As we wrote earlier, the creator of Terra, Do Kwon, was put on the international wanted list by Interpol thanks to the South Korean authorities. Also, by order of the Ministry of Foreign Affairs of South Korea, Kwon had to hand over his Korean passport.
Recently it became known that the founder of Terra now has further problems with the court not only at home, but also in Singapore, where Kwon is supposed to be hiding from the South Korean authorities. Terraform Labs PTE Ltd (the company is registered in Singapore), Nicholas Platias and the Luna Foundation Guard (LFG) have also become defendants in the new lawsuit.
According to a court document, more than 350 people have filed a lawsuit for $57 million. They believe that Do Kwon was aware of the "the structural weakness of algorithmic stablecoins" , but continued to attract investors to acquire more of the stablecoin.
Interestingly, some sources have named the date for the first court hearing (November 2) and have even posted a link to the website of the Singapore court, but if you click on it, the site shows an error. We tried finding out more information about the date of the hearing by the participants involved in the trial and the number of the court case, but this information is not publicly available. Perhaps this is done on purpose.
Do Kwon, who usually actively shares his opinion on news about himself on Twitter, has not commented on the situation as yet.
Will we see Do Kwon stand trial in any country? How much longer will he be able to hide and what will be the sentence by the courts? We will continue our observations and share the news with you.
This is an update to this article.