TerraForm Labs Founder Do Kwon faces $57M lawsuit

[LDL]

Do Kwon Owner of the Terra Luna platform are going through  various adverse environments and obstacles.  After receiving cases from South Korea, USA, Interpol, etc., this case is being started by Singapore.  350 investors in Singapore sued for 57 million in compensation.  In May 2022, Singapore filed such a large compensation case based on Luna Crush.

TerraFounder has suffered such huge losses mainly because of the Terra UST stable coin.  Terra UST in particular is a stable coin due to a design flaw that drives the price up and down in the market.  Therefore, this error in the market has caused losses of millions of dollars to investors since last May.  Therefore, in September, South Korean authorities issued an arrest warrant against Terra Founder.  This time, Singaporean investors filed a lawsuit seeking $57 million in damages.

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[Aanuoluwatofunmi]

OP two things were absolutely wrong with your post, first is that this is no more a news to us concerning the subject matter, secondly terra or whatever you call it is altcoins and you should know that should belong to altcoins discussion except if you're claiming you are yet to read the forum's rules and regulations, this board is strictly meant for bitcoin discussion, kindly move the thread appropriately.

[blockman]

That's old and Do Kwon is on the loose now. It's also about the fiasco of LUNC and everything that they've made on their projects. No one's gonna save him and even if he surrenders, he'll be continued to be sued. So, it's only likely that the charge will be lessened if he volunteers to surrender but these cases are still heavy for him together with his team. He's nowhere to be found and he's still uncaught while hoping for most of his victims, they want him to be in jail.

[disconnectme]

It seems the power that be in S.Korea are after him, the scale of the damage the UST depeg and the Luna crash did to people's life is huge, I  lost huge amount of money in the crash, though I took responsibilities for my own risk but a lot of people got burnt that it will be difficult for them to recover, 3AC is a very good example

[Lordsilvabtc]

Honestly the fiasco and the circumstances surrounding the Luna ecosystem is totally joepadize. It's really not a good time for Do Kwon. And Do Kwon is not the only one on the loosen side on this matter, I think the entire Luna team needs to go down, Absolutely justice should be served. I loose a lot of money on Luna , which was one of the reason I once make about about bad projects.

[Cee2]

Sorry for anyone who has lost money in this fiasco but I am looking forward to the Netflix documentary that will come out in 2026 for this.

[Flexystar]

Sorry for anyone who has lost money in this fiasco but I am looking forward to the Netflix documentary that will come out in 2026 for this.

What documentary? Is there going to be real documentary for this one. Idk, but that would be interesting to see if they have studied to the inside level and give us the insights on how this happened and what was going on the minds of owners or management?

Till date it’s unclear why this happened and how such huge market cap was swiped off the blockchain in one go. The problem is, due to nature of currency (stable) it was noticeable and was put forth in front of justice eyes.

Imagine, this happening with bitcoin and there is literally no owner in existence to blame on. That would be terrifying for mankind.

[serjent05]

Honestly the fiasco and the circumstances surrounding the Luna ecosystem is totally joepadize. It's really not a good time for Do Kwon. And Do Kwon is not the only one on the loosen side on this matter, I think the entire Luna team needs to go down, Absolutely justice should be served. I loose a lot of money on Luna , which was one of the reason I once make about about bad projects.

I agree that the whole luna team should be sued.  All of them benefited from the project and they are the ones controlling the flow and management of Terra LUNA.  But definitely, DK should be the one who must have the heaviest penalty.  This matter shouldn't have escalated this much if he hadn't touched and modified the LUNC creation that lead to the "hacking" of LUNC.  Anyway, I hope to see him caught and brought to court.

[ScamViruS]

How many cases already against DK? Is there any parties involve with this because obviously DK can’t do that alone. Well, this scenario is expected since many suddenly lose money where supposed it to be safe. DK have to have to deal with this, there’s no escape here and for sure there will be another case, this may be a case after case, a never ending problem for DK.

