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Do Kwon Faces $57 Million Fraud Lawsuit By TerraUSD Investors

Interpol issued Red Notice to arrest Do Kwon.350 investors filed a $57 million lawsuit against Kwon.Terraform Labs spokesperson says the firm would defend itself.The Terraform...
Do Kwon Faces $57 Million Fraud Lawsuit By TerraUSD Investors Do Kwon Faces $57 Million Fraud Lawsuit By TerraUSD Investors
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  • Interpol issued Red Notice to arrest Do Kwon.
  • 350 investors filed a $57 million lawsuit against Kwon.
  • Terraform Labs spokesperson says the firm would defend itself.

The Terraform Labs founder has been under a lot of legal fire lately after receiving a Red Notice issued by Interpol pursuing his arrest after Kwon failed to appear in court. In addition to the ongoing class-action lawsuits in the US, Kwon now faces another $57 million lawsuit.

350 investors in Singapore impacted by the collapse of TerraUSD joined hands and issued a lawsuit against Kwon seeking $57 million in compensation. While the lawsuit was filed on September 23, it has gained major media attention now.

It claims that Do Kwon portrayed “fraudulent misrepresentations” about TerraUSD stability. TerraUSD is an algorithmic stablecoin using financial engineering to sustain a one-to-one link with the US Dollar.

However, the mechanism failed in May and both TerraUSD and sister currency Terra LUNA lost their value and about $40 billion dollars. The collapse caused issues for many investors across the globe, contributing to a major cryptocurrency market shakeout.

The majority of the TerraUSD investors saved their currency on the Anchor Protocol platform which promised roughly 20% in annual yields. Anchor is also included in the lawsuit for calling it a “principal-protected stablecoin savings product.”

Nevertheless, Terraform Labs share a different sentiment towards the lawsuit since a spokesperson has stated that the Singapore-based company will defend itself as it has committed no wrongdoings.

The spokesperson further elaborated,

There is a fundamental difference between a public market event and fraud. The risks were publicly known and discussed, and the underlying code was open-sourced.

Furthermore, Do Kwon also denies committing any fraud as he believed in TerraUSD and has also lost money in the collapse.

Spanish Investor Julian Moreno Beltran lost over $1.1 million in the crash, while other lead claimants in the lawsuit, including Singaporean citizen Douglas Gan Yi Dong, claim to have invested hundreds of thousands of dollars in the collapsed cryptocurrency. Currently, they are represented by Singapore’s top law firm, Drew & Napier.

The post Do Kwon Faces $57 Million Fraud Lawsuit By TerraUSD Investors appeared first on Coin Edition.

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31-03-2024 10:19:50 (UTC+7)

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    EUR/USD 1.0793 Sell  
    GBP/USD 1.2624 Sell  
    USD/JPY 151.38 ↑ Buy  
    AUD/USD 0.6522 Sell  
    USD/CAD 1.3543 Buy  
    EUR/JPY 163.37 ↑ Sell  
    EUR/CHF 0.9738 ↑ Buy  
    Gold 2,254.80 Buy  
    Silver 25.100 ↑ Buy  
    Copper 4.0115 ↑ Buy  
    Crude Oil WTI 83.11 ↑ Buy  
    Brent Oil 86.99 Neutral  
    Natural Gas 1.752 ↑ Sell  
    US Coffee C 188.53 ↑ Sell  
    Euro Stoxx 50 5,082.85 ↑ Sell  
    S&P 500 5,254.35 ↑ Sell  
    DAX 18,504.51 ↑ Buy  
    FTSE 100 7,952.62 ↑ Sell  
    Hang Seng 16,541.42 Neutral  
    Small Cap 2000 2,120.15 Neutral  
    IBEX 35 11,074.60 ↑ Sell  
    BASF 52.930 ↑ Buy  
    Bayer 28.43 Buy  
    Allianz 277.80 ↑ Buy  
    Adidas 207.00 ↑ Buy  
    Lufthansa 7.281 ↑ Sell  
    Siemens AG 176.96 ↑ Buy  
    Deutsche Bank AG 14.582 ↑ Buy  
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank7,910/ 8,080
(7,910/ 8,080) # 1,364
SJC HCM7,830/ 8,080
(0/ 0) # 1,364
SJC Hanoi7,830/ 8,082
(0/ 0) # 1,366
SJC Danang7,830/ 8,082
(0/ 0) # 1,366
SJC Nhatrang7,830/ 8,082
(0/ 0) # 1,366
SJC Cantho7,830/ 8,082
(0/ 0) # 1,366
Cập nhật 31-03-2024 10:19:52
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GBP30.490,4131.787,64
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KRW15,9119,28
Cập nhật lúc 10:12:31 31/03/2024
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