Terraform Labs Pte. Ltd. cofounder Daniel Shin, or Shin Hyun-sung, has submitted a statement to South Korea’s National Assembly with reasons not to appear before lawmakers on Thursday as a witness in the Terra-LUNA meltdown, according to local news agency News1.

See related article: Terraform cofounder Daniel Shin to testify in South Korean parliament

Fast facts

  • Shin wrote that his appearance at the parliamentary audit may interfere with the ongoing investigation in Terra-LUNA led by local prosecutors, News1 reported citing lawmaker Yoon Sang-hyun.
  • South Korea’s National Assembly, the country’s unicameral legislature, summoned Shin last month to testify at its audit, which is held by the Financial Services Commission (FSC), Korea’s top financial regulator, on Oct. 6.
  • If Shin is excused from the parliamentary audit, Kim Ji-yoon, the CEO of South Korea-based blockchain infrastructure provider DSRV Labs, will become the sole witness of the Terra-LUNA collapse to meet lawmakers. 
  • The Samsung-backed DSRV participated as a validator in the proof-of-stake Terra blockchain. 
  • Shin, who claims to have departed Terraform Labs and severed ties with its chief Kwon Do-hyung, or Do Kwon, currently serves as founder and CEO of fintech payment company CHAI Corporation. In July, Shin’s home was raided by the prosecutors as part of the investigation on Terra-LUNA.
  • Terra’s algorithmic stablecoin and its sister cryptocurrency, Luna, now called Luna Classic, crashed in May, affecting around 280,000 people in South Korea alone.

See related article: South Korea’s investigation of Do Kwon ‘unfair’: Terraform Labs