Terraform Labs Co-founder To Testify In The National Assembly Of Korea

South Korea’s National Assembly is to investigate the Terra-LUNA scandal, as well as many other concerns involving the local crypto business, in its next audit in October. In addition to Do Kwon, the co-founder of Terraform Labs is also getting the attention of lawmakers.

The National Assembly of South Korea has called Terraform Labs Pte. Ltd. co-founder Shin Hyun-sung, also known as Daniel Shin, to testify at the country’s main financial regulator, the Financial Services Commission (FSC).

When Shin appears on October 6, he will most certainly be questioned about the May fall of Terraform’s stablecoin project and cryptocurrency, which resulted in a $40 billion reduction in investor worth, according to some estimates. However, the topics to be discussed by the parliamentary questions have not been made public.

Local media sources have questioned the effectiveness of investigating Shin, claiming that he terminated relations with Terraform Labs co-founder and CEO Kwon Do Hyung, commonly known as Do Kwon, in 2020 after Shin departed the firm.

Shin has subsequently launched the fintech payment startup CHAI Corp., where he presently serves as CEO. According to a CHAI spokeswoman, Kwon and Shin parted ways in March 2020, according to a WSJ interview with Kwon.

Nonetheless, local media sources claim that Shin’s business utilized money held by its customers to assist Terraform Labs.

Shin’s private apartment was raided by South Korean authorities probing the Terra-LUNA collapse in July of this year.

The National Assembly has also called Kim Ji-yun, the CEO of DSRV Labs, a South Korean blockchain infrastructure company. The Samsung-backed firm served as a validator on the proof-of-stake Terra network.

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