Luna and Terra USD investors accuse CEO Kwon Do-hyung

기사입력 : 2022-05-20 09:47

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Investors of cryptocurrency Luna and Terra have accused Terraform Labs CEO Kwon Do-hyung and filed a complaint with the prosecution.

The law firm L.K.B & Partners announced that it has accused CEO Kwon and co-founder Shin Hyun-seong for violating Act on the Aggravated Punishment of Specific Crimes and the Act on the Regulation of Conducting Fund-Raising Business without Permission to the joint investigation team at Seoul Nambu District Public Prosecutor’s Office.

Investors claim that it is a fraud that Terraform Labs did not notify algorithmic design errors and defects and expanded the issuance of Luna coin unlike what Terraform Labs announced in its white paper.

They said, “It is a violation of the Act on the Regulation of Conducting Fund-Raising Business without Permission to attract new investment worth tens of trillion won by granting unsustainable annual interest rate of 19.4% through an “anchor protocol.”

Investors expect the joint investigation team, was launched once again after Yoon Suk-yeol took office last week, to take the case and investigate it.

“The case is very complicated and has many legal issues, and damages are also serious,” said investors. “The joint investigation team launched in more than 2 years will be able to solve the case.”

L.K.B. & Partners will continue to receive applications from investors to participate in class action.


by Global Economic Reporter Seong-eun Kim ; Translate by Gounee Yang