Do Kwon’s colleague to testify at parliamentary hearing

South Korea’s National Assembly has summoned Terraform Labs co-founder Shin Hyun-sung, also known as Daniel Shin, to testify during the upcoming parliamentary audit by the Financial Services Commission (FSC). on October 6, the top manager is likely to be questioned about the collapse of the Terra ecosystem. However, there is no official information about the upcoming interrogation.

Korean media questioned the effectiveness of Shin’s interrogation, as he claimed that he had severed relations with Terraform Labs co-founder and CEO Do Kwonback in 2020. It was then that Daniel Shin left the company and founded the fintech startup CHAI Corp. where he still holds the position of CEO. However, media reports claim that Sheen’s company used its customers' deposits to help Terraform. Also in July of this year, Shin’s private residence was searched by South Korean prosecutors investigating the Terra-LUNA collapse.

Yesterday, Terraform Labs, the firm behind the LUNA cryptocurrency collapse, said that South Korean prosecutors' efforts to prosecute the company’s CEO, Do Kwon, violate his civil rights.

«We believe that this case has become highly politicized and that the actions of the Korean prosecutors demonstrate injustice and non-compliance with the basic rights guaranteed by state law,» said a representative of Terraform Lab.

It is worth reminding that shortly after Interpol issued a «red notice» to law enforcement agencies around the world for the arrest of Terraform Labs co-founder Do Kwon, 3313 BTC were moved from the Binance wallet Luna Foundation Guard (LFG) to the cryptocurrency exchanges Kucoin and OKX. However, Do Kwon himself denies any involvement in the mysterious bitcoin withdrawal.