- Class action complaint was filed by Bragar Eagel & Squire PC against the defendants.
- South Korean authorities raided 15 crypto firms and exchanges.
Multiple cases have been filed against TerraForm Labs and its founder Do Kwon, the head of research Nicholas Platias, and linked companies that defrauded billions of dollars from investors. Class action complaint filed by Bragar Eagel & Squire PC against the defendants claiming violations of the Exchange Act, the Securities Act, RICO, and California Common Law.
Lawsuits have been filed against Terraform Labs, Do Kwon and Nicholas Platias in the Northern District of California, with an August 19 deadline to join the plaintiffs’ class action lawsuits against the three defendants.
Trouble Continues For Terra
Class action lawsuit against TerraForm Labs, Do Kwon, the company’s creator, and his co-founder, Nicholas Platias, was announced by Bragar Eagel & Squire PC via press release on July 25. Affiliates such as Jump Trading, DFinance Capital and DFinance Technologies are also part of the group, as are Jump Crypto and Republic Capital. Three Arrows Capital is also a member of the group.
Individuals and businesses alike that bought or received Terra tokens between May 20, 2021, and May 25, 2022, are a part of the class action lawsuit. The Rosen Law Firm and Scott+Scott Attorneys at Law LLP have each filed identical class action lawsuits in California district court, naming the same defendants, tokens, and accusations.
In these class action cases, LUNA, UST, and other tokens are being accused of being illegally sold and marketed, misleading retail investors, civil conspiracy, and racketeering, respectively. It was previously agreed that South Korean and American teams investigating Do Kwon and the Terra-LUNA disaster would exchange information.
According to South Korean authorities, they raided 15 crypto firms, exchanges, and the home and offices of TerraForm Labs co-founder Daniel Shin last week, increasing the probe into Do Kwon and TerraForm Labs fraud charges.
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