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HomeLaw & PoliticsTerraform Do Kwon Vs Korean Authority: Do Kwon hires lawyers in Terra-LUNA...

Terraform Do Kwon Vs Korean Authority: Do Kwon hires lawyers in Terra-LUNA investigation case

As per local news reports of 17 August, Do Kwon, co-founder of Terraform Labs, has supposedly engaged an attorney from a local Korean legal company. The development comes only a few days after the Terra co-founder said in a recorded interview with Coinage that the South Korean officials had yet to contact him or file any complaints against him.

Development in the South Korean case

As per the source, on August 17, Kwon engaged attorneys from a domestic law company to prepare for the prosecution’s probe. He is claimed to have just filed a letter of appointment to a lawyer at the Seoul Southern District Prosecutors’ Office, the agency in charge of the Terra-LUNA investigation.

While Kwon maintains no charges were brought against him, authorities in South Korea involved in the Terraform Labs probe allegedly conducted a search and seizure in 15 businesses in the third week of July. It features seven crypto exchanges related to the now-defunct Terra.

Do Kwon statement on the matter

CEO Kwon recently stated in an interview with Coinage, that he had never had communication with Korean investigating authorities. This interview is said to have taken place after the prosecution conducted a search and seizure last month. He also refuted the claims of fraud and said that he was accountable for the flaws that would have benefitted the short-selling forces.

Investigations against Terraform Lab in South Korea

Soon after the $40 billion Terra system crashed in May this year, South Korean officials launched an inquiry. The first measure was taken at the end of May when the authorities agreed to organize a new crypto monitoring body in order to avoid future Terra-like events. Later, CEO Kwon was sued and charged with fraud and other financial violations.

In June, the authorities launched an official inquiry into the event, and Terraform Labs was found guilty of tax evasion and insider trading. Terraform Lab personnel were barred from emigrating by authorities. The meltdown of a $40 billion system, Terra-USD, had a disastrous influence on the wider crypto market.

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