Ex-Terraform Labs developer reportedly testified against Do Kwon
A former team leader of Terra report edly testified against Do Kwon, saying he knew that the project was legally problematic. The 14th Criminal Division of the Seoul Southern District Court engaged the first witness on Feb. 5 in a case against Do Kwon. According to a report from the daily newspaper Chosun, the South Korean court heard testimony from a witness known only as “Lee,” which local media report was a former leader of the Terra development team, who testified against Terra founder Do Kwon and Terraform Labs co-founder Shin Hyun-seung. Lee acknowledged during the testimony that he was aware of the legal challenges facing Terra, citing discussions with Do Kwon as the source of his realization about regulatory obstacles. Lee’s testimony also highlighted the operational framework of Terra, which aimed to establish LUNA as a functioning currency through the “ChaiPay” payment system. The model suggested potential profits based on the expected increase in the...