Yesterday, Terra researcher FatMan tweeted: Terra is a deceptively convincing scam, and justice must be served. Thus, the choice to take part in the class action lawsuit Scott+Scott, a US law firm, has filed against TFL and Do Kwon. Prosecutors in South Korea had previously issued restricted entry and exit notices to Do Kwon and a number of executives.
Close Yesterday (26) FatMan, a researcher who published a lot of Terra Black content, tweeted that the reason he opened this account was to make useful suggestions. He made a suggestion on how to use the UST-linked reserve to reimburse small holdings following the collapse of LUNA. Some have gotten little official attention, despite being necessary to lessen the worst effects of the crisis.
He later realized he was mistaken and Terra had been expertly covered up after hearing insider testimony, looking over on-chain transaction logs, and witnessing Do Kwon secretly withdraw millions of dollars to offshore accounts. Fraud.
- Instead of using his ingenuity for good, Do Kwon created a convincing plan that subtly mixes practical utility with sheer lies, which has not only left thousands of investors battered, some Big funds that have done solid research have also been duped.
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. (8/15)
— FatMan (@FatManTerra) July 26, 2022
According to FatMan, justice must be served in cases of this kind of deception. As a result, they made the decision to join the US law firm Scott+Scott in order to support class actions brought by Terra victims.
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
It's time to take matters into our own hands. I'm sick of seeing our space invaded by scammers who think they can brazenly rob thousands of innocents and get away with it. People like Do Kwon make this industry rotten. It's time for a purge so crypto can be reborn anew. (14/15)
— FatMan (@FatManTerra) July 26, 2022
Do Kwon’s entry into South Korean territory must be reported to investigators right away.
In addition, the Korean Financial Securities Crime Joint Investigation Team has reportedly issued a “Notice on Entry to Do Kwon, the founder who is currently residing in Singapore,” according to the Korean media outlet “Dong-A Ilbo” today (27). This team is looking into the Terra crash and associated fraud allegations.
Investigators must be alerted as soon as he enters South Korean territory. Prosecutors have also given “no exit” orders to executives such Terraform Labs co-founder Shin Hyun-seong and former vice president Kim Mo.
Regarding the most recent investigative developments, the dynamic zone revealed last week that on the 20th of this month, South Korean authorities searched Kernel Labs, a business connected to Do Kwon, as well as the Seoul home of Terraform Labs (TFL) co-founder Daniel Shin. The goal of the investigation, according to South Korean authorities, is to determine whether the two co-founders are under suspicion of embezzling public funds.
There are also 7 well-known local cryptocurrency exchanges, including Upbit and Bithumb, Dunamu & Partners, the investor that first backed TFL, as well as TFL affiliates The Ancore Company, Kernel Labs, and Flexi Corporation, among others. The list also includes a total of 15 locations for search and seizure.
The inquiry, according to South Korean prosecutors, was concentrated on three businesses connected to the two co-founders of TFL: Kernel Labs, Chai Corporation, and Flexi Corporation.
