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 <h2 id="co-founder-daniel-shin-is-now-on-spotlight">Co-Founder Daniel Shin Is Now On Spotlight</h2> 
 <p>The SEC’s pursuit of evidence from <a rel="noopener noreferrer nofollow" title="Daniel Shin" href="https://thebittimes.com/tag/daniel-shin.html">Daniel Shin</a> and documents from Chai Corp is part of its effort to support the case against <a rel="noopener noreferrer nofollow" title="Terraform Labs" href="https://thebittimes.com/tag/terraform-labs.html">Terraform Labs</a> and its former CEO, <a rel="noopener noreferrer nofollow" title="Do Kwon" href="https://thebittimes.com/tag/do-kwon.html">Do Kwon</a>. The suit contends that this purported scheme wiped out over $40 billion in crypto value. Judge Jed Rakoff sanctioned the SEC’s use of a process outlined in a 1970 treaty that governs international evidence collection.</p>  
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 <p><a rel="noopener noreferrer nofollow" title="Do Kwon" href="https://thebittimes.com/tag/do-kwon.html">Do Kwon</a>, who is presently serving a four-month sentence in Montenegro for traveling with a forged passport, is facing criminal accusations in both the United States and South Korea, as well as the SEC’s complaint.<br> Neither Kwon nor Terraform opposed the SEC’s request for evidence. They have submitted their requests for evidence to bolster their defense.</p> 
 <p>Terraform Labs denies any wrongdoing, but co-founder Daniel Shin was prosecuted in April by South Korean prosecutors. His lawyer claims he had no part in Terra’s demise. Terraform Labs and Chai Corp have a complicated relationship because the two companies were co-founded by Kwon and Shin. They split up in 2020, with Kwon taking over as CEO of Terraform and Shin continuing as CEO of Chai.</p> 
 <p>According to the SEC’s lawsuit, Kwon falsely claimed that Chai used Terraform’s blockchain and TerraKRW stablecoin for retail transactions. According to the lawsuit, Kwon and Terraform faked transactions on their blockchain to seem to be utilizing their technology.</p>  
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 <p>The SEC’s focus includes seeking testimony and documents regarding Chai’s payment processing, its adoption of Terraform’s blockchain and stablecoin, communications between the companies, and disclosures to Chai’s investors regarding their relationship.</p>  
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 <p>Also Read: Traders Eye Grayscale Vs US SEC Ruling As Bitcoin Crash Takes Down Crypto Market</p> 
 <h2 id="prosecutors-refer-to-us-court-ruling-on-xrp">Prosecutors Refer To US Court Ruling On XRP</h2> 
 <p>Meanwhile, prosecutors in South Korea are using an XRP judgment from a US court in their case against Terraform Labs executives tied to the collapse of the Terra ecosystem. This development emphasizes the worldwide character of the legal landscape for the cryptocurrency business. And not just this, using Judge Torres’ judgment in the XRP litigation, CEO Do Kwon seeks to dismiss the US SEC’s complaint.</p> 
 <p>The Seoul Southern District Prosecutor’s Office is said to have secured a translation of the XRP judgment for use in the <a rel="noopener noreferrer nofollow" title="Terraform Labs" href="https://thebittimes.com/tag/terraform-labs.html">Terraform Labs</a> case.</p> 
 <p>Also Read: XRP Lawyer Reveals Regulatory Advantage Amid Ether ETF Approval</p> 
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Judge Rakoff Approves US SEC's Motion To Investigate Terra Co-Founder

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