Do Kwon Terra Singapore South Korea county Luna city Seoul Altcoins Investing Legal Do Kwon Terra Singapore South Korea county Luna city Seoul

Legal Storm Brewing for Terra's Do Kwon & Co as ‘Hundreds’ of Investors Ready Complaints

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Another headache appears to be incoming for Do Kwon (full name Kwon Do-hyeong) and his company Terraform Labs – with investors in South Korea ready to wage a legal battle against the CEO.Munhwa Ilbo reported that as many as three separate legal cases are now being mounted – each involving hundred of South Korean investors.The newspaper reported that an online group of terra (LUNA) investors had launched a legal “complaint process” against both Kwon and Shin Hyun-seong, Kwon’s Co-founder at Terraform Labs.

Shin, who is also the founder of the e-commerce platform TMon, co-founded Terraform Labs in 2018 in Singapore with Kwon – but has moved to distance himself from Terraform in recent days.A Naver Cafe space named “The Terra/Luna Coin Victims Association” (literal translation) has more than 1,500 members, with a pinned comment reading:“Next week, we will submit a complaint to the Seoul Southern District Prosecutors’ Office against the co-founders Kwon Do-hyeong and Shin Hyun-seong.”The cafe operators go on to allege that LUNA is a scam, and that Kwon had been planning a liquidation since 2021.The authors added that they intended to tell prosecutors that Kwon and Shin had committed “fraud” and violated other financial laws.This may just be the start of a coming deluge, however.

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