The U.S. Securities and Exchange Commission wants to question Daniel Shin, Terraform Labs’ co-founder because it filed the case against the firm and its co-founder, Do Kwon.
On August 16, District Judge Jed Rakoff granted the SEC’s motion from July 10 requesting permission to question the co-founder of Terra and obtain documents from the payments company he founded, Chai Corporation, based in Seoul.
The SEC mentioned in the July filing that it seeks to question Shin on Kwon’s role at Chai, how Chai used the Terra blockchain, and Chai’s information about its connection to Terraform.
In addition, it also wants to know the reason behind the separation of Chai and Terraform. In mid-2019, Shin and Kwon founded Chai, and shared the office as well as staff with Terraform until 2020, when both firms split up.
In order to prove its lawsuit accusing Terraform and its former chief executive officer, Kwon, of engaging in an illegal scheme that wiped out at least $40 billion in crypto value, the SEC wants to speak with Shin and obtain documents from Chai.
Instead of opposing the SEC’s motion, Terraform Labs and Kwon added their question and document request.
Also Read: Seoul Court Commences First Trial for Terra Co-founder Daniel Shin
