{"id":61636,"date":"2022-05-18T15:54:01","date_gmt":"2022-05-18T12:54:01","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=61636"},"modified":"2025-09-05T13:22:05","modified_gmt":"2025-09-05T10:22:05","slug":"south-korea-to-sue-terraform-labs-ceo-over-ust-collapse","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/south-korea-to-sue-terraform-labs-ceo-over-ust-collapse\/","title":{"rendered":"South Korea to sue Terraform Labs CEO over UST collapse"},"content":{"rendered":"

One of South Korea’s leading law firms, LKB & Partners, is preparing to file a lawsuit against Terraform Labs CEO Do Kwon. Local media report<\/a>, citing the company’s statement.<\/p>\n

LKB noted that they are acting on behalf of ordinary investors. Several firm employees who lost money in the collapse of the algorithmic stablecoin<\/a> TerraUSD (UST) may join the suit.<\/p>\n

Representatives of LKB also plan to file a complaint with the Financial Investigations Division of the Seoul Metropolitan Police Agency and to seek the seizure of Do Kwon’s assets.<\/p>\n

According to Yonhap<\/a>, LKB lawyers are considering filing a suit against the project’s founder, Daniel Shin.<\/p>\n

Prices of UST and LUNA began to fall on May 10<\/a>. This occurred amid outflows from the Anchor protocol as deposit yields fell to 17.87%. As a result, on May 8, the stablecoin briefly lost its peg to the dollar.<\/p>\n

The decline continued on May 11<\/a>, with LUNA, used to mint the algorithmic stablecoin, plunging to $0.30.<\/p>\n

In May, media reported the dismissal<\/a> of three Terraform Labs’ legal department staff following the UST and LUNA collapse.<\/p>\n

Earlier it was reported that Yuna Chan-Hen, a representative of the South Korean People Power Party, called for holding parliamentary hearings<\/a> with Do Kwon.<\/p>\n

Follow ForkLog news on Telegram: ForkLog Feed<\/a> \u2014 full news feed, ForkLog<\/a> \u2014 the most important news, infographics and opinions.<\/p>\n","protected":false},"excerpt":{"rendered":"

One of South Korea’s leading law firms, LKB & Partners, is preparing to file a lawsuit against Terraform Labs CEO Do Kwon. Local media report, citing the company’s statement.<\/p>\n","protected":false},"author":1,"featured_media":61637,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[974,807,852],"class_list":["post-61636","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-south-korea","tag-stablecoins","tag-terra"],"aioseo_notices":[],"amp_enabled":true,"views":"29","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/61636","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=61636"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/61636\/revisions"}],"predecessor-version":[{"id":61638,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/61636\/revisions\/61638"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/61637"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=61636"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=61636"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=61636"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}