ClayPay uses the same algorithm as Terra and Luna.
During a 100-minute debate on NBN TV held on the 25th under the topic "The Impact of Congressman Kim Nam-guk on the Digital Asset Industry," Hyeonsu “Elliot” Jin, managing partner at Decent Law Firm, stated, "The ClayPay coin operates with the same algorithm as Terra and Luna, making Congressman Kim Nam-guk's investment difficult to understand."
Attorney Hyeonsu “Elliot” Jin explained, "If you look at the white paper for ClayPay, it uses the same algorithm as Terra and Luna. I cannot comprehend investing tens of billions in such a coin." As a virtual asset specialist, he deals with various coins, but this was the first time he had heard of the ClayPay coin. He also expressed surprise that "Congressman Kim Nam-guk, a former lawyer, invested more than 10 billion won into an unfamiliar coin with just a few clicks while engaged in parliamentary and memorial activities."
Regarding insider information on ClayPay, he stated, "This could either be a case of poor investment judgment, leading to losses of tens of billions in fraud, or it reflects a deeper connection to the community." He emphasized the need to closely monitor the ongoing investigation by prosecutors.
Attorney Jin also pointed out that the key issue in this case is "the flow of funds." He explained, "The core of the prosecution's investigation will be to trace how the coins moved through specific routes." He added that only after this part is clarified will the direction of the investigation become apparent.
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Jin further commented, "As an industry expert, I hope that this situation, which frequently mentions WEMIX, does not lead to the industry and ecosystem shrinking, and that the biggest victims in this case are the WEMIX holders."
