Bitcoin24h $111,057.08-0.23%

Ethereum24h $4,317.83-0.27%

XRP24h $2.83+0.77%

BNB24h $858.07+1.49%

Solana24h $203.96+0.24%

Dogecoin24h $0.2175+1.62%

TRON24h $0.3321-1.07%

Cardano24h $0.8335+2.04%

Hyperliquid24h $47.56+5.12%

Chainlink24h $22.44-0.08%

Terra lawsuit filed just days after South Korea raids crypto exchanges

More trouble for Terra and its founder Do Kwon. A lawsuit has been filed, claiming TFL knowingly sold inflated tokens.

Upbit, Bithumb among Korean crypto exchanges hit in Terra fraud raid

Korean authorities raided the exchanges in a bid to uncover whether the Terra collapse was intentionally caused by Do Kwon.

The suit alleges defendants, which also include Terraform Labs, conned investors by failing to register tokens as securities with the SEC.

The UST co-founder was accused of siphoning off $2.7 billion in 33 monthly withdrawals of $80 million each.

A US Second Circuit court has rejected pleas by Terra LUNA’s founder Do Kwon to ignore a SEC subpoena he received last year.