Major Korean law firm to sue Do Kwon after UST collapse, local media report By Yogita_Khatri5
LKB & Partners has reportedly decided to sue Do Kwon on behalf of investors who lost money in the UST collapse.LKB & Partners, one of the top law firms in South Korea, has decided to sue Terraform Labs founder and CEO Do Kwon after the sudden collapse of TerraUSD last week, Korean media reported on Wednesday.
"There are related investors inside the law firm, and we will file a complaint against Kwon at the Financial Investigation Unit of the Seoul Metropolitan Police Agency," Kim Hyeon-Kwon, a partner at LKB, told Munhwa Ilbo. The Block has attempted to contact Kwon and Shin via Terraform Labs and will update the story should we hear back.The UST algorithmic stablecoin de-pegged sharply last week to levels below 10 cents, far from its target price of $1. It is still trading at that level. Terra's native token Luna also crashed and is currently trading at a fraction of a cent, losing almost all of its value.
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