Do Kwon, co-founder of Terraform Labs, is facing legal action in South Korea and the United States. The latest is being sued in Singapore along with the Luna Foundation Guard (LFG) and Terra founder Nicholas Platias.
In a lawsuit filed in Singapore’s High Court on September 23, more than 359 victims identified Kwon, Platias, LFG and Terra as fraud, including TerraUSD (UST), now TerraUSD Classic (USTC), not “stable from design” and unable to maintain its peg against the US dollar.
Victims also claim compensation for The total “loss and damage” amounted to about $57 million based on the value of the UST tokens they bought and held or sold during the May market downturn. and they also requested an order to pay for “Increased damage”
Kwon has been the target of numerous legal actions and threats since the collapse of Terra’s blockchain ecosystem in May. South Korean authorities issued an arrest warrant for Terra’s founder in September. And Interpol added Kwon to the red notice list. and asked law enforcement to locate him and possibly detain him.
The post Do Kwon, Terra co-founder, is sued for $57 million in Singapore, appeared first on Bitcoin Addict.