- South Korean court interrogated Daniel Shin for the LUNC crash.
- Reporter uncovers the knots of the first arrest warrant on Shin.
Daniel Shin, one of the co-founders of Terraform Labs, appeared for interrogation at a South Korean court explaining his role in the failure of LUNA/UST. LUNA (now LUNC), the native token of Terra Classic, and UST(now USTC), the algorithmic stablecoin – seemingly collapsed last spring.
Daniel Shin Answering on LUNC crash
On the 30th of March, Shin was suspected of LUNC/USTC crash. He appeared in front of the South Korean District court judge and was questioned whether he had anything to be conveyed to the victims of the Terra and Luna collapse.
Further, the reporter questioned:
“Do you admit to the allegations of solicitation for adopting a Tmon payment method?”,
“Is it true that you issued it despite knowing the possibility of Terra and Luna collapsing?”
On the other hand, Shin’s first arrest warrant included certain violations and illegal fraudulent claims – the reporters disguised. Additionally, Shin held 140 billion for the business in collapsed token LUNC and sold them when the price surged.
This Luna crash prompted the $40 billion loss on approximation. Yet, Do Kwon, the CEO, and founder of Terra was handcuffed recently. Despite all these, Shin explained that he left Terra two years before claiming that he has nothing to do with the collapse and the loss.
Joint L1 Task Force Q2 Proposal is up on Agora! Please read and provide feedback!https://t.co/1Zjqb6v2zt@frag_dude @TheVinhNguyen4 @ZaradarBH @edk208
— 🔥LuncBurnArmy🔥 (@luncburnarmy) March 29, 2023
Regardless of this constraint, LUNC is expected to surge. The Terra Classic L1 Task Force releases the Q2 roadmap of the year 2023 explaining the tentative process execution of Terra Classic v.2.0.0, the major blockchain update. The team is releasing the testnet and it will be live on March 31, they added.
