South Korea's Terra LUNA investors are estimated at 280 thousand people with a total ownership of 70 billion LUNA. So far, only about 5 people have reported through the LKB & Partners attorney's office.
This was written in the editorial (editorial) of the South Korean news agency, Yon Hap, Thursday (19/5/2022), based on records from the Financial Services Commission (FSC).
The editorial of a media reflects the breadth and impact of an event on the public. In this case, the Terra LUNA case actually harmed millions of citizens in many countries, including in South Korea itself, because the price of the crypto had hit zero a few days ago.
"South Korean financial authorities say there are about 280,000 local investors, believed to hold around 70 billion LUNA," the media said, written by Kim Han-joo.
One of the culmination of this severe chaos was today the reputed Lawyers' Office, LKB & Partners on behalf of a number of their clients, reported Do Kwon and Daniel Shin and the company they founded, Terraform Labs, to the Southern District Prosecutors' Office in Seoul.
South Korea's Terra LUNA Investors Lose US$1.1 Million
According to a spokesperson for the team of lawyers, so far they have represented 5 Terra LUNA investors with a total loss of 1.4 billion won (US$1.1 million). The victims suspected the defendants of fraud and violating the law on crowdfunding. Even the lawyer acknowledged that there were investors from other countries, such as the United States and Italy.
“Do Kwon and other co-founders of Terraform Labs provided false information about algorithm errors at LUNA and UST that resulted in price crashes. Even the company is involved in an investment scheme that promises a profit of up to 19.4 percent per year. We and our clients view it as a form of fraud," the attorney's office said in a press release.
Do Kwon founded Terraform Labs with Daniel Shin (founder of TMON) in 2018 in South Korea and has similar entities in Singapore, including the Luna Foundation Guard (LFG).
A few days ago, an original-looking document circulated which was said to be evidence that Terraform Labs had disbanded on April 30, 2022, based on the results of the general meeting of shareholders. In early May 2022, the High Court in Seoul approved the disbandment.
Previously, a man in Seoul turned himself in to the police. He admitted that he was the one who came to Do Kwon's house and asked his wife where Do Kwon was. He also had time to visit the house the day after. He admitted that he was a LUNA investor whose losses were equivalent to tens of billions of rupiah. [ps]
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