LUNA, UST, Investors Want to Seize Do Kwon’s Properties

Fifty investors in South Korea who are affected by the TerraUSD (UST) and LUNA debacles are pursuing legal action and requesting property seizure from Terraform Labs CEO Do Kwon and his kin, according to Korea Times. These investors have organized themselves under the name of the Korea Blockchain Victims Association.

According to prior reports, the investors allege that Do Kwon and his family members used company funds to purchase luxury properties in South Korea and the United States. The investors are reportedly planning to file a criminal complaint against the CEO for embezzlement and fraud.

On top of all of this, the Korea Blockchain Victims Association has threatened legal action against Terraform Labs’ auditor EY and its law firm Baker McKenzie. According to the group, the auditor and lawyer missed key red flags in Terraform Labs’ business activities.

If the investors become successful in seizing Do Kwon’s assets, it would be a major blow to the embattled CEO, who is already facing multiple lawsuits and a criminal investigation in South Korea. It would also set a precedent for other investors who have incurred losses from crypto projects to take similar legal action.

The Terraform crisis has been one of Korea’s most recent crypto industry scandals. Many investors were shaken by the failure of the UST and LUNA cryptocurrencies, and there is still much uncertainty over what will happen next.

Investors are not prepared to let the matter rest, as demonstrated by the Korea Blockchain Victims Association’s decision to take legal action against Do Kwon. It remains to be seen how successful the group will be in its efforts, but they aren’t going to give up without a fight.