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Terra Luna: Numerous lawsuits could follow

 


A new class action lawsuit was recently filed against Terra. Further legal action against the stablecoin provider will probably follow in the future.


Bragar Eagel & Squire announced in a press release on Sunday that it would file a lawsuit against Terra. The law firm specializes in complex financial processes and represents individual and institutional investors in the areas of commercial law, securities and derivatives.


The lawsuit is the second class action lawsuit against Terra. Nick Patterson filed the first class action lawsuit on July 17, 2022 through the law firm Scott+Scott.


It's not the last lawsuit the Do Kwon Terra team will face. On Tuesday, Terra community member FatManTerra warned the company that lawsuits are now pending in countries other than the United States.


Terra broke several laws

According to Bragar Eagel & Squire , the company violated the Exchange Act by pursuing "a plan, scheme and course of action" aimed at " deceiving retail investors" and eventually encouraging them to "sell Terra tokens at artificially inflated prices." to buy".


In addition, the law firm alleges that Terraform Labs (TFL) violated securities laws by selling unregistered securities. These allegations are similar to the allegations made by Scott+Scott in the July 17 lawsuit.


Bragar Eagel & Squire's lawsuit also alleges that TFL violated the Racketeer Influenced and Corrupt Organizations Act (RICO) and engaged in a fundamentally fraudulent, dishonest and criminal operation. This is called organized crime .


The law firm Bragar Eagel & Squire also filed a second major lawsuit this Sunday against Alexander Mashinsky and Celsius Network LLC .


Community leader supports new lawsuits

Terra and Terraform Labs will likely face more lawsuits in the future, although the two companies already have plenty to do with two class action lawsuits in the United States.


On Tuesday, senior Terra community member FatManTerra proclaimed that "even if Terra isn't looking for more problems, the problems will come to her now." In a Twitter thread, the former follower explained how his initial enthusiasm changed once the community member learned more about the inner workings of TFL:


“I was deeply disappointed to see a system I really believed in – decentralized money, good returns on savings, and an exchange everyone can access – collapse. It was a bittersweet ending."

FatManTerra initially thought that "Terra had been attacked by a malicious actor and nothing could have been done".


FatManTerra further claimed that “TFL had faked the chai volume on the blockchain to create the illusion of real demand for Terra. Jump had secretly bailed out UST in 2021, even though the firm knew the scheme was unsustainable. TFL and Hashed had manipulated the anchor volume to create artificial stability.”


With this information, FatManTerra then concluded that "Terra was a brilliantly disguised scam all along."


The community member who is helping to organize participation in the Scott+Scott lawsuit now states that further legal action will be taken in other countries .


Disclaimer

All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general information purposes only. Any action that the reader takes based on the information found on our website is entirely at their own risk.

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