Terra Investors Plant New Lawsuit Against Terraform Labs

Terrafom-Labs-Stablecoins

✍️ 27 July, 2022 - 7:51 👤 Editor: Jakub Motyka

  • A new lawsuit against Terraform Labs, the company that created the crypto Luna (Terra), shakes the world of cryptocurrencies.
  • In this case, the lawsuit represents Luna investors who invested in Terra between May 2021 and May 2022.
  • Find out what the latest news about the crypto Terra is ( MOON).

The legal actions against the crypto Luna do not stop. In addition to their legal problems in South Korea, now Terraform Labs, as well as its CEO, Do Kwon, are facing a new demand in the United States. In this case, it is a legal action that seeks to represent the Luna investors who carried out operations with this cryptocurrency between May 2021 and May of this year, 2022.

This new legal move has been filed in the state of California, targeting the creators of Terra (LUNA), including accusations of organized crime and investor manipulation. The list of defendants includes Do Kwon, the CEO of Terraform Labs; Jump Crypto; Jump Trading; DeFiance Capital; and the defunct Three Arrows Capital.

The indictment holds the defendants responsible for manipulating investors into acquiring Terra tokens at "inflated prices". The letter invites any investor to be part of the list of victims as long as they have operated with any native Terra token between May 20, 2021 and May 25, 2022.

A New Lawsuit Against Luna's Crypto After The Crash Of The Fateful Month Of May

What was supposed to be the algorithmic stablecoin of TerraUSD (UST/USD) suffered a tremendous crash during the month of May, dragging with it millions of dollars from investors who saw around 40 billion dollars disappear before their eyes in the crypto market. The truth behind this fall is still unknown, although in South Korea there is even talk of an official accusation of a Ponzi scheme against the creator of this project, Do Kwon.

Terra (LUNA) came to trade at more than 100 dollars during this same year, but the collapse of the project plunged its price to 0 dollars without ever since recovering even a hundredth of its value, not even with the renamed crypto Terra Classic (LUNC) which is currently trading at $0.00009034.

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Jakub Motyka
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