TerraKRW

Bitcoin

<ul> 
 <li>The SEC is attempting to collect evidence from Daniel Shin and papers from Chai Corp.</li> 
 <li>Do Kwon is now serving a four-month term in Montenegro for using a forged passport.</li> 
</ul> 
A US judge has approved the <a href="https://thenewscrypto.com/exchange-news-coinbase-secures-approval-to-offer-crypto-futures-trading-in-u-s/" target="_blank" rel="noopener noreferrer nofollow">SEC’s</a> request to work with the South Korean government in its investigation of the alleged illegal scheme involving Daniel Shin, co-founder of Terraform Labs, and Chai Corp, a payments firm. 
As part of its investigation against Terraform Labs and its ex-CEO, <a href="https://thenewscrypto.com/altcoin-news-u-s-court-greenlights-secs-case-against-terraform-labs-and-do-kwon/" target="_blank" rel="noopener noreferrer nofollow">Do Kwon</a>, the SEC is attempting to collect evidence from Daniel Shin and papers from Chai Corp. 
According to the complaint, $40 billion worth of cryptocurrency was lost due to the alleged fraud. The SEC was allowed by Judge Jed Rakoff to follow the procedure established under an international convention in 1970. <a href="https://en.wikipedia.org/wiki/Do_Kwon" target="_blank" rel="noopener noreferrer nofollow">Do Kwon</a> is accused of criminal activity in the U.S. and his home country South Korea. The former CEO is now serving a four-month term in Montenegro for using a forged passport. 
<h3 class="wp-block-heading" id="h-finding-a-connection">Finding a Connection</h3> 
Despite the company’s denials, Daniel Shin, Terraform Labs’ co-founder, was prosecuted in South Korea in April. His attorney insists he had nothing to do with Terra’s collapse. Since Kwon and Shin co-founded both <a href="https://www.terra.money/" target="_blank" rel="noopener noreferrer nofollow">Terraform Labs</a> and Chai Corp, the connection between the two firms is murky. In 2020, they parted ways; Kwon took charge of Terraform, while Shin stayed with Chai. 
The SEC claims that Kwon misrepresented that Terraform’s blockchain was utilized by Chai in everyday transactions using the TerraKRW stablecoin. The complaint claims that Kwon and Terraform faked transactions on their blockchain to give the impression that customers were using their product. 
The SEC is interested in hearing from witnesses and reviewing documents related to Chai’s use of Terraform’s blockchain and stablecoin in its payment processing, as well as any related conversations between the firms or investor disclosures. 
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SEC Approved for Joint US-South Korea Probe of Terraform Labs

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