Do Kwon Sues Korean Investors; Terra Founder May Lose His Property

You are currently viewing Do Kwon Sues Korean Investors;  Terra Founder May Lose His Property


KEY POINTS

  • Do Kwon faces several lawsuits after Terra’s collapse
  • Lawsuits come when Terra’s in-house legal team has already resigned
  • LUNA is down 20.26% to trade at $0.001466

Based on recent leaks and discoveries, South Korean Terra investors slapped Do Kwon with criminal and civil lawsuits following Terra’s historic collapse, later revealing that he was more than just the overconfident CEO and founder of Terraform Labs.

Kwon Do-Hyung, more popularly known as Do Kwon in the crypto space, came to the crypto industry as a stormy whirlwind when he launched Terra LUNA with an opening price of $0.53 in August 2020, finally hitting an all-time high. high school $119.55 in April 2022.

However, @stablekwon (Kwon’s Twitter account), who previously claimed to be a master of stablecoins like a whirlwind and its devastating abilities, crushed most investors after losing their life savings, leaving many mad and helpless and left with almost nothing. In the market.

representative image Photo: pixabay

Kwon comes up with a proposal to resurrect Terra from the ashes, but this turns out to be far from the legendary Phoenix – many experts frowned at her solution, and others are skeptical. Authorities are still investigating the cause of Terra’s collapse, but many LUNA and UST investors in South Korea have filed lawsuits against the CEO, along with demands for their property confiscation.

LKB & Partners, a leading law firm representing LUNA and UST investors in South Korea, has filed both criminal and civil lawsuits against Kwon, including a claim for fraud and confiscation of the Terraform Labs founder’s properties, local news outlet Munhwa reported.

“There are interested investors in the law firm and we plan to file a complaint against CEO Kwon at the Financial Investigation Unit of the Seoul Metropolitan Police Service,” said Kim Hyeon-Kwon, a partner at LKB & Partners.

According to the South Korean news agency, Kwon was also charged with tax evasion, with a fine of 100 billion won (about $78.5 million) for failing to pay corporate taxes. naver. But earlier this month, it has already liquidated its Terraform Labs in Seoul and Busan.

Amidst all these legal troubles, Terra’s in-house legal team resigned after the collapse. This includes general counsel Marc Goldich, company chief counsel Lawrence Florio, and regulatory counsel Noah Axler, who stepped down last week.

It’s unclear why the in-house legal team resigned. The LUNA was trading at $0.001466, down 20.26% as of 11:48 PM ET Wednesday. data From CoinMarketCap.

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