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Terraform and Do Kwon Secure First Victory as Investors Drop Class-Action Lawsuit
The class-action lawsuits against Terraform Labs and its co-founder Do Kwon alleging fraud, were abruptly withdrawn, leaving the reasons undisclosed.
Terraform Labs, renowned for its Terra stablecoin, started operations in 2018. However, a sudden crash in May 2022 occurred when the Terra blockchain experienced a temporary halt following the collapse of the TerraUSD (UST) stablecoin and Luna network. This breakdown resulted in a staggering loss of nearly $45 billion in market capitalization within a week.
The sudden fall of Terra resulted in intense scrutiny from global authorities, prompting the company to respond to various allegations and fraud cases. During this period, investors, led by Nick Peterson, filed a lawsuit, accusing the company and Kwon of orchestrating a deliberate scheme to defraud them.
The Reasons Behind the Lawsuit Withdrawal Remain Unknown
Yet, on September 28, a surprisin
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