Users plan to sue Do Kwon, CEO of Terra

With the fall of the crypto market, thousands of investors around the world saw their savings vanish in hours, with Terra being the most affected

The cryptocurrency crashwhich began last week after the announcement of the new interest rates by the FED, led to a collapse unprecedented in this new ecosystem with the debacle of two digital assets of the moment: MOON and UST.

The collapse caused millions in losses.in which thousands of users from all over the world claimed to have had their savings disappear in a matter of hours.

Faced with this situation, users do not sit idly by and look for actions that, in some way, return part of what was lost.

Therefore, the consequences of the fall of the cryptocurrencies belonging to Terraform Labs could generate a strong headache for its founder, Do Kwon.

Kwon, founder of Terra, LUNA and UST, is on everyone’s lips for the fall of his cryptocurrencies

Terra: after the collapse, the lawsuits come

Do Kwon would be on his way to face legal problems in South Korea, his country of origin, after it became known that a well-known law firm prepares to sue the employer.

LKB & Partnersthe group in question, will initiate legal action against Kwon in representation of multiple affected investors.

The rumors even link several members of the group of lawyers as part of the complainantswhich would have invested in Terra UST.

According to the report, the firm also plans to apply to the Seoul Southern District Public Prosecutor’s Office for effect a provisional seizure order on Kwon’s property.

Do Kwon, CEO of TerraLabs, is on his way to be sued by a group of lawyers representing investors affected by the collapse

Do Kwon, CEO of TerraLabs, will be sued by a group of lawyers representing investors affected by the collapse

A complaint that does not stop growing

Additionally, the complaint was also filed with the Seoul Metropolitan Police Agency Financial Investigation Unit.

In fact, the representative of the project he would not be the only one facing legal action against him.

According to Yonhap media, quoted by The Block, the LKB agency is also considering suing Daniel Shin (Shin Hyun Sung), the other co-founder of Terra, who recently left the company.

In addition, according to the local media, several other Investor groups also plan to go down this route with class action lawsuits.

The bad news for Terra would not be the fact of the innumerable complaints that she may receive against her, but that, apparently, the legal team of the company would have disintegrated after the fall.

Terraform Labs’ internal legal unit, led by Marc Goldich, General Counsel, Lawrence Florio, and Lead Litigation and Regulatory Counsel, Noah Axler, they resigned days ago before the debacle of the project.

With them, other collaborators also decided to jump ship and resign in the last days.

The recent collapse of Terra caused incalculable losses around the world. only in South Korealocal regulators estimate that between 200,000 and 280,000 investors were hit by the fall of LUNA and UST.

The fall of LUNA and UST generated millionaire losses to investors from all over the world

The fall of LUNA and UST generated millionaire losses to investors from all over the world

South Korean authorities want to investigate Terra

Still, the problems for Kwon do not end there: South Korean regulators decided to carry out a “emergency inspection” between the exchanges and called a special parliamentary hearing to discuss the case.

Besides, the businessman was summoned to testify before the legislators to provide explanations for the Terraform Labs cryptocurrency debacle.

The call to the hearing is in tune with the concerns expressed by other local authorities in the face of the large number of people affected in the country: it is estimated that between 200,000 and 280,000 South Korean investors were affected by the fall.

The request for police custody

This week, Do Kwon’s name reached the world’s major media after both crypto assets created by him became worth $0.

Precisely, the fact that many people have lost their money and savings have decided that Kwon and his wife had to ask for police protection.

Last Friday, the Seoul police arrived at the apartment of the creator of LUNA and UST after a call in which it was reported that a stranger wanted to enter the place.

Apparently, it would have been a investor who lost more than $2 million.

Do Kwon reported that a stranger tried to enter his home last Friday, May 13.

Do Kwon reported that a stranger tried to enter his home last Friday, May 13.

“According to a complaint filed, an identified person rang the doorbell at around 6:23 p.m. After Kwon’s wife answered the door, the person allegedly asked for the founder before fleeing the scene,” the report said. officers.

“We plan to review what additional measures are needed through the investigation.”indicated the investigators of the case although no further information was provided in this regard.

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