A former employee at Terra has testified that Do Kwon promoted the TerraUSD stablecoin as a payment option to prospective investors despite local laws outlawing such payments.
Daniel Shin, one of the co-founders, sought to dismiss the testimony, claiming it was not true while sticking to an earlier argument that South Korea lacks crypto payments guidelines.
A former developer at Terraform Labs (TFL) has testified in court against the former executives of the blockchain project, implicating Do Kwon, Daniel Shin, and others in violations of the country’s payment laws.
Only identified by court documents as Lee, the developer told the 14th Criminal Division of the Seoul Southern District Court that TFL’s management touted the TerraUSD stablecoin (known as UST in the crypto world) as a viable payment option. This was despite explicit knowledge that South Korea prohibits such unlicensed payments and is in breach of the country’s financial laws.
Appearing before Presiding Judge Jang Seo
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