Terra’s network validator DSRV Labs CEO denies prior knowledge of Terra-LUNA collapse

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Val­ida­tors of Ter­ra blockchain had no knowl­edge of the US$60 bil­lion col­lapse of Ter­ra-LUNA pri­or to the crash, said South Kore­an blockchain infra­struc­ture provider DSRV Labs chief Kim Ji-yun. in response to the Nation­al Assembly’s par­lia­men­tary audit on the Finan­cial Ser­vices Com­mis­sion on Thursday.

See relat­ed arti­cle: Ter­ra CEO Do Kwon to lose his pass­port with­in a month

Fast facts

  • Kim was speak­ing in response to the Nation­al Assembly’s par­lia­men­tary audit on the Finan­cial Ser­vices Com­mis­sion on Thurs­day, when rul­ing par­ty law­mak­er Yoon Sang-hyun asked about mar­ket talk that sug­gest­ed Ter­ra had shared infor­ma­tion in a pri­vate chat room with one of its net­work val­ida­tors, DSRV, about the immi­nent Ter­ra-LUNA collapse.
  • “As Ter­ra began to col­lapse (…) there was a sit­u­a­tion where you had to halt the chain. The [chat] room, with about 120 val­ida­tors from around the world, was cre­at­ed for [doing that],” Kim said.
  • Kim refused to com­ment on who must be held respon­si­ble for the col­lapse of Terra-LUNA.
  • South Korea has been inves­ti­gat­ing Ter­raform Labs founder Kwon Do-hyung, or Do Kwon, under charges of fraud and vio­la­tion of cap­i­tal mar­kets law among oth­ers after five local Ter­ra investors filed a law­suit against him in May.
  • Ter­ra cofounder Daniel Shin, or Shin Hyun-sung, was expect­ed to appear before the law­mak­ers at the par­lia­men­tary audit as a key wit­ness of Ter­ra-LUNA on Thurs­day, but backed out a few days prior.

See relat­ed arti­cle: S.Korea gov’t failed, spe­cial pros­e­cu­tor need­ed on Ter­ra-LUNA, law­mak­er says

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