Do Kwon and Daniel Shin (CEO and Co-Founder) of Terraform Labs, to Face a legal action From a South Korean Law Firm.

Chief Executive Officer and joint founder of Terraform Labs may soon have to face legal action and confiscation of their property. This is coming after the Terra (LUNA) crash which happened the previous week.

The Law firm (LKB and Partners) disclosed its intention of taking legal actions against Kwon to the newspaper (Munhwa Illbo) in South Korea. The law firm also mentioned that the legal dispute will be filed in the coming week. There are indications that Do Kwon may as well lose his belongings in this struggle. This is because the law teams of Capital Market and Intellectual property are working up an order to confiscate Kwon’s belonging(s).

More Happenings Following the Crash
A lot of LKB workers were affected when Terra (UST) and LUNA Crashed: losing about $40bn in worth. Likely, the affected workers might as well take legal actions against Kwon.

Following the crash, Terraform’s legal team resigned, and the national regulator commenced an assessment of cryptocurrency exchanges in the country. While all the aforementioned actions are ongoing, Kwon has been submitting proposals on how to rescue the Terra system.

The Rescue Plan
Kwon disclosed: via his Twitter account, his plan of forking the present blockchain. He revealed that he has been receiving useful comments and creative suggestions from the circle.The Terra rescue plan will lead to:

1. The creation of the New Terra blockchain with no stablecoin.
2. The renaming of the previous blockchain as Terra Classic.
3. Airdroping of 1bn LUNA token to Terra app programmers, and every wallet that is currently holding or loaning out the LUNA or UST for a  specific duration of time.

 

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