{"id":139973,"date":"2023-09-02T00:31:23","date_gmt":"2023-09-01T19:01:23","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=139973"},"modified":"2023-09-02T00:31:23","modified_gmt":"2023-09-01T19:01:23","slug":"sec-wants-to-question-terras-daniel-shin-could-ask-south-korea-for-help-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/sec-wants-to-question-terras-daniel-shin-could-ask-south-korea-for-help-crypto-news\/","title":{"rendered":"SEC wants to question Terra\u2019s Daniel Shin, could ask South Korea for help &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p>The U.S. Securities and Exchange Commission (SEC) could call for South Korea\u2019s cooperation in questioning Daniel Shin, co-founder of Singapore-based blockchain payment platform Terraform Labs, on fraud charges related to last year\u2019s Terra stablecoin collapse. A New York court <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-08-17\/sec-seeks-to-question-do-kwon-s-terra-co-founder-in-south-korea?sref=IIP4JEyu\">ruled<\/a> Thursday that the SEC can request the South Korean government\u2019s help to both question Shin and obtain documents related to Chai Corporation, a Seoul-based digital payment provider he founded in 2018.<\/p>\n<p><strong><em>See related article:<\/em><\/strong> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/forkast.news\/headlines\/s-korean-prosecutors-xrp-ruling-terra-luna\/\">S.Korean prosecutors to submit XRP ruling to prove Terra-Luna as securities<\/a><\/p>\n<h2 class=\"wp-block-heading\">Fast facts<\/h2>\n<ul>\n<li>The SEC wants South Korean authorities to help question Seoul-native Shin \u2014 whose full name is Shin Hyun-seung \u2014 regarding his involvement in the Terra-Luna crypto project and his relationship with its co-founder Do Kwon.\u00a0<\/li>\n<li>They also want to see documents from the Shin-founded Chai Corporation, which originally shared staff and an office in Seoul with Terraform.<\/li>\n<li>The SEC said the documents will help establish the relationship between Chai and Terraform \u2014 including the shared use of Terra\u2019s blockchain and stablecoin, plus Chai\u2019s payment processor.\u00a0 A Chai spokesperson <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/forkast.news\/terra-daniel-shin-chai-raided-by-korean-authorities\/\">claimed<\/a> last year that Chai has been operating independently from Terra since the first quarter of 2020.<\/li>\n<li>Shin responded to a request for comment Monday afternoon. He said he had heard nothing from either the U.S. or South Korean authorities.<\/li>\n<li>Terra-Luna, the US$40 billion stablecoin and cryptocurrency project developed by Terraform Labs, collapsed in May last year. Shin, who <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/forkast.news\/do-kwon-terra-luna-what-happened-montenegro\/\">previously<\/a> led the growth of local e-commerce company Tmon Inc., set up the company in 2018 with Stanford University computer science graduate Do Kwon.<\/li>\n<li>Shin was publicly <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/forkast.news\/headlines\/south-korea-daniel-shin-terraform-do-kwon\/\">indicted<\/a> in South Korea on April 25. The head of the Seoul Southern District financial crime team said at the time that Shin\u2019s role in the alleged fraud at Terraform Labs was greater than Kwon\u2019s. However, unlike the case against Kwon, prosecutors <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/forkast.news\/headlines\/south-korea-terraform-labs-daniel-shin\/\">failed to<\/a> convince a local court to approve a warrant for his arrest.<\/li>\n<li>Shin has previously <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/forkast.news\/headlines\/south-korea-terra-co-founder-daniel-shin\/\">rejected<\/a> all accusations against him, saying that he cut ties with Kwon and Terra long before its collapse.<\/li>\n<li>Shin\u2019s former business partner Kwon, also a Seoul native, fled to Europe after the Terra project imploded and is currently in jail in Montenegro. He received a four month sentence on June 19 for trying to leave the country on a forged passport.<\/li>\n<li>Both the U.S. and South Korea have filed extradition requests for Kwon on charges including fraud and capital markets law violations. Kwon has denied all the charges against him.<\/li>\n<\/ul>\n<p><strong><em>See related article:<\/em><\/strong> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/forkast.news\/headlines\/south-korea-terra-co-founder-daniel-shin\/\">South Korea holds first court hearing for Terra co-founder Daniel Shin on crypto fraud charges<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. Securities and Exchange Commission (SEC) could call for South Korea\u2019s cooperation in questioning Daniel Shin, co-founder of Singapore-based blockchain payment platform Terraform Labs, on fraud charges related to last year\u2019s Terra stablecoin collapse. A New York court ruled Thursday that the SEC can request the South Korean government\u2019s help to both question Shin [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":139974,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-139973","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/139973","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=139973"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/139973\/revisions"}],"predecessor-version":[{"id":139975,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/139973\/revisions\/139975"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/139974"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=139973"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=139973"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=139973"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}