A number of prominent South Korean crypto industry figures refused to appear at a parliamentary session yesterday, including Daniel Shin, Co-Founder of the under-fire Terra Luna Classic (LUNC) issuer Terraform Labs, and shareholders of the crypto exchange Bithumb.
The executives had been asked to answer questions from MPs at a meeting of the National Assembly Political Affairs Committee, which was also attended by auditors from the regulatory Financial Services Commission (FSC) and the Financial Supervisory Service (FSS).
According to Kukinews and Seoul Finance, MPs summoned Shin as well as Lee Jong-hoon, a significant Bithumb shareholder and-until recently-the crypto exchange’s CEO.
The Terra ecosystem meltdown in early May was at the top of the agenda at the hearing. MPs also wanted to ask officials about Bithumb, one of the country’s largest cryptocurrency exchanges, and its “complicated” management structure.
Kang Jong-hyun, the enigmatic entity assumed to be Bithumb’s “shadow chairman” and largest shareholder, had also been summoned by lawmakers.
The latter has recently been under increased public scrutiny after it was revealed that he appears to have placed his celebrity actress sister as a director of one of the firms he controls.
According to media reports, Kang has registered most of his business interests under his younger sister’s name and has gangland links.
Simon Kim, CEO of blockchain accelerator Hashed, was also called in. However, Lee, Shin, Kang, and Kim all failed to appear for the meeting, with the majority submitting letters explaining their absence and blaming “mental” concerns as their justification.