S Korean MPs Rage After Terra Co-founder and Bithumb Shareholders Snub Hearing

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S Korean MPs Rage After Terra Co-founder and Bithumb Shareholders Snub Hearing
Source: Lisur/Adobe

Quite a lot of main South Korean crypto trade leaders failed to indicate as much as a parliamentary listening to yesterday – together with the Co-founder of the under-fire Terra Luna Classic (LUNC) issuer Terraform Labs Daniel Shin, in addition to shareholders of the crypto trade Bithumb.

The executives had been summoned to face questions in entrance of MPs at a gathering of the National Assembly Political Affairs Committee, with auditors from the regulatory Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) additionally in attendance.

MPs had summoned Shin, in addition to Lee Jong-hoon, a significant Bithumb shareholder and – till not too long ago – the crypto trade’s CEO, Kukinews and Seoul Finance reported.

Top of the agenda on the listening to was the Terra ecosystem crash of early May. MPs additionally needed to query the officers concerning the “complex” administration construction of Bithumb, one of many nation’s largest crypto exchanges.

S Korean MPs Rage After Terra Co founder and Bithumb Shareholders
Terra Luna Classic (LUNC) costs on October 25, 2022. (Source: CoinGecko)

Lawmakers had additionally requested the presence of Kang Jong-hyun, the mysterious determine considered the “shadow chairman” and largest shareholder of Bithumb. The latter has been the topic of mounting media scrutiny of late – after it was found that he seems to have appointed his movie star actress’ sister as a director of one of many firms he owns.

Media shops have additionally alleged that Kang has registered most of his enterprise pursuits in his youthful sister’s identify and that he has gangland connections.

Simon Kim, the CEO of the blockchain accelerator Hashed, was additionally summoned.

But Lee, Shin, Kang, and Kim all failed to show as much as the assembly, with most submitting letters explaining their absence and citing “mental” points as their excuse for non-attendance.

Compiled by Coinbold

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