South Korean prosecutors said to have raided Terra cofounder Shin’s residence

Clara D. Flaherty

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South Korean prosecutors’ search and seizure campaign 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

Fast facts

  • Shin, who founded Terraform Labs with current chief executive officer (CEO) Do Kwon in 2018, 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, which included 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, even as he remains active on Twitter.

See related article: LUNA, UST investors in S.Korea want to seize Do Kwon’s properties: report



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