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

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important point

  • South Korean authorities have raided Chai Corporation, a Seoul-based company owned by Terra co-founder Daniel Shin.
  • Chai has been accused of sharing users’ personal data with Terra.
  • Daniel Singh has been the subject of several legal investigations and faces potential charges.

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South Korean authorities have raided Chai Corporation, a Seoul-based company owned by Terra co-founder Daniel Shin.

Chai office attacked

South Korean law enforcement agencies have raided the offices of Chai Corporation, a payments technology company founded by Terra co-founders. Daniel ShinA prosecutor representing South Korea’s Seoul Southern District Confirmed attack on Tuesday.

Prosecutors are said to be interested in launching the company’s Terra payment service. This may include customer personal data and inappropriate use of personal data. This data breach is believed to date back to his 2018.

Chai partners with Terra developer Terraform Labs Confirmed In June 2019, the company announced that it had integrated Terra’s won-pegged stablecoin into its payment app.

These days, Singh and Chai are trying to distance themselves from Terra after its spectacular collapse in May. “Chai has been operating independently from Terra since Q1 2020 when the marketing partnership was terminated,” said a spokesperson. Said Forst following the raid.

Insider trading allegations on Terra

Local media reported on Monday that Shin has been the focus of a large-scale investigation by South Korean authorities.

The case is based on the large number of issued LUNA tokens that Singh has been accused of receiving without informing regular investors. Shin then allegedly dumped those tokens on the market, worth $106 million, and he is said to have earned 140 billion Korean won.

Shin’s actions, as the authorities made the decision to treat LUNA as a financial investment instrument It has been processed As a possible violation of local capital market laws.

Prosecutors are also reportedly seeking information about Shin’s knowledge of insider trading and price fixing within Terra. These further misconduct accusations only add to what is becoming the perfect legal headache storm for Shin and his company.

His co-founder Do Kwon faces even more serious consequences.The pretentious character is now sought after by South Korean authorities and Interpol’s red notification The list recommends authorities in all 195 member states to arrest him on the spot. Kwon has made several media appearances and is active on Twitter, but is still on the run.

Shin may want to distance himself from the Terra catastrophe, but now he finds himself swimming against the powerful vacuum effect of its aftermath.

Disclosure: At the time of writing, the author of this work owned BTC, ETH, and other crypto assets.

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