South Korean prosecutors’ search and seizure on Terra-LUNA and affiliates includes raiding the private home of Terraform Labs cofounder Daniel Shin, or Shin Hyun-seung, among others on Wednesday, local media reported.
See related article: S.Korea prosecutors raid crypto exchanges as part of Terra-LUNA investigation
- Shin founded Terraform Labs with current chief executive officer (CEO) Do Kwon in 2018, and 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) last year.
- Prosecutors raided 15 companies related to the Terra-LUNA debacle including seven cryptocurrency exchanges, namely 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 while he remains active on Twitter.
See related article: LUNA, UST investors in S.Korea want to seize Do Kwon’s properties: report