Do Kwon faces new $56 million lawsuit in Singapore over role in Terra crash
Troubled Terraform Labs founder Do Kwon is facing a new representative action lawsuit in Singapore regarding his role in the Terra (LUNA) crash. The suit worth $56.9 million was filed by over 300 plaintiffs who accuse Kwon of misleading them into believing that the Terra ecosystem stablecoin. According to court documents, the plaintiff referred to the Terra whitepaper that alleged that UST was stable and immune to volatility and demand due to its alleged design to retain a peg in such conditions. Furthermore, they are seeking compensation for fraudulent misrepresentation. Notably, the $56.9 million cited in the suit refers to the difference in value between the amount in US dollars.
Source
https://t.me/Terra_Luna_Tron
