The founder of Terraform Labs, Do Kwon, reportedly retained a law firm in South Korea before the wipeout in TerraUSD’s value, according to a Bloomberg report .
See related article: Local prosecutors say Terra-Luna’s Do Kwon has no identifiable assets in South Korea
Fast facts
The retention of a law firm by Do Kwon suggests that legal action could be a possibility in response to the wipeout.
Do Kwon reportedly sent nine billion won (US$7 million) to law firm Kim & Chang before the collapse of the Terra ecosystem in May 2022.
South Korean regulators have reportedly launched an investigation into the incident and are seeking information from Terraform Labs and other parties involved.
Terraform Labs is a blockchain company that issues stablecoins, including TerraUSD, which is pegged to the US dollar.
The incident has raised concerns about the stability of stablecoins and the potential risks of their underlying mechanisms.
The incident highlights the need for greater regulatory oversight of the crypto industry and the importance of transparency in stablecoin operations.
See related article: South Korean prosecutors to freeze US$5.36 million of Do Kwon’s assets, some in Switzerland
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