South Korea’s Lawmaker Called For A New Investigation Into Terra-LUNA

In comments at the National Assembly’s parliamentary audit on the Financial Services Commission (FSC), South Korea’s top financial regulator, South Korean ruling party lawmaker Yoon Sang-Hyun stated that the country needs to appoint a special prosecutor to investigate the Terra-LUNA collapse, which affected over 280,000 people locally.

Yoon told FSC chairman Kim Joo-Hyun during a query session:

“Amongst investors, the MZ Generation is the biggest victim.”

Yoon refers to younger investors known as millennials and Gen Z, who were born between the 1980s and the early 2000s, as MZ Generation.

Yoon said that this is not only the responsibility of investors but also of legislators and politicians:

“Investors hold some liability but the institutionalists who supported the stablecoin without knowledge, government agencies that failed to prepare safety nets, financial institutions that gave out loans without reviewing their repayment capabilities, and exchanges that only focused on making money, are all indirect conspirators of the situation. They need to share the responsibility for the damages.”

He urged for a new inquiry into Terra-LUNA, with a special prosecutor, an independent counsel who is anticipated to be unbiased, to discover government officials who may have been responsible for the May crypto meltdown.

Yoon, the right-wing congressman, has been keeping a close eye on the Terra-LUNA controversy and other cryptocurrency issues. He indicated that he will accept anonymous allegations of cryptocurrency fraud in preparation for the parliamentary audit.

Currently, South Korean prosecutors have been investigating Terraform Labs and the founder Kwon Do-Hyung, or Do Kwon, under charges of fraud and violation of capital markets law among others. Do Kwon, still in the spirit of obstinacy, has not yet appeared before legal organizations.

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