South Korean Authorities Raid Terra Cofounder

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

Prosecutors are investigating

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

In 2019, Chai partnered with

to include stablecoin KRT into its payment app.

According to local reports,

function was discontinued in March 2022.

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

Following this, Shin served as CEO of

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