South Korean authorities raid Terra co-founder’s company

A report from Forkast has it that the Seoul Southern District Prosecutor’s Office have raided Chai Corporation, a fintech company founded by Terraform Labs co-founder Daniel Shin.

Chai had a partnership with Terraform Labs, in which it integrated Terra’s won-pegged stablecoin KRT into its payment service.

Prosecutors allege that the company used customers’ personal information in launching the service, without consent, according to Forkast’s report.

Shin has attempted to distance himself from Terraform Labs and claimed that he cut ties with both in 2020 to focus on Chai Corporation.

Shin claims Chai has been operating independently from Terra since Q1 2020.

Shin’s home was raided in July as part of investigations into Terra.

Authorities are yet to apprehend Terraform Labs’s Do Kwon who fled Singapore at some point following the issue of a warrant for his arrest on Sept. 14.

Reports suggest he is now somewhere in Europe.

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