Terraform Labs Co-Founder Daniel Shin's Firm Chai Reportedly Raided by Seoul Prosecutors – Bitcoin News

The Terra blockchain that collapsed last May was a crypto project co-founded by two individuals — Do Kwon and Daniel Shin . Similar to the FTX fiasco, Shin was more of a silent partner like FTX’s co-founder Gary Wang.from Forkast details that the Seoul Southern District Prosecutors’ Office has raided Shin’s company Chai Corporation.

The firm Chai is a payments company that was created by TFL co-founder Shin and it has been said that Chai was closely connected to TFL operations.For instance, on May 28, 2022, the whistleblower Fatmanabout Kwon being involved in a premine project that allegedly worked in unison with Shin’s Chai. Fatman detailed that TFL premined a token called SDT and it was allegedly leveraged to cash out via Chai using the Terra blockchain’s Korean won token.

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