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

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South Korean prosecutors’ search and seizure campaign on Terra-LUNA and affiliates involves raiding the non-public property of Terraform Labs cofounder Daniel Shin, or Shin Hyun-seung, amongst other folks on Wednesday, neighborhood media described.

See linked posting: S.Korea prosecutors raid crypto exchanges as part of Terra-LUNA investigation

Quickly specifics

Shin, who founded Terraform Labs with present-day main govt officer (CEO) Do Kwon in 2018, stepped down from his situation as CEO in 2020.

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 during this search and seizure.

Chai Company notified people in Might throughout the crash of Terra’s stablecoin and sister cryptocurrency that the corporation had minimize ties with Terra in 2020.

Daniel Shin also founded e-commerce system TMON in 2010, which recorded profits of 129 billion gained (US$98 million) previous calendar year.

Prosecutors raided 15 companies relevant to the Terra-LUNA debacle such as seven cryptocurrency exchanges, which involved Upbit and Bithumb.

The whereabouts of Terraform Labs main government officer Kwon Do-hyung, or Do Kwon, is however to be determined by the prosecutors, even as he remains active on Twitter.

See associated article: LUNA, UST buyers in S.Korea want to seize Do Kwon’s houses: report

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