Terra founder Do Kwon has hired lawyers from a domestic law firm to prepare for legal action in response to the investigation by the Seoul Southern District Prosecutors’ Office.
The South Korean prosecutors recently conducted search and seizure at 15 crypto companies, raided homes and offices of Terra executives and affiliates, and issued notices against Do Kwon and other Terra executives to appear for court proceedings.
Terraform Labs’ founder Do Kwon has appointed lawyers from a South Korean law firm to prepare for legal actions in response to the Terra investigation by the Seoul Southern District Prosecutors’ Office, a local media reported on August 17.
Do Kwon has submitted an attorney’s appointment letter to the Seoul Southern District Prosecutors’ Office to prepare his defense in the Terra-LUNA crash and fraud investigations.
In a recent interview, Terra founder Do Kwon claimed he isn’t planning to return to South Korea. Moreover, South Korean authorities haven’t contacted him or filed any charges against him. However, authorities and courts have summoned Do Kwon, Daniel Shin, and other Terra executives for investigation and court proceedings.
Prosecutors’ Joint Financial and Securities Crime Investigation Team have collected transaction records and other evidences in relation to the Terra-LUNA crash and fraud allegations against Kwon and affiliates. Moreover, several class actions and lawsuits are awaiting Do Kwon’s appearance in courts.
The investigation team has issued a “notification upon arrival” notice to Do Kwon. Also, “travel ban” notices to Terra executives such as Daniel Shin and Kim Mo.
He has also denied the fraud and money laundering allegations against him. He said:
“I am responsible for the weaknesses in which the short selling forces would have benefited.”
Terra’s founder claimed he will be completely honest with the authorities and courts. He will coordinate with investigators and share facts related to the Terra-LUNA crash.
Several class action lawsuits have been filed against Terra, Do Kwon, and affiliates in the U.S. In fact, Terra insider “FatMan” is also joining a U.S. class action lawsuit against Terra and its executives.
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