Terra’s Do Kwon faces massive class action lawsuit in Singapore
The claimants seek $57 million as damages for losses suffered during the de-pegging of TerraUSD (UST) from the U.S. dollar.
The claimants seek $57 million as damages for losses suffered during the de-pegging of TerraUSD (UST) from the U.S. dollar.
Investors who got rekt after investing in LUNA/UST are now taking it upon themselves to pursue Kwon, who says charges against him are politically motivated.
Yoo Mo was arrested last week on charges of violating the Capital Markets Act as a key member of the Terra group, but a South Korean court has dismissed his arrest.
South Korea's extensive probe into the LUNA and UST meltdown is gaining ground with the arrest of Do Kwon's key aide, Yoo Mo, who is being accused of fraud and inflating token prices using bots.
In a letter to South Korea's National Assembly, Daniel Shin said that local law enforcement agencies are investigating him for his role in Terra's collapse in May, and his testimony could be tainted.
Authorities in South Korea ordered KuCoin and OKX to freeze over 3,300 BTC they claim is owned by the Luna Foundation Guard, but Kwon claims he knows nothing about it.
South Korea says that Interpol has acted on its request to add the Terra founder to its Red Notice list as the walls continue to close in on the fugitive.
The bill has undergone several amendments, and the latest would protect Americans from a Terra-like collapse by banning "endogenously collateralized" tokens.
South Korean authorities issued an Interpol red notice against Kwon last week concerning the failed DeFi project, claiming he had fled to Singapore.
Prosecutors in South Korea filed a request with the Foreign Ministry to invalidate the passport of Kwon and four others behind the collapsed LUNA and UST.
Financial Supervisory Service Governor Lee Bok-hyun argued that caution should be exercised in passing judgments on whether or not a digital asset can be categorized as a security.
The warrant from the Supreme Prosecutors Office was issued for five others who worked at Terra, with South Korean authorities accusing them of violating the Capital Markets Act.