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.

 

Teach yourself technical analysis: Technical Analysis

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

Follow @ItuGlobal

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

WHAT IS ADVFN?

ADVFN covers all things stock market.

From the news and opinion pieces on pages like this to share discussion forums, charting tools, financials, live share prices and Level 2, order book data

If you trade or invest ADVFN has the tools you need to make the right decisions.

• 

  101 Ways to Pick Stock Market Winners

  You need the number one bestselling investment guide, the definitive text for day traders, investors and stock pickers.

• 

  The Death of Wealth

  Dissecting the global economy and the financial markets, the book lays out the evidence for the next economic game changer: the Death of Wealth.

• 

  Trader Tim

• 

  Currencies Direct

• 

  getbux

• 

  Our Man In Rio