryptocurrency that the corporation experienced cut ties with Terra in 2020.
  • Daniel Shin also established e-commerce system TMON in 2010, which recorded gross sales of 129 billion gained (US$98 million) past 12 months.
  • Prosecutors raided 15 providers similar to the Terra-LUNA debacle which include seven cryptocurrency exchanges, which incorporated Upbit and Bithumb.
  • The whereabouts of Terraform Labs chief govt officer Kwon Do-hyung, or Do Kwon, is however to be discovered by the prosecutors, even as he continues to be energetic on Twitter.

See related report: LUNA, UST traders in S.Korea want to seize Do Kwon’s properties: report


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