- Cofounder Daniel Shin has pulled out of the parliamentary review meeting.
- Shin claims his presence may impede the current probe in Terra-LUNA.
- The May meltdown of Terra LUNA impacted around 280,000 people.
Co-founder of Terraform Labs, Daniel Shin, also known as Shin Hyun-sung, has informed South Korea’s National Assembly of his decision not to testify before legislators on the Terra-LUNA meltdown on Thursday, according to a local news agency.
According to legislator Yoon Sang-Hyun, Shin noted in a letter that his attendance at the parliamentary audit might impede the current probe in Terra-LUNA led by local prosecutors. Consequently, the CEO of South Korea-based blockchain infrastructure provider DSRV Labs will become the sole witness of the Terra-LUNA collapse to meet lawmakers as Shin pulls out.
Importantly, DSRV Labs was part of the validator in the proof-of-stake Terra blockchain. A month ago, the Financial Services Commission (FSC), Korea’s primary financial regulator, invited Shin to the National Assembly to testify during its audit on October 6.
Shin is the present CEO of the fintech payment startup CHAI Corporation. He claims to have left Terraform Labs and broken connections with its founder, Do Kwon.
In July, prosecutors searched Shin’s residence in their investigation into Terra-LUNA. Around 280,000 people suffered from the May meltdown of Terra’s algorithmic stablecoin and its sibling crypto, LUNA.
South Korean authorities previously requested assistance from Interpol to track down Do Kwon for evading their probe. However, according to Terraform Labs attorneys, the entrepreneur communicates with all governmental entities that have wanted to connect with him.
Last week, Terraform Labs dismissed accusations regarding the $60 billion crypto crash, saying the investigation against the founder had become political. The company’s representatives accused prosecutors of injustice and a refusal to safeguard fundamental rights provided by Korean law.
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