South Korean Authorities Raid Terra Cofounder

As per reports, on Tuesday, South Korean prosecutors raided Terraform Labs cofounder Daniel Shin.

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Prosecutors are investigating Shin and Chai Corporation under allegations of unauthorized use of customers’ personal information in launching Chai’s Terra payment services.

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In 2019, Chai partnered with Terraform Labs to include stablecoin KRT into its payment app.

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According to local reports, Chai’s KRT function was discontinued in March 2022.

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In 2020, Shin cut ties with Terraform Labs and its CEO Do Kwon.

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Following this, Shin served as CEO of Chai Corporation.

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Since May, South Korean authorities have been investigating the failure of Terra-LUNA.

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