Kul Bhushan · · 1 min readLuna, UST investors in South Korea plan to sue Terraform founder
South Korea-based investors in Luna and UST – the native token and stablecoin of Terraform Labs, respectively – are planning to sue Do Kwon, the embattled crypto firm’s founder and CEO, Munhwa reported.
LKB & Partners, one of the country’s top law firms, will reportedly sue Kwon on behalf of investors. Some LKB staff may join the lawsuit since they also took a hit from the sudden collapse of the Terra blockchain last week, according to The Block.
The law firm will also seek to seize Kwon’s property and may file a case against Terraform co-founder Daniel Shin.
This development comes shortly after Terraform’s legal team reportedly left their jobs.
Kwon has floated the idea of forking the Terra blockchain and creating new coins. If the proposal is approved, it would leave behind UST and Luna – they will be renamed Terra Classic and Luna Classic, respectively.
Editing by Deepti Sri and Eileen C. Ang
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