Many big people have also lost huge amounts of money due to Luna. DK is not going to get out of this situation easily when the big men are involved. The entire market was affected by the Luna crash. A lot of people have lost their money due to the mistakes of the Do kwon team and are clamoring to get it back. But I think there will be no solution by filing a case against Do kwon because he will never be able to return such a huge fund.

[goaldigger]

Sorry for anyone who has lost money in this fiasco but I am looking forward to the Netflix documentary that will come out in 2026 for this.

What can you expect from that documentaried? For sure it's all about the negative side and if i'm of those who lose the money i wont expose such stories. Anyway this can be more interesting if they will add other scam incidents, there's a lot to tell.

DK already knew this will happen because it involves a lot of money. With this, he cannot defend anymore so better to admit it and compensate the losses. Imagine being wanted from many countries, that's stressful.

[BitcoinPanther]

I so want to see Do Kwon pay for his incompetence.  He made lots of people lose huge amount of money and treat that as if it is nothing.  I think Do Kwon won't have any place to hide because the Terra Luna fiasco affects people around the globe.

How many cases already against DK? Is there any parties involve with this because obviously DK can’t do that alone. Well, this scenario is expected since many suddenly lose money where supposed it to be safe. DK have to have to deal with this, there’s no escape here and for sure there will be another case, this may be a case after case, a never ending problem for DK.

Some of his staff are already in custody of South Korean authority. Do Kwon fled leaving his subordinate behind thinking he can escape the pursuit of the authority if he can manage to move out of the country.  

[rhomelmabini]

Sorry for anyone who has lost money in this fiasco but I am looking forward to the Netflix documentary that will come out in 2026 for this.

So there's already an anticipated movie for this LUNA-UST crash? Wow can't wait who'll starred it and if DK will still be on the loose even after 2026. I think he'll be caught but on how the authorities will do that was still a mystery considering Interpol already in pursuit but not yet on their custody.

[aioc]

How many cases already against DK? Is there any parties involve with this because obviously DK can’t do that alone. Well, this scenario is expected since many suddenly lose money where supposed it to be safe. DK have to have to deal with this, there’s no escape here and for sure there will be another case, this may be a case after case, a never ending problem for DK.

There should be other parties involved he is not the one running the TerraForm Labs soon we will have the names of his co accusers, the only positive side I saw on this disaster is investors will think deeper and will do a lot of research if there are flaws on the project they are investing, I have not invested on this Luna I just don't like the arrogance of Do Kwon, he think s that he is way better and his project is just too good to fail, he even treats those who questioned his projects as haters and poor people.

[Bitstar_coin]

Unfortunately, Do Kwon doesn't seem to be bothered about all the lawsuits against him, he is so self confident even in his Twitter post that he doesn't sound remorseful or feel any empathy towards investors.
Someone asked on his Twitter why he is not in jail yet. The guy is too self centered to care about any of this, I truly hope the law will do justice to this huge scam.
Terra was one of the top projects and heavily trusted but see what happened to investor's funds. This type of impunity is what regulations are after.

@OP Next time try indicate the source of your content.

[Coyster]

But I think there will be no solution by filing a case against Do kwon because he will never be able to return such a huge fund.

Yeah there isn't any solution if we look at it from the aspect of those who lost their funds getting it back, that is absolutely impossible, and i am pretty sure that those who were unfortunately victims of this know that, they only want to see Do Kwon answer to all the charges that has been filed against him, and thus he is definitely going to get punished because there's no way he is going to win.

Having said that, i actually hope there are a whole lot of investors who learnt from this unfortunate events that happened with Do Kwon and his scam coin, there will be many other similar projects that will come out in the future, and rather than people chasing after what will cause them loss, they should basically just invest in a long term project like Bitcoin.

