South Korea’s Authorities Raid Company of Terraform Labs’ Co-founder

South Korean prosecutors have raided Chai Corporation, a payments company founded by Terraform Labs co-founder Daniel Shin.

As reported, law enforcers allegedly accuse Chai and its founder of using personal data of customers without their consent when launching a service based on Terraform Labs’ KRT stablecoin pegged to the Korean won.

The payment company stopped using the option in March this year. Shin claims he cut ties with Terraform Labs and its CEO Do Kwon 2 years ago.

Prosecutors have summoned Shin as the founder and head of Chai as a suspect in violation of capital markets laws and abuse of power as part of the ongoing case.