After the collapse of Terra, the investors, donors and Do Kwon will no longer experience a normal life. The latter, who is the subject of an arrest warrant issued by the South Korean authorities and Interpol, is forced to go into hiding at the moment. Worse still, he seems more and more hated by the community crypto. Recently, another lawsuit was filed against Kwon. It concerns the loss of around fifty million dollars by donors associated with the Terra ecosystem.
The anger of 359 backers linked to Terra descends on Do Kwon
the wall street newspaper revealed on Friday that Terraform Labs co-founders Do Kwon and Nicholas Platias, Luna Foundation Guard (LFG) are facing trial in Singapore for ā fraudulent statements “. This legal action was initiated by 359 backers who saw in TerraUSD (UST) a stablecoin not ā stable by design “. Outraged by his inability to maintain the peg to the dollar, these individuals challenged the High Court of Singapore on September 23 last.
The document filed 5 weeks ago highlights the names of Julian Moreno Beltran and Douglas Gan Yi Dong as the main plaintiffs. Going through the same folder, you will see that at the end are lists of caller names. They are said to have invested tens, if not hundreds of thousands of dollars in TerraUSD.
As for Mr. Beltran, he would hold the equivalent of $1.1 million in UST. Like the other petitioners, he would like his money returned. With additional damages, the amount of which has not been communicated. Nevertheless, the amount of the fund lost by this collective seems known, it is around 57 million dollars.
” Defendants made said statements fraudulently, either knowing full well that they were false and untrue, or caring little whether they were true or false. ā, specifies the document.
The reaction of the defendants
Oh how Do Kwon would love to have a time machine right now. Failing that, he alternates arrogance and humility on Twitter for incomprehensible reasons. If lately he asked forgiveness from the crypto community for his actions, his tweet dating from October 24 seems to contradict this good will.
” – How do you not be in prison?
ā I don’t know, it’s a very good whisky. Ā»
Additionally, a Singapore-based Terraform Labs spokesperson released a statement. It stipulates that the company had committed ” no wrongdoing and that she would vigorously defend herself “. ” There is a fundamental difference between a public market event and a fraud. The risks were known and discussed publicly, and the underlying code was open source ā, he specified.
Admittedly, for the moment, Do Kwon succeeds brilliantly on his run, but he will not be able to flee South Korean justice. Also tracked by the American and Singaporean authorities, the co-founder of Terra has very little room for manoeuvre.
Receive a digest of news in the world of cryptocurrencies by subscribing to our new service of daily and weekly so you don’t miss any of the essential Tremplin.io!
