Terra Co-Founder Do Kwon Faces $57M Class-Action Lawsuit in Singapore

[Google News Bot]

Terraform Labs CEO and co-founder Do Kwon faces yet another legal battle—this time in a Singapore court, which is set to hear a class-action lawsuit filed on behalf of more than 350 international investors. They claim to have lost about $57 million in the collapse of the algorithmic stablecoin TerraUSD (UST) and its ecosystem, according to a Wall Street Journal report. The legal claim states that the UST stablecoin, being pegged 1:1 to the U.S. Dollar, was designed to act as a store of value and as such was supposed “to be protected from the volatility of the cryptocurrency markets.” Th ...

Continue reading the above news article, by clicking here.

Administration and Moderation NOTE: A Reminder, the above news is provided for free, through a RSS Feed. The above quote does NOT include the full story. In order to continue to read more past what is quoted, please click through to the article, by clicking on the link provided above through the "continue reading" text.

Please be sensible and follow our terms of service and rules, when replying and debating the news article.

 

[Lynaia]

I don't really think this Terra founder( Do Leon ) can avoid all these lawsuit just because the coin project seems to be going down as many are claiming he has remove all the investment capital on the project

 

[Sotherefore]

I don't really think this Terra founder( Do Leon ) can avoid all these lawsuit just because the coin project seems to be going down as many are claiming he has remove all the investment capital on the project

The same lawsuit is also what the ripple company is facing although of different cases, lawsuit of this nature might prevent any cryptocurrency involved from growing.

 

[glitch]

I heard about this and I was not shocked. These lawsuits are going to be coming left-right-center in multiple countries. The big one right now in the US deals with that FTX team.

 

[Kvngsammy]

I remember when the news first broke out and people didn't take it serious. There was even another coin created that was the newly improved LUNA but all failed in the end; this guy caused lots of sufferings to people.