South Korean investors sue Do Kwon over the collapse of...

south-korean-investors-sue-do-kwon-over-the-collapse-of Published 1 month ago Views (15) Business

 

After the collapse of Luna and UST, co-founder of Terraform, Do Kwon is now facing legal pressure from affected Korean investors. They have filed criminal and civil charges, in addition to an order to seize Kwon’s assets.

According to Korean news outlet Munhwa, investors UST and LUNA filed in court to confiscate Kwon’s property this week, while also charging him with a fraud case. They will be represented by law firm RKB & Partners, where 6 attorneys have reviewed complaints against the CEO.

“There are related investors within the law firm, and we plan to file a complaint against CEO Kwon at the Seoul Metropolitan Police Agency’s Financial Investigation Unit,” said Kim Hyeon-kwon, partner at LKB & Partners, quoted from Cryptopotato, Friday (20/5/). 2022).

Kwon became the target of the crypto industry’s ire after the stablecoin UST lost its stake against the dollar. Its stabilization mechanism also caused Terra’s governance token, LUNA, to hyperinflate, reducing its value to nearly zero.

Many big investors in protocol such as one of the British Youtuber, KSI witnessed LUNA’s multimillion dollar position collapse.

As a result, Kwon could be summoned to appear before the South Korean government to testify about the collapse of...

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Michael Siemsen grew up in Venice, California, the second son of a Vietnam veteran turned policeman. Initially focusing on performing arts, Michael attended the prestigious Alexander Hamilton Academy in Los Angeles

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