Terra’s Do Kwon Engages South Korean Legal Team

Following Terra’s collapse in May, Do Kwon and Terraform Labs became defendants in numerous lawsuits.

Terra’s Do Kwon supposedly hires new attorneys

Do Kwon has hired a new team of lawyers in South Korea, local news has reported. 

According to a Wednesday report, Terraform Labs’ outspoken CEO has appointed a domestic legal team in anticipation of a legal battle. According to the article, Kwon gave the Seoul Southern District Prosecutors’ Office, which is looking into Kwon and Terraform Labs, a letter appointing him.

Following Terra’s $40 billion collapse in May, several agencies have been looking closely at Kwon and Terraform Labs in recent months. The Seoul Southern District Prosecutors’ Office in South Korea is looking into claims that Kwon engaged in tax evasion and ran a Ponzi scheme.

In the course of the investigations, investigators also carried out raids at a number of cryptocurrency exchanges and other sites connected to the collapse of Terra, and Terraform Labs personnel were prohibited from leaving the country.

In addition to the United States Securities and Exchange Commission, the South Korean Parliament is also looking into the subject.

Kwon and Terraform Labs are now facing class-action lawsuits in South Korea

Kwon spoke out for the first time since Terra’s blowup in a Coinage interview published Monday, claiming that he hadn’t had any contact with Korean authorities. The feature was filmed in Singapore, where Kwon is currently residing. 

Kwon has recently faced a number of legal difficulties as a result of Terra’s implosion. Days after UST failed, Terraform Labs’ legal counsel resigned in May. Soon later, information about the many Terra-related investigations and lawsuits became public.

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