According to Seoul Prosecutors, Terraform Labs Cofounder Daniel Shin’s Firm Chai was raped
Law enforcement officials continue to deal with the Terra blockchain fiasco despite the collapse of FTX. According to a new report, South Korean investigators raided the company Chai Corporation, Terraform Labs (TFL), co-founder of which Daniel Shin is co-founder.
Terraform Labs Co-Founder’s Company, Chai, Reportedly Raided By South Korean Law Enforcement
Do Kwon (Shin Hyun Seung) and Daniel Shin (Shin Hyun Seung) co-founded Terra blockchain, which collapsed last May. Shin was a silent partner in the FTX fiasco.
Forkast reports that Shin’s company Chai Corporation was raided by the Seoul Southern District Prosecutors Office. The payments company Chai was founded by Shin, co-founder of TFL. It has been claimed that Chai was in close contact with TFL operations.
Fatman, a whistleblower, published a thread on May 28, 2022 about Kwon’s involvement in a premine project which allegedly worked in unison and Shin’s Chai. Fatman explained that TFL premined SDT token and it was allegedly leveraged by Chai to cash out via Chai’s Terra blockchain’s Korean won token.
After observing the KRW token’s (also called KRT) relationship to Chai, other reports were interested in the Chai-TFL partnership. Forkast explains that local reports claim that Chai’s KRW token functionality (KRT), was removed in March 2022.
Forkast pointed out that Shin was summoned by South Korean prosecutors Monday as a suspect in a “breach of duty” and violation of the capital market law for unfair trade practices.
Shin’s home was also raided by South Korean law enforcement in July. Shin has denied the allegations of premine and stated that Chai Corporation was separate from TFL since 2020’s first quarter.
Local KBS reports have noted that South Korean investigators had accused Kwon of manipulating LUNA’s value. Kwon is a “illegal immigrant” who may be hiding in Europe, according to KBS news reports.
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