Do Kwon Hires Law Firm in South Korea Anticipating Legal Battle: Report

The former CEO of Terraform Labs is reportedly hiring lawyers to prepare for a potential legal battle over the collapse of the multi-billion dollar Terra ecosystem that made headlines in May.

according to the new report According to South Korean news agency WowTV, Do-kwon recently submitted a letter of appointment to a lawyer at the Seoul Southern District Public Prosecutor’s Office, which is investigating him.

Terra (LUNA) and its related stablecoin UST lost their peg in May, causing losses of tens of billions of dollars and plummeting to virtually nothing.

Kwon has faced multiple investigations so far and has been vocally criticized by multiple individuals, including global hacktivist group Anonymous.

Anonymous said last month that it planned to hold Mr. Kwon responsible for the collapse of Terra, but did not provide details.

The past few months have been bad for cryptocurrencies and the economy as a whole. Regardless of what is going on under the hood, we could experience some pain in the crypto industry due to the macro environment.

Also, another bear market was due to occur this year. However, the actions of Terra ecosystem founder Do Kwon are solely responsible for defrauding billions of dollars from retail investors.

In June, a court ordered Do Kwon to comply with a U.S. Securities and Exchange Commission (SEC) subpoena over Mirror Protocol, which provides the ability to trade synthetic versions of traditional stocks.

South Korean authorities have also launched a Ponzi scheme investigation into Terraform Labs, and several branches of the U.S. government have indicated their intention to pursue further crackdowns on the cryptocurrency industry.

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