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Terra boss Do Kwon is looking for a lawyer, the authorities are probably preparing charges

 


Terra co-founder Do Kwon is said to have hired a South Korean lawyer, although just days earlier the CEO of Terraform Labs had claimed that the country's law enforcement authorities had not yet filed any charges against him.


According to a South Korean media report , the Seoul South District Procuratorate has issued a notice appointing an attorney for Kwon. The public prosecutor is investigating the case of the failed blockchain project Terra (LUNA).


Although Kwon says no charges have been filed against him, investigating authorities are said to have conducted 15 raids on affiliated companies, including seven crypto exchanges, linked to the failed project by the end of July.


Investigators are said to have informed Kwon, who is staying in Singapore, while key Terra employees were banned from leaving South Korea.


Shortly after the $40 billion crypto project Terra publicly failed in May, South Korea launched investigations into the local company. In addition, the first steps have already been taken to prevent such cases in the future.


As part of the investigation, charges were brought against Terra operator Terraform Labs in June, allegations of tax evasion and market manipulation . In the course of this, a travel ban was imposed on employees of the company.


The collapse of Terra, the associated cryptocurrency LUNA and the associated stablecoin TerraUSD (UST) triggered a veritable domino effect in the crypto industry, which not only put massive pressure on the Bitcoin price, but also drove several companies to the brink of bankruptcy . The aftermath still lingers.

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