Miguel Cordon · · 1 min readKorea launches probe into Terra co-founder Daniel Shin’s fintech firm
Chai Corporation, the company founded by Terraform Labs co-founder Daniel Shin, has been raided by South Korean authorities, Forkast reported.
The Seoul Southern District Prosecutors’ Office is looking into the company’s launch of its Terra payment services, which may have involved using its customers’ personal data without consent.
A spokesperson told Forkast that Shin will be cooperating with the authorities “to clarify the misunderstandings and to resolve such speculations.”
Shin founded Terra alongside Kwon Do-Hyung (aka Do Kwon), but has since distanced himself from the defunct crypto firm in 2020 when he set up Chai.
South Korean authorities have been hot on the heels of Shin and Kwon – more so for the latter – after the instant US$40 billion crash of Terra earlier this year. In September, a South Korean court issued an arrest warrant for Kwon, and Interpol has also issued a Red Notice for the founder.
Editing by Jaclyn Tiu
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