According to the Munhwa, investors in the South Korean companies LUNA and UST are planning to take legal action this week in order to seize the property of Terraform Labs CEO Do Kwon. This action will be taken in court. There are a total of six lawyers from RKB & Partners working on the case.
Investors have also decided to report CEO Kwon to the Seoul Metropolitan Police Agency for committing fraud against the company.
On the 18th said that a legal firm known as RKB & Partners plans to file a lawsuit against CEO Kwon for fraud and the temporary seizure of property.
According to the reports, six attorneys from the law firm’s Capital Markets Law Team and Intellectual Property Team are preparing and evaluating an application for temporary seizure of property as well as a complaint against CEO Kwon.
Also included in this group is the Intellectual Property Team. “There are related investors inside the law firm,” said Kim Hyeon-kwon, a partner at LKB & Partners. “There are related investors inside the law firm.” We want to lodge a complaint against CEO Kwon with the Financial Investigation Unit of the Seoul Metropolitan Police Agency as soon as possible.
Separately, the internet café has initiated legal action against CEO Kwon, CEO Shin Hyun-seong, and Timon, a co-founder of Terraform Labs. This action was taken against all three individuals.
“I will make a complaint and complaint against the co-founders Kwon Do-hyung and Shin Hyun-seong to the Seoul Southern District Prosecutors’ Office,” the operator of the Naver Cafe’Terra/Luna Coin Victims Association, which has over 1,500 members, said in a note that was posted the day before:
“Next week, I will make a complaint and complaint against the co-founders.” The operator continued by saying that their company will be “filing claims such as fraud and violation of the Act on the Regulation of Similar Reception Act.” The operator anticipates that investors will file a complaint by the 26th, and that it will be sent, together with another complaint, to the office of the Seoul Southern District Prosecutor the following week.
In addition, investors in Luna and Terra are exhibiting collective action via the use of group chat rooms. As of ten in the morning on the same day, investors in Luna and Terra had opened up sixteen different chat rooms on Kakao Talk, in which a total of 1,104 individuals were participating. They are also discussing the possibility of initiating legal action, and as a result, it is quite likely that CEO Kwon and others will be sued by many groups of investors at the same time.
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