A former developer at Terraform Labs, known only as “Lee,” reportedly took the stand on Monday at the 14th Criminal Division of the Seoul Southern District Court, testifying against the company’s co-founders, Kwon Do-hyeong and Shin Hyun-seung.
The witness, formerly a leader within the Terra development team, provided crucial testimony against Terra founder Do Kwon and Terraform Labs co-founder Shin Hyun-seung.
Lee’s Testimony
According to a local media outlet report, Lee testified that in a discussion with Kwon himself, who had acknowledged that South Korean financial regulations prohibited using TerraUSD as a payment method, suggesting Terra executives were aware of the stablecoin’s regulatory constraints.
Lee’s testimony also shed light on Terra’s operational strategy, which sought to establish LUNA as a viable currency via the “ChaiPay” payment system. This model projected potential profits linked to the anticipated appreciation of the LUNA token’s value.
After
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