JAKARTA The collapse of Terra (LUNA) and Terra USD (UST) in May prompted the South Korean government to conduct an in-depth investigation into the founders of Terraform Labs (TFL). The latest report states that co-founder of Terraform Labs, Daniel Shin, has begun to be investigated by Korean authorities.
For your information, Daniel Shin and Do Kwon are the founders of Terraform Labs, project developers LUNA and UST. In May 2022, their two crypto tokens fell more than 99 percent, resulting in investors' losses and causing an early decline in the crypto market.
A report from Forkast detailed that the Seoul South District Attorney's Office had raided Shin's company Chai Corporation. Chai is a payment company created by TFL co-founder Shin, and it is said that Chai is closely related to TFL operations.
Terraform Labs whistleblower Fatman published a Twitter thread on May 28, 2022 regarding Do Kwon who is suspected of being involved in a pre-mine project in collaboration with Daniel Shin's company, Chai Corporation. Fatman detailed that TFL made a token called SDT and allegedly disbursed through Chai Corporation using a Korean won token (KRW) blockchain Terra.
Other reports are curious about Chai and TFL's partnership after monitoring the KRW token relationship (also known as KRT) with Chai. Forkast detailed that local reports said the functionality of Chai's KRW token (KRT) was discontinued in March 2022.
The report noted that on Monday, South Korean prosecutors said Shin had been called up as a suspect involving violations of duty and violations of capital market laws for unfair trade practices.
Furthermore, South Korean law enforcement reportedly raided Shin's house last July. Shin has denied the initial allegations and said that Chai Corporation has been separated from TFL since the first quarter of 2020.
According to a local South Korean media report, KBS News, the Daniel Shin raid on Chai Corporation was carried out after South Korean investigators learned of activities to manipulate the price of LUNA by Do Kwon. KBS also explained that Do Kwon was hiding in Europe as an illegal immigrant.'
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