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

South Korean prosecutors’ search and seizure campaign on Terra-LUNA and affiliates includes raiding the private home of Terraform Labs cofounder Daniel Shin, or Shin Hyun-seung, among others on Wednesday, https://biz.chosun.com/topics/topics_social/2022/07/21/Q52T3URH3VHH3MM62SKEBWZOYM/?utm_source=naver&utm_medium=original&utm_campaign=biz” target=”_blank” rel=”noreferrer noopener nofollow”>local media reported.

See related article: https://forkast.news/headlines/skorea-raid-crypto-exchanges-terra-luna-probe/”>S.Korea prosecutors raid crypto exchanges as part of Terra-LUNA investigation

Fast facts

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

• After reducing his stake in Terraform Labs, Shin went on to establish Chai Corporation, a Seoul-based payment fintech company that was also investigated during this search and seizure.

• Chai Corporation notified users in May during the crash of Terra’s stablecoin and sister cryptocurrency that the company had cut ties with Terra in 2020.

• Daniel Shin also founded e-commerce platform TMON in 2010, which recorded sales of 129 billion won (US$98 million) http://it.chosun.com/site/data/html_dir/2022/04/14/2022041402416.html#:~:text=%ED%8B%B0%EB%AA%AC%EC%9D%80%2014%EC%9D%BC%20%EA%B8%88%EC%9C%B5,%EC%A0%81%EC%9E%90%ED%8F%AD%EC%9D%B4%2020.4%25%20%EB%8A%98%EC%97%88%EB%8B%A4.” target=”_blank” rel=”noreferrer noopener nofollow”>last year.

• Prosecutors https://forkast.news/headlines/skorea-raid-crypto-exchanges-terra-luna-probe/”>raided 15 companies related to the Terra-LUNA debacle including seven cryptocurrency exchanges, which included Upbit and Bithumb.

• The whereabouts of Terraform Labs chief executive officer Kwon Do-hyung, or Do Kwon, is yet to be identified by the prosecutors, even as he remains active on Twitter.

See related article: https://forkast.news/headlines/luna-ust-investors-want-seize-do-kwon-properties/”>LUNA, UST investors in S.Korea want to seize Do Kwon’s properties: report