A Collaboration Between SEC and South Korea to Investigate Terraform Labs and Chai Corp
A recent Bloomberg report has revealed a collaboration between the US Securities and Exchange Commission (SEC) and its counterparts in South Korea. The joint effort aims to investigate the case involving Terraform Labs’ co-founder, Daniel Shin, and the payments entity, Chai Corp.
Key Points:
– The SEC and South Korea are working together to gather evidence against Daniel Shin and Chai Corp in their case against Terraform Labs and its former leader, Do Kwon.
– The allegations suggest a complex scheme that resulted in a significant loss of over $40 billion in the cryptocurrency world.
– The utilization of a 1970s treaty allows for the seamless international gathering of crucial evidence.
– Do Kwon is currently facing legal troubles in both the US and South Korea, including passport forgery charges and the ongoing SEC complaint.
– Terraform Labs denies any wrongdoing, but the historical connection between Terraform Labs and Chai Corp remains undeniable.
What’s Next?
The SEC’s investigation focuses on various areas, including Chai’s payment processes, the adoption of Terraform’s blockchain and stablecoin, communication exchanges between the companies, and information shared with Chai’s investors regarding their relationship.
Hot Take:
The collaboration between the SEC and South Korea highlights the global nature of cryptocurrency investigations. The outcome of this joint effort will have significant implications for the future regulation and oversight of the crypto industry.
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