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Do Kwon reportedly hires South Korean lawyers to prepare for the Terra $45 billion collapse probe


August 17, 2022 · By MATheGooner
Terra (LUNA)

Do Kwon, a co-founder of Terraform Labs, asserted that he has not been contacted by Korean authorities or subject to any accusations relating to the Terra inquiry.

Do Kwon, a co-founder of Terraform Labs, is said to have retained legal counsel from a local South Korean law firm just days after asserting that the country’s authorities have not yet contacted him or brought any accusations against him. 

According to a story in the local media, Kwon recently gave a letter of appointment to a lawyer at the Seoul Southern District Prosecutors’ Office, the division looking into the collapse of the Terra-LUNA, now known as Terra Classic (LUNC).

While Kwon insists that no charges have been brought against him, it has been reported that in the third week of July, 15 companies were searched and their assets were seized by South Korean prosecutors looking into Terraform Labs.

The seizure included seven cryptocurrency exchanges connected to the demise of the now-defunct Terra. According to reports, prosecutors informed Kwon, who was still in Singapore, and prohibited the departure of individuals involved. 

Soon after the $45 billion Terra ecosystem collapsed in May, South Korean officials launched a probe into the matter. To prevent future occurrences similar to Terra, the authorities took the first step around the end of May by deciding to establish a new crypto monitoring body. Later, CEO Kwon was accused of fraud and breaking a number of financial laws and was sued.

Authorities launched a formal investigation into the incident in June, and Terraform Labs was later found to have engaged in market manipulation and tax evasion. Employees at Terraform Lab are not permitted to leave the country, according to the local prosecutors. 

The $45 billion Terra-USD ecosystem’s breakdown and implosion had a disastrous effect on the wider ecosystem. Later, a crypto pandemic caused by the tragedy resulted in the deaths of other crypto lenders and hedge funds.

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