Validators of Terra blockchain had no knowledge of the US$60 billion collapse of Terra-LUNA prior to the crash, said South Korean blockchain infrastructure provider DSRV Labs chief Kim Ji-yun. in response to the National Assembly’s parliamentary audit on the Financial Services Commission on Thursday.

See related article: Terra CEO Do Kwon to lose his passport within a month

Fast facts

• Kim was speaking in response to the National Assembly’s parliamentary audit on the Financial Services Commission on Thursday, when ruling party lawmaker Yoon Sang-hyun asked about market talk that suggested Terra had shared information in a private chat room with one of its network validators, DSRV, about the imminent Terra-LUNA collapse.

• “As Terra began to collapse (…) there was a situation where you had to halt the chain. The [chat] room, with about 120 validators from around the world, was created for [doing that],” Kim said.

• Kim refused to comment on who must be held responsible for the collapse of Terra-LUNA.

• South Korea has been investigating Terraform Labs founder Kwon Do-hyung, or Do Kwon, under charges of fraud and violation of capital markets law among others after five local Terra investors filed a lawsuit against him in May.

• Terra cofounder Daniel Shin, or Shin Hyun-sung, was expected to appear before the lawmakers at the parliamentary audit as a key witness of Terra-LUNA on Thursday, but backed out a few days prior.

See related article: S.Korea gov’t failed, special prosecutor needed on Terra-LUNA, lawmaker says