🚨 Former Terraform Labs developer "Lee" testified in court against the company's founders. Lee noted that South Korean regulations prohibit the use of TerraUSD as a payment method. 🔍

• Terra's strategy was to establish LUNA as a valid currency through the "ChaiPay" payment system, which foresees potential profits associated with the increase in the value of the LUNA token. 🌐

• Following the failure of the Terra-Luna crypto project, prosecutors charged Kwon, Shin and Terraform Labs with investor fraud. 🚔

• Shin claimed regulatory uncertainty surrounding crypto payments and said he severed ties with Terra two years ago. ⚖️

• Shin Hyun-seung's defense team questioned the accuracy of Lee's statements and rejected allegations that Kwon and Shin were aware of the impossibility of the Terra payments. 🤔

• Eight people linked to Terra are accused of violating South Korea's Securities Act. 🏛️

• Former Terra CFO Han Chang-joon was extradited to South Korea from Montenegro on Monday and is expected to be questioned by local prosecutors in Seoul. 🕵️‍♂️