The drop in Terra’s network native token LUNA and stablecoin UST has made a lot of his investors turn poor and made a huge hole in their investment portfolio
The significant financial damage that the TerraUSD stablecoin UST and LUNA witnessed in the past several days made investors of the digital assets worldwide go through a terrible time. Amidst this, investors in South Korea are reportedly looking to take legal action against the Terra network and to apply for gaining illegal control over the property belonging to the CEO of Terraform Labs, Kwon Do-Hyung. Investors’ rage is quite apparent while considering the drop in digital assets resulted in huge losses for the investors.
LKB & Partners, a local law firm, has made an uncomfortable decision of filing the complaint and seizure request of properties to the team of financial crime investigation under the office of Seoul Southern District Prosecutors or Seoul Metro Metropolitan Police Agency.
According to certain reliable reports, the law firm is currently critically appraising the legal proceeding against the other Managing Director of Terraform Labs, Shin Hyun-Seung, who asserts to have quit the project already in 2020.
Chai Corporation, a notable South Korean payments firm, whose CEO is Shin has officially announced to his customers on its official website that his firm does not relate to either Terraform Labs or cryptocurrencies in any form.
Over 2,100 online users have registered a South Korean online community established on May 13 for financial backers of Terra network’s LUNA which currently going through heavy financial losses. On May 15, an administrator of the community started enrolling investors in a class-action lawsuit against the two co-founders of Terra network.
The de-pegging of Terra’s native stablecoin UST from LUNA native token resulted in a massive drop that made significant shockwaves throughout the crypto market where the crash was followed by other cryptocurrencies as well, including top cryptocurrencies bitcoin (BTC), Ethereum, (ETH), and almost all other altcoins.
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Source: https://www.thecoinrepublic.com/2022/05/24/are-luna-and-ust-investors-in-south-korea-upto-seizing-do-kwons-properties/