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Terra LUNA Co-Founder Daniel Shin to Testify at South Korea’s National Assembly

2 mins
Updated by Kyle Baird
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In Brief

  • Terra co-founder Daniel Shin has been wrapped in as one of the witnesses for South Korea's National Assembly.
  • Representatives of the virtual asset industry, including Shin, will appear before the financial audit committee.
  • Previously, South Korean prosecutors raided Shin's home to investigate claims of illicit activities behind the Terra collapse.
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After Terra co-founder Do Kwon was listed as a wanted man by Interpol, counterpart Daniel Shin has been wrapped in as one of the witnesses at South Korea’s National Assembly.

Local reports noted on Sept. 28 that representatives of the virtual asset industry, including Shin, will appear before the financial audit committee in the upcoming annual state audit.

Terra collapse could take center stage in the audit

Reports underline that a three-week parliamentary audit starting on Oct. 4 will also include Dunamu CEO Lee Sirgoo, Bithumb Chairman Lee Jeong-hoon, Tchai Holdco general manager Shin Hyun-Seung, and DSRV Labs CEO Kim Ji-Yoon as witnesses.

An industry official told the paper, “We are internally reviewing how to prepare.”

Ji-Yun of DSRV Labs was chosen as a Terra witness as the firm served as Terra’s blockchain validator. Meanwhile, the report noted that co-founder Shin is understood to not currently possess a stake in Terra as per available information. 

Previously, Be[In]Crypto cited reports that noted South Korea’s Southern District Prosecutors raided Shin’s home in an effort to further their investigation into claims of illicit activities behind the defunct stablecoin.

Opposition prepared to hold a tough line of questioning

Meanwhile, the opposition is also set to fire a tough line of questioning against the government on various issues. The Conservative People Power Party President Yoon Suk-yeol, who started his term on May 10, announced the approval of initial coin offerings (ICOs) among several pro-crypto proposals based on the pledges made in his election manifesto.

In addition, the Upbit operator will reportedly face a line of questions around Dunamu commission income and the Investor Protection Center as it is understood to make significant profits around the Terra collapse in May. There are also several allegations against the operator for profiting from delaying a response around the time.

Concerning the annual review and selection of witnesses, another industry official stated in a translated response, “It was an unexpected result. If you are called by the National Assembly, it is right to go and answer sincerely, but some things are a bit questionable because there is nothing that can be said.”

Mounting trouble for Terra

This week, Interpol issued a ‘Red Notice’ against Terra co-founder Do Kwon while he continues to deny claims of hiding from law enforcement. Kwon has also recently gone on record to deny claims of CoinDesk Korea that alleged that the executive attempted to ‘cash out’ through the LFG’s fund.

Meanwhile, FatMan, one of the Terra community members who previously claimed Do Kwon took $2.7 billion out of the system, is leaning towards the co-founder on the issue.


In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.

Shraddha Sharma
Shraddha is an India-based journalist who worked in business and financial news before diving into the crypto space. As an investment enthusiast, she has also has a keen interest...