Investors in South Korea who have suffered financial losses as a result of the TerraUSD (UST) and LUNA debacles are reportedly pursuing legal action and requesting property seizure from Terraform Labs CEO Kwon Do-hyung.
According to Yonhap, local law firm LKB & Partners has tentatively decided to file the complaint and request for property seizure with the Seoul Metropolitan Police Agency’s financial crime investigation team or the Seoul Southern District Prosecutors’ Office.
According to reports, the law firm is looking into a complaint filed by Shin Hyun-seung, co-founder of Terraform Labs, who claims to have left the project in 2020.
On its website, Chai Corporation, a South Korean payments company where Shin serves as CEO, stated that it is not affiliated with Terraform Labs or linked cryptocurrencies.
According to the Financial Services Commission, roughly 280,000 investors in South Korea own about 70 billion LUNA tokens (FSC).
Over 2,100 people have joined a South Korean online group for Terra-LUNA investors who have lost money, which was founded on May 13th.
On May 15, an online community administrator began seeking investors for a class action lawsuit against Terra’s two co-founders.
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