Following Kwon’s interview with the Coinage media, he has made a move to have legal backing and advice against the South Korean allegations.
It all started when the CEO of Terraform Labs, Do Kwon, made it known that he was not aware of the charges levelled against him by the South Korean authorities owing to the recent Luna and UST collapse. In his words, “we’ve never been in touch with the investigators. They’ve never charged us with anything.”
Read Also: Cardano’s IOG Introduces Ofelimos Protocol To Transform Proof-of-Work (PoW) To Proof-of-Useful Work In Order To Reduce Energy Consumption
Per a Wednesday report by Yonhap News TV, Terraform Labs CEO has reportedly hired a legal attorney from a Korea-based law firm. The report added that he could be preparing for the prosecution’s investigation.
Surprisingly enough, there have massive lawsuits from different angles including class-action as a result of the Terra collapse. For instance, Terraform Labs’ officials have been banned from leaving the country at the moment. Also, the crypto exchange that has hands during Terra’s collapse in the South Korea which includes Upbit and Korbit has been through a lot of allegations, and at last, the crypto exchanges promised to compensate the Terra crash victims for their loss.
Read Also: Terra Team To Launch A New Proposal To Airdrop Users Who Did Not Receive The Correct Luna Allocation
Recall, in June, shortly after the collapse, Scott + Scott’s Attorney filed a class action lawsuit against different persons suspected to be part of the unforgettable Terra (LUNA) fall. The renowned litigation firm filed the case in the U.S. District Court for the Northern District of California. The lawsuit primarily targets Do Kwon, and TerraForm Labs.
More also, Do Kwon was faced with another class action lawsuit filed by Bragar Eagel & Squire, P.C., a nationally recognized law firm with several offices in the United States.