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Terraform Labs and its co-founder Do Kwon, the creators of the LUNA cryptocurrency, will receive a class action lawsuit in Korea for fraud, following the debacle that their digital currency suffered.
According to Korean media outlet Munhwa, LUNA investors went to court to seize Kwon’s properties this week, at the same time they sued him for fraud. The investors will be represented by the Korean firm RKB & Partners.
Another group set to join the lawsuit is the self-styled “Luna Victims, UST Coins,” who number more than 1,500 members and reportedly plan to file a lawsuit against Kwon and fellow Terraform Labs co-founder Shin Hyun. -Seong, who is no longer part of the company.
“There are related investors within the law firm and we plan to file a complaint against CEO Kwon with the Financial Investigation Unit of the Seoul Metropolitan Police Agency,” said Kim Hyeon-kwon, a partner at LKB & Partners.
Following the failure of the cryptocurrency, Kwon has come up with various proposals in an attempt to save the Terra ecosystem. His revival plan would create a new Terra blockchain without an algorithmic stablecoin, rename his old blockchain Terra Classic, and release 1 billion LUNA tokens to every wallet still staking or holding LUNA or Terra apps.
LUNA has been one of the most affected cryptocurrencies, losing more than 90% of its value, and every day there are more stories of people who were affected by the failure of this cryptocurrency, such as someone who bought almost $3 million dollars of LUNA cryptocurrency and the next morning they were worth only a thousand dollars.
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