Lawsuit Against Do Kwon, Other Terra Execs Dismissed

January 10, 2023

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Lawsuit Against Do Kwon, Other Terra Execs Dismissed

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After the collapse of the FTX exchange like a pack of papers, there has been a shift of attention from the Terra ecosystem collapse to the former FTX CEO, Sam Bankman-Fried, however, some reports have started bringing back Kwon’s memory.

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Class Action Against Do Kwon and Other Terra Executives Voluntarily Dismiss

The co-founder of Three Arrows Capital (3AC) Su Zhu shared a tweet on Tuesday, January 10 showing that the class action against Terra Labs and its CEO DO Kwon has been dismissed.

Curious how long it will take cryptonative media to report on this sudden voluntary dismissal of class action against Luna foundation and Luna investors pic.twitter.com/8SyMhB4u4g
— 朱溯 ???? (@zhusu) January 10, 2023

Matthew Albright filed a suit against Tera Labs in the U.S. District Court Southern District Court for the Southern District of New York which according to the above tweet, the case was voluntarily dismissed by the court with no prejudice against Kwon and other Terra Executives.

The defendants are Terraform Labs, Jump Trading, Delphi Digital Consulting, Luna Foundation Guard (LFG), Do Kwon, Nicholas Platias, Jose Macedo, Kanav Kriya, and Remi Tetot.

According to the suit, Do Kwon and other Terra Executives were accused of falsely promoting TerraUSD, Luna, and other related cryptocurrencies, the suit alleged that the defendants promoted the stability of the cryptos while making profits from the Terra Labs and eventually moved into the Terra Labs executives personal accounts.

The suit is likely to be promoted by the recent allegations against Bankman-Fried and Alameda Research regarding market manipulation and trading of Luna tokens. Do Kwon and Su Zhu had at a time blamed Genesis Trading and Alameda Research for the Terra event.

There are other active lawsuits against Terra Labs and its CEO which include Bragar Eagel & Squire, P.C., and securities and consumer rights litigation firm Scott+Scott.

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