Terra’s CEO’s legal battle heightens as Terra influencer FatMan announces plans to join the lawsuit slammed by a popular international law firm.
Do Kwon, the CEO, and founder of TerraForm Labs (TFL), has recently been slammed with various charges. Last month, the TFL boss was slammed with a lawsuit by famous securities and consumer rights litigation firm Scot+Scott Attorneys.
The international law firm filed the charges in the U.S. on behalf of investors who suffered heavy losses following their investments in Terra ecosystem tokens, UST and LUNA.
Kwon is accused across various parts of the world of being the major cause of Terra’s implosion. Interestingly, more allegations have surfaced, thus indicting Kwon further for being responsible for the Terra incident.
With the amount of information gathered so far, the popular Terra influencer who goes by the pseudonym, FatMan, has announced that he will be joining the Scott+Scott Attorneys to prosecute Kwon.
“We will be joining the class action lawsuit filed in the US by the international law firm Scott+Scott… We are also preparing actions in another jurisdiction. We demand a fair trial to uncover all of TFL & Do Kwon’s wrongdoings and so that justice can take its course,” FatMan added.
We will be joining the class action lawsuit filed in the US by the international law firm Scott+Scott. We are also preparing actions in another jurisdiction. We demand a fair trial to uncover all of TFL & Do Kwon's wrongdoings and so that justice can take its course. (11/15)
— FatMan (@FatManTerra) July 26, 2022
FatMan Changes His Narrative About Kwon
Contrary to his previous narrative that Terra’s implosion was caused by malefactors, FatMan accused Kwon of being responsible for the collapse of the project.
The pseudonymous Terra influencer said TFL’s employees had revealed a lot as to what crashed the Terra project, and these revelations have changed his assessment of the entire incident.
“Employees & insiders from within Terra, Jump, and more stepped forward in private and revealed things that changed my assessment of the situation entirely,” FatMan said.
In the weeks that followed, everything changed. Employees & insiders from within Terra, Jump and more stepped forward in private and revealed things that changed my assessment of the situation entirely. This was not merely a failed experiment as I had initially thought. (6/15)
— FatMan (@FatManTerra) July 26, 2022
Evidence Indicting Kwon
Some insider information disclosed to FatMan includes TFL faking Terra’s transaction volume on the blockchain to give people the impression that there is high demand among investors.
Other revelations about the Terra project include the fact that Jump Capital secretly provided a bailout for Terra last year, Hashed and TFL manipulating Terra’s Anchor volume to create a “facade of stability,” etc.
“After hearing insider testimony, researching blockchain transactions, and seeing how Do Kwon had been silently cashing out millions into offshore accounts – one thing was clear. I was wrong. There was no attack. And Terra had been brilliantly disguised fraud all along,” he added.
FatMan acknowledged the fact that Kwon is a genius. However, he chose to use his genius to create a fraudulent scheme that wreaked havoc on many investors.
“Instead of using his genius for good, Do use it to create a scheme so convincing, ingeniously mixing in real utility with sheer lies, that it led to not only the downfall of thousands of investors but also some big funds who had been hoodwinked in spite of solid research… But This Is Simply Not Acceptable”
This is simply not acceptable. The crypto world is sometimes forgiving on scammers – but when you enrich yourself using a fraudulent savings product that leads to multiple suicides, I don't think the fraud can go unpunished. We demand answers, and we demand justice. (10/15)
— FatMan (@FatManTerra) July 26, 2022
As reported by TheCryptoBasic, Terraform Labs is also Facing Second Class Action Suit In The U.S. By Law Firm Bragar Eagel & Squire.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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