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

South Korean prosecutors’ lookup and seizure marketing campaign on Terra-LUNA and affiliate marketers contains raiding the private house of Terraform Labs cofounder Daniel Shin, or Shin Hyun-seung, amid other individuals on Wednesday, local media noted.

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

Rapidly specifics

• Shin, who launched Terraform Labs with current main executive officer (CEO) Do Kwon in 2018, stepped down from his place as CEO in 2020. 

• Immediately after lowering his stake in Terraform Labs, Shin went on to build Chai Corporation, a Seoul-dependent payment fintech corporation that was also investigated in the course of this search and seizure.

• Chai Corporation notified consumers in Might in the course of the crash of Terra’s stablecoin and sister cryptocurrency that the firm experienced slice ties with Terra in 2020.

• Daniel Shin also founded e-commerce platform TMON in 2010, which recorded product sales of 129 billion gained (US$98 million) past 12 months.

• Prosecutors raided 15 organizations similar to the Terra-LUNA debacle which include seven cryptocurrency exchanges, which bundled Upbit and Bithumb.

• The whereabouts of Terraform Labs main govt officer Kwon Do-hyung, or Do Kwon, is nevertheless to be determined by the prosecutors, even as he remains lively on Twitter.

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