[2022 National Audit] "Luna Victims' Pain... Hope to Contact Kwon Do-hyung"

Kim Juhyun, Financial Services Commission Chairman, "Virtual Asset System Loopholes... Prompt Parliamentary Discussion Needed"

[Image source=Yonhap News]

[Asia Economy Reporters Ji Yeon-jin and Lee Jung-yoon] Kim Ji-yoon, CEO of DSRV Labs, said on the 6th regarding the Terra-Luna incident, "I hope to get in touch with Kwon Do-hyung, CEO of Terraform Labs."

Kim appeared as a witness at the National Assembly's Financial Services Commission audit by the Political Affairs Committee in the afternoon and said, "I am aware that the victims are suffering and the seriousness of the matter."

DSRV Labs is a validator company for Terra, but there have been suspicions that it is the Korean branch of Terraform Labs, which developed the Terra Luna coin.

However, Kim clarified, "Our company is a validator company operating 30 protocols, one of which is Terra," and added, "Terraform Labs once invested in us together with Naver," drawing a clear line.

Regarding his relationship with CEO Kwon, he said, "The standard for being close is ambiguous, but (CEO Kwon) is the head of an investment company, and I have his contact information, but I cannot reach him now."

He added, "Terra is an algorithm that achieves a specific purpose based on supply and demand. The supply and demand algorithm worked accurately, but it was an accident that failed to achieve the purpose," and said, "I think it is right to provide more technical explanations and information in the future so that investors can understand and invest."

Meanwhile, Kim Ju-hyun, Chairman of the Financial Services Commission, said at the audit, "I agree that virtual asset regulations need improvement," adding, "Internally, we are preparing laws through a June service, but since it takes a lot of time and there are 14 bills related to virtual assets in the National Assembly, if discussions proceed quickly, it is necessary to legally supplement the gaps in the two main pillars?the Financial Intelligence Unit (FIU) and investigative agencies?regarding illegal fund transactions."