South Korea Files Lawsuit Against Terraform Labs CEO Over UST Collapse

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LKB & Partners, one of the leading law firms in South Korea, is preparing to sue Terraform Labs CEO Do Kwon, local media has reported.

LKB has noted they are applying on behalf of ordinary investors. Several employees of the firm who lost money as a result of the collapse of the algorithmic stablecoin TerraUSD (UST) may also join the lawsuit.

LKB representatives also plan to file a complaint with the Financial Investigation Department of the Seoul Police Department and a request for seizure of Kwon’s property to the city’s South District Prosecutor’s Office.

According to Yonhap, LKB lawyers are considering filing a lawsuit against project founder Daniel Shin.