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Breaking: “FatMan” Confirms Joining Class Action Lawsuit Against Terra, Do Kwon

Terra insider "FatMan" claims to join class action lawsuit filed by U.S.-based law firm Scott+Scott against Terra its co-founder Do Kwon.
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Breaking: “FatMan” Confirms Joining Class Action Lawsuit Against Terra, Do Kwon

Terra insider “FatMan” claims to join the class action lawsuit filed by the U.S.-based law firm Scott+Scott against TerraForm Labs, its co-founder Do Kwon, and affiliates. Moreover, “FatMan” also confirms preparing a class action against Do Kwon and Terra in another jurisdiction.

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“FatMan” Claims to Join US Class Action Lawsuit Against Do Kwon

Terra insider “FatMan” in a series of tweets on July 26 confirmed joining the class action lawsuit Patterson v. TerrForm Labs Pte Ltd. et al. as a plaintiff along with lead plaintiff Nick Patterson.

“We will be joining the class action lawsuit filed in the US by the international law firm Scott+Scott. We are also preparing actions in another jurisdiction. We demand a fair trial to uncover all of TFL & Do Kwon’s wrongdoings and so that justice can take its course.”

The class action lawsuit was filed on June 17 by Scott+Scott Attorneys at Law LLP against TerraForm Labs, co-founder Do Kwon, head of research Nicholas Platias, and affiliated firms for violating the Exchange Act, the Securities Act, the Racketeer Influenced and Corrupt Organizations Act (RICO), and provisions of the California Common Law.

Until now, 3 class action lawsuits have been filed against TerraForm Labs, Do Kwon, Nicholas Platias, and affiliates in the U.S.  The Rosen Law Firm and Bragar Eagel & Squire have also filed similar class action lawsuits having the same defendants, tokens, and allegations.

The class action has been filed on behalf of all investors who purchased or acquired Terra tokens between May 20, 2021 and May 25, 2022. The tokens include TerraUSD (UST) and Terra (LUNA), along with KRT, ANC, WHALE, ASTRO, APPOLO, XDEFI, MINE, aUST, vUST, MIR. The last date for joining as a plaintiff is August 19.

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Time to Take Matters Into Own Hands

“FatMan” claims Do Kwon has committed fraud against thousands of investors and companies. He has been laundering money to offshore accounts through shell companies. Also, employees and insiders from Terra, Jump, and other companies have revealed wrongdoings by Do Kwon and affiliates.

Recently, South Korea’s investigation team raided the home and offices of TerraForm Labs co-founder Daniel Shin, escalating investigations into fraud allegations against Do Kwon and TerraForm Labs.

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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