A court filing by the SEC has shown the contents of leaked chats between Do Kwon, founder of the Terra blockchain which collapsed in 2022, and co-founder Daniel Shin, the CEO of the Chai payment app.
Chat History Between The Two Co-founders
On September 22, 2023, a court filing revealed the chat history between Do Kwon and Daniel Shin, the founder of the payment app Chai. The chats between both founders date back to 2019.
In the filing, it was revealed that Do Kwon and Shin had allegedly planned to create fake transactions to generate fees during the project’s development and to help support their activities.
“I can just create fake transactions that look real…which will generate fees… and we can wind that down as Chai grows.” Do Kwon said this to Shin in response to a question asking about when will participants start engaging in staking and when the token airdrops end.
Shin was concerned about Do Kwon’s suggestion and he asked “What if people find out it is fake?” D
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