Terra cofounder Daniel Shin’s Chai Corp. raided by S.Korean authorities

2022/11/16 12:49

South Korean prosecutors raided Chai Corporation, the local payments technology company founded by Terraform Labs Pte. Ltd. cofounder Daniel Shin, or Shin Hyun-seung, on Tuesday, South Korea’s Seoul Southern District Prosecutors’ Office confirmed with Forkast.
Prosecutors are investigating Shin and Chai under allegations that the company used customers’ personal information in launching Chai’s Terra payment services without consent.
Chai had partnered with Terraform Labs in 2019 to incorporate Terra’s Korean won-pegged stablecoin KRT into its payment app. Chai’s KRT function has been discontinued since March 2022, according to local media reports citing Chai.

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