ALTWOW LOGO ALTWOW LOGO
  • HOME
  • PR
  • ALTCOINS
  • AIRDROP
  • DEFI
  • NEWS
    • Bitcoin News
    • Blockchain News
    • Exchange News
    • ICO News
    • Mining News
    • Regulations News
  • EXCHANGE
  • CASINO
  • MORE
    • Advertising
    • ICO
    • Web Hosting
    • Affiliate Program
    • Wallet
    • Apps
    • BOTS
    • Cards
    • MINING
Reading: Do Kwon faces another $57 million lawsuit
Share
Ad image
Altwow Blogging WowAltwow Blogging Wow
Font ResizerAa
  • ABOUT
  • TOS
  • Cookie Policy
  • Comment Policy
  • Disclaimer
  • Privacy Policy
  • Advertisement
  • Submit Guest Post
  • Sitemap
Search
  • HOME
  • PR
  • ALTCOINS
  • AIRDROP
  • DEFI
  • NEWS
    • Bitcoin News
    • Blockchain News
    • Exchange News
    • ICO News
    • Mining News
    • Regulations News
  • EXCHANGE
  • CASINO
  • MORE
    • Advertising
    • ICO
    • Web Hosting
    • Affiliate Program
    • Wallet
    • Apps
    • BOTS
    • Cards
    • MINING
Have an existing account? Sign In
Follow US

Home - Do Kwon faces another $57 million lawsuit

Crypto News

Do Kwon faces another $57 million lawsuit

Guptix John
Last updated: 31/10/2022 5:41 pm
Guptix John
Published: 31/10/2022
Share
Do Kwon faces another $57 million lawsuit
SHARE

Singapore investors have filed a class-action lawsuit against Terraform Labs co-founder Do Kwon, as well as Terra board member Nicholas Platias and Luna Foundation Guard (LFG). 359 Terra investors have applied to the High Court of Singapore.

According to the statement, the defendants misled them that the algorithmic stablecoin TerraUSD (UST) was backed by the US dollar. At the same time, in fact, UST was not a “stablecoin by design” and could not maintain a peg to the US currency, the lawsuit says.

Investors claim they expected high returns from lending to Terraform Labs’ Anchor Protocol borrowing service. According to them, Do Kwon and the leadership of the Luna Foundation Guard “knew or should have known that the plaintiffs wanted to buy and hold stablecoins that are not subject to market volatility in order to receive passive income.

” The plaintiffs sought $57 million in damages from the defendants for lost money and depreciated UST tokens they purchased, held or sold during the May market downturn. In addition, investors demand compensation for moral damages.

- Advertisement -

Previously, Do Kwon complained about the threats he received. A little later, investors moved from words to deeds – a group of 4,400 users created on Discord is now trying to locate Kwon. However, according to the Singapore authorities, the co-founder of Terra is not in the country.

Share This Article
Facebook Email Print
10 Best Aggregators for Bridging Privacy Coins
10 Best Aggregators for Bridging Privacy Coins
ALTCOINS
10 Top Bridging Aggregators With The Best Ui
10 Top Bridging Aggregators With The Best Ui
ALTCOINS
10 Community-run Bridging Aggregator For Local Altcoins
10 Best Community-run Bridging Aggregator For Local Altcoins
ALTCOINS
10 Best Bridging Aggregators for Polkadot And Ethereum
10 Best Bridging Aggregators for Polkadot And Ethereum
ALTCOINS
ALTWOW LOGO

Altwow.com is your reliable source for the latest crypto news, exchange reviews, and blockchain insights. We provide accurate information on DeFi projects, trading platforms, and digital assets to help investors stay ahead in the fast-moving world of cryptocurrency.

[mc4wp_form]

Qucik Menu

  • ABOUT
  • TOS
  • Cookie Policy
  • Comment Policy
  • Disclaimer
  • Privacy Policy
  • Advertisement
  • Submit Guest Post
  • Sitemap

Quick Link

© ICURE Network. ICURE Design Company. All Rights Reserved.

Follow US on Socials

Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?