While the fate of Terra (LUNA) co-founder and CEO Do Kwon remains unknown, the size of the lawsuits filed against him continues to grow.
by Interpol searched by red notice Lawsuits against Terra CEO Do Kwon are on the rise. According to the news presented by the Wall Street Journal, due to the loss of stability of TerraUSD (USDT) Investors who lost $57 million filed a compensation lawsuit against CEO Do Kwon and the Luna Foundation. lawsuit filed in Singapore 350 victims by the investor September 23It was launched in , but continued to operate quietly in its early stages. The plaintiffs, chasing after the $57 million they lost after TerraUSD’s pegged dollar deteriorated, urged authorities to pay more attention to the matter.
It seems that the disappearance of Do Kwon and the inadequate search efforts of governments are pushing the plaintiffs down a harder and more vocal path. Plaintiffs in their charges against Do Kwon, an algorithmic stablecoin TerraUSDof about its constancy “making fraudulent misrepresentations” he claims.
According to court documents, plaintiffs believed that TerraUSD was fixed by design and would always cost the same as the US dollar. on the other hand Terraform LabsIn his defense, a spokesperson forThere is a fundamental difference between a public market event and a scam.” he stated. That the risks are known to everyone the spokesperson, on an open source code He argues that the events that took place cannot be brought down on a person.
Although Do Kwon’s whereabouts are unknown now twitter In the statements he made on his website, he specifically states that he is not in the position of a fugitive.