South Korean Authorities Raid Terra Cofounder

November 16, 2022

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

Daniel Shin.

Prosecutors are investigating

Shin and Chai Corporation

under allegations of unauthorized use of customers’ personal information in launching Chai’s Terra payment services.

In 2019, Chai partnered with

Terraform Labs

to include stablecoin KRT into its payment app.

According to local reports,

Chai’s KRT

function was discontinued in March 2022.

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

Do Kwon.

Following this, Shin served as CEO of

Chai Corporation.

Since May, South Korean authorities have been investigating the failure of