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South Korean Authorities Search Terra Co-Founder’s Company Office


South Korean authorities are examining Terra’s other company for its links to the failed project.
Key TakeawaysSouth Korean authorities raided Chai Corporation in Seoul, owned by Terra cofounder Daniel Shin.
Chai is accused by Terra of sharing private and personal data.
Daniel Shin is the focus of numerous legal investigations and could face a variety of charges.
Share this articleSouth Korean authorities raid Chai Corporation, a Seoul-based company owned by Terra cofounder Daniel Shin. Chai Offices RaidedSouth Korean law enforcement officers raided Chai Corporation’s offices, a payments technology company that was founded by Terra cofounder Daniel Shin. The raid was confirmed Tuesday by South Korea’s Seoul Southern District prosecutor. According to reports, the prosecutor’s office is interested in Terra’s payment services. This could have led to the improper use of customer personal data. This data breach is believed date back to 2018. Chai’s partnership was confirmed with Terraform Labs, a Terra developer. In June 2019, the firm announced that it had integrated Terra’s won-pegged stablecoin into their payment app. Shin and Chai have been trying not to be associated with Terra since May’s collapse. A spokesperson for Forkast stated that Chai had been operating independently of Terra since Q1 2020, when the marketing partnership was suspended. Insider Trading Allegations at TerraOn Monday local media outlets reported Shin was the subject of a major investigation. The case revolves around a large number pre-issued LUNA tokens that Shin is accused of receiving without informing regular investors. Shin is then alleged to have sold those tokens on the stock exchange, allegedly making a profit of 140 billion Korean won. This amount amounts to $106 million. Shin’s actions have been considered a violation of local capital market law as authorities have decided to treat LUNA a financial investment security. Prosecutors are also reportedly seeking information about Shin’s knowledge of insider trading, price manipulation within Terra. Shin and his company are facing more legal headaches due to these additional accusations of impropriety. Do Kwon, his co-founder, is facing more serious consequences. The South Korean authorities are currently looking for the bombastic personality and have placed him on Interpol’s Red Notice List, which advises authorities in all of its 195 member states to arrest him at-site. Kwon is still at large, though he has made a few media appearances and has been active on Twitter.While Shin may wish to distance himself from the Terra disaster, he currently finds himself swimming against the powerful vacuum effect of its aftermath.Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and other cryptoassets.Share this articleThe information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. does not provide investment advice. We do not provide personalized investment advice or any other financial advice. This website’s information is subject to change at any time. The information on this website could become obsolete or incorrect. You may not be able to update any information that is outdated, incomplete or inaccurate. We also reserve the right to change any information that is incorrect, incomplete or outdated. If you need investment advice about an ICO, IEO or other investment, we strongly recommend that you consult a licensed financial advisor or other qualified financial professional. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.See full terms and conditions.Recommended News



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