More Headache for Terra's Do Kwon and Company
After a devastating crash of Terra Luna and UST, the team had been trying to stay in contact with the community informing them of their recovery plans on Twitter.
But the storm doesn't look to be stopping by now but instead it looks like it's catching the speed.
Do Kwon and his company Terraform Labs is now may be facing a legal battle that could be waged against them by the South Korean investors.
It is reported that three different cases are now being mounted involving hundreds of investors from South Korea.
It is said that Do Kwon and Shin who is a co founder at Terraform labs havw committed a fraud and also voilated financial laws.
Investors are frustrated and it gets even more frustrated when they have no guarantee of recovering their investments.
It looks like some investors are mobilizing other investors as well in suing Do Kwon and others.
Do Kwon however is hoping to regain Terra community trust and he has plans to launch a new blockchain protocol without an algorithmic stablecoin.
Now, it is unclear to me how they are going to compensate those invest losing thousands of dollars, but it does look like they don't have any plan in compensating them.
It will be hard as well to regain the trust of the community and investors that is shattered.
But again, it's crypto, it's unpredictable and anything could happen.
Posted Using LeoFinance Beta
Yes anything could happen. But it will so difficult to gain more Investors trust even with new plan of protocol about to launch. Nevertheless, if there is way to compensate them it would be awesome but don't let us focus on that
Posted Using LeoFinance Beta
They do need to be compensated but from where, I don't know.
Posted using LeoFinance Mobile
Congratulations @howzat! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s):
Your next target is to reach 700 comments.
You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word
STOPTo support your work, I also upvoted your post!
Check out the last post from @hivebuzz:
Support the HiveBuzz project. Vote for our proposal!
The legal lawsuits were bound to happen because a lot of people lost money. If I remember correctly, I think Terra's legal team quit so I think they are falling apart and I don't think he will win given Do Kwon's tweets and attitude.
Posted Using LeoFinance Beta
Tough days for them
Posted Using LeoFinance Beta