[Ayers]

Unfortunately, Do Kwon doesn't seem to be bothered about all the lawsuits against him, he is so self confident even in his Twitter post that he doesn't sound remorseful or feel any empathy towards investors.
Someone asked on his Twitter why he is not in jail yet. The guy is too self centered to care about any of this, I truly hope the law will do justice to this huge scam.
Terra was one of the top projects and heavily trusted but see what happened to investor's funds. This type of impunity is what regulations are after.

@OP Next time try indicate the source of your content.

i have to admit that he is an extravagance and very good at acting, his tweets show that he has never regretted or feared for what he did. he is trying to prove his innocence so there is no need to panic over those charges.
in its heyday, Terra had a market cap of 60 billion and I wonder how much he pocketed when Terra collapsed and even more confusing, despite being wanted by interpol, some country allows him to hide. the true power of money has kept him from being betrayed so far.

[el kaka22]

Wouldn't be the first project owner to do something wrong and be called to stand. I mean dude was responsible for the losses of hundreds of millions of dollars, he would be charged with something of course.

Even if you do not think that he did it himself, and took the money, you would still understand how he was responsible to prevent something like this to happen and in that case we would be having some sort of situation with the law because if you were supposed to protect the investors money and they all lost it because of you, then you would be charged with something. That's what I would be expecting people to do and he has to face this in order to make it better.

[serjent05]

Wouldn't be the first project owner to do something wrong and be called to stand. I mean dude was responsible for the losses of hundreds of millions of dollars, he would be charged with something of course.

Aside from that incompetence decision it was rumored that Terralabs wallet is involved in UST crash[1].  Aside from that,  Terralabs employees reported to SEC that Do Kwon is cashing out $80m a month prior the collapse of UST.[2]

Even if you do not think that he did it himself, and took the money, you would still understand how he was responsible to prevent something like this to happen and in that case we would be having some sort of situation with the law because if you were supposed to protect the investors money and they all lost it because of you, then you would be charged with something. That's what I would be expecting people to do and he has to face this in order to make it better.

His incompetent decision alone to change the daily creation of Terra Luna that lead to Hack and further lead to Terra Luna crash is a good reason enough to sue Do Kwon.  He did it himself and there are traces.  I think $57m lawsuit is too small when he was reported cashing out $80m from the funds of the company.


[1] https://cryptopotato.com/inside-job-wallet-that-caused-the-ust-attack-suspected-to-belong-to-terraform-labs-report/
[2] https://www.thestreet.com/investing/cryptocurrency/luna-crash-co-founder-accused-of-cashing-out-80m-before-scandal

[ScamViruS]

But I think there will be no solution by filing a case against Do kwon because he will never be able to return such a huge fund.

Having said that, i actually hope there are a whole lot of investors who learnt from this unfortunate events that happened with Do Kwon and his scam coin, there will be many other similar projects that will come out in the future, and rather than people chasing after what will cause them loss, they should basically just invest in a long term project like Bitcoin.

There are still many projects in the market which are useless but due to the involvement of big people those projects are listed on major exchanges. Small investors continue to invest in a project until it emerges as a scam in the crypto market. Over time, many projects have been proven to be scams and the scammers have scammed the investors and run away with the money. But crypto investors never learn from these incidents and keep making the same mistakes over and over again.

[rhomelmabini]

Sorry for anyone who has lost money in this fiasco but I am looking forward to the Netflix documentary that will come out in 2026 for this.

So there's already an anticipated movie for this LUNA-UST crash? Wow can't wait who'll starred it and if DK will still be on the loose even after 2026. I think he'll be caught but on how the authorities will do that was still a mystery considering Interpol already in pursuit but not yet on their custody.

They just started this plan after what happenf to LUNA i guess and it's really interesting on how they will plot a twist here. DK should surrender himself and avoid making any further action, Interpol can't do something about if DK is still in Korea. If DK will not defend his side, most probably the verdict will be guilty.

I think even if he defend his side his still guilty over what happened to Luna and that will never change. If he's not, why is he still in hiding? I doubt if he surrender himself to the authorities unless it really threaten him fully that he'll goes out of hiding. The question now is, will those who got into this mess of DK be compensated?