Luna Classic News: Multiple Class Action Lawsuits Have Been Filed Against Terra and Do Kwon

Do Kwon, Nicholas Platias, and TerraForm Labs are being sued in a class action lawsuit for allegedly scamming investors out of billions of dollars. The law firm of Bragar Eagel & Squire PC has filed a class action complaint against the defendants, claiming that they have broken the Exchange Act, the Securities Act, RICO, and various California statutes.

Lawsuits Against Do Kwon and TerraForm Labs as a Class Action

The deadline for prospective class members to join three class action lawsuits against TerraForm Labs, Do Kwon, and Nicholas Platias in the U.S. District Court for the Northern District of California is August 19.

On July 25, Bragar Eagel & Squire PC issued a press statement announcing the firm’s intent to sue TerraForm Labs, its founder Do Kwon, and its CEO Nicholas Platias on behalf of a class of affected investors. Groups such as Jump Crypto, Jump Trading, Republic Capital, Republic Maximal, Tribe Capital, DFinance Capital, DFinance Technologies, GSR/GSR Markets, and Three Arrows Capital(3AC) are all part of its umbrella.

Individual and institutional investors who acquired Terra tokens between May 20, 2021, and May 25, 2022, are represented by the class action lawsuit. For example, there are KRT, ANC, WHALE, ASTRO, APPOLO, XDEFI, MINE, aUST, vUST, MIR, and the two cryptocurrencies TerraUSD (UST) and Terra (LUNA).

Bonded Assets (bLUNA and bETH) and Mirrored Assets (mBTC, mETH, mVIXY, mTSLA) and Liquidity Pool tokens (UST-mVIXY-LP, bLUNA-LUNA-LP, XDEFI-UST-LP) are also featured.

Class action lawsuits with the identical defendants, tokens, and allegations have been filed in California district court by Scott+Scott Attorneys at Law LLP and The Rosen Law Firm.

Defendants in these class action cases are being accused of selling and promoting unregistered securities such as LUNA, UST, and other tokens; deceiving retail investors by running an illegal scheme; engaging in civil conspiracy; and engaging in racketeering.

 

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South Korea Intensifies its Investigation into Do Kwon and TerraForm Labs

The South Korean and American inquiry teams had already agreed to exchange information gathered during their respective inquiries into Do Kwon and the Terra-LUNA disaster.

Investigations into fraud charges against Do Kwon and TerraForm Labs have escalated, with a South Korean investigative team raiding 15 cryptocurrency organizations and exchanges, as well as the home and offices of TerraForm Labs co-founder Daniel Shin, last week.

Terra’s USTC and LUNC prices, which had been steadily increasing because to community-led token burning, have recently fallen as a result of a new wave of investigations.