18 May, 2022

South Korean Investors are Suing Do Kwon for Fraud

According to local media reports, South Korean law firm LKB & Partners has decided to sue Terraform founder Do Kwon for fraud on behalf of UST investors.

The same law firm is reportedly planning to file an attachment order to seize Terra founder’s properties.

The report revealed that some of the members of the law firm also suffered significant losses from the UST collapse. 

Earlier, South Korean financial regulators launched an emergency investigation into cryptocurrencies in order to accelerate crypto regulations.

South Korean politicians have also asked Do Kwon to attend a parliamentary hearing on the LUNA/UST crash.

Earlier today, Terra’s legal team also quit the company amid the ongoing LUNA/UST collapse.

Terra founder has proposed several plans to bring back UST’s value but nothing seems to be going in favor of Do Kwon right now.