Terra’s Do Kwon is looking for help from a Korean law firm as the investigation heats up
Do Kwon, the CEO of Terraform Labs has hired a lawyer in preparation for potential legal action, days after making a public appearance following the fall of his company, which sent shockwaves through the cryptocurrency industry.
According to a story published on August 17 by the local Korean news portal Naver, Kwon appears to have sought the assistance of attorneys from a domestic legal business to assist him in preparing for the prosecution’s probe.
According to reports, he successfully filed an authorization letter to a prosecutor at the Seoul Southern District Prosecutor’s Office.
Bloomberg reported that the creator of Terra stated earlier this week that he has “never” been in contact with Korean officials or been charged with anything.
The charges brought against Terra’s founders
As a reminder, Terra’s founder is accused of fraud following the highly reported $45 billion fall of the Terraform Labs ecosystem, which included its stablecoin TerraUSD (UST) and native token Terra (LUNA).
Late in May, allegations of fraud emerged in a series of tweets by a user with the Twitter handle FatManTerra and the moniker “FatMan from Terra Research Forum,” a well-known source of leaks in the cryptocurrency business.
The home of Terra co-founder Daniel Shin was recently searched by South Korean authorities investigating the company’s collapse. Finbold reported at the end of July that prosecutors had requested a “notice upon arrival” for Do Kwon and a travel restriction for Shin.
Simultaneously, authorities from the Seoul Southern District Prosecutor’s Office conducted raids on a number of local cryptocurrency exchanges, seizing transaction records and other evidence related to the collapse of the Terra platform.
In the meantime, Kwon eventually broke his silence in the wake of the Terra Luna collapse by appearing in an August 15 interview with Coinage.
Before the interview’s broadcast, Coinage’s Zack Guzmán posted a teaser video in which Kwon discussed the stablecoin and referred to cryptocurrency as “the wild, wild west.”
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