Luna and Terra investors who filed a complaint… Investigation team to launch soon

Investors who suffered losses as the Korean cryptocurrency Luna and Terra coins plummeted today (19th) filed a complaint with the prosecution. The Joint Prosecution’s Financial Securities Crimes Investigation Team is expected to launch a compulsory investigation soon.

Reporter Son Hyung-an on the sidewalk.

Lawyers of the victims who suffered investment losses due to the Luna/Terra coin crash arrived at the Seoul Southern District Prosecutors’ Office.

This is to file a complaint requesting that the CEO of the coin issuer Terraform Labs, Do-hyung Kwon and co-founder Hyun-seong Shin, be investigated on allegations of fraud, etc.

Five investors were listed first in the complaint, and the loss amounted to 1.4 billion won.

Lawyers emphasized that the Luna/Terra coin system algorithm was an unsustainable structure in the first place.

It is said that there is a possibility of violating the law in the process of collecting tens of trillions of won while recruiting a large number of new investors with a 20% annual interest rate guarantee.

[김종복/피해자 측 변호인 : 테라를 예치하고 많은 상당히 고액의 20% 가까운 이자를 지급하는 그런 프로그램이 있습니다. 그 과정에서 유사수신 규제에 관한 법률 위반을 범했다고….]

Lawyers explained that the reason why the complaint was filed with the prosecution, not the police, was that the merger had shown excellence in the investigation of financial crimes in the past.

After reviewing the legal principles of this case and actually starting an investigation, the Hap Sudan plans to begin a compulsory investigation soon after analyzing the contents of the complaint.

An official from the prosecution said that the recruitment of investigative personnel for the joint unit is also scheduled to be completed tomorrow as soon as possible.

Yang Seok-jo, the new chief of the Seoul Southern District Prosecutors’ Office, who leads the coalition team, is also expected to receive a detailed report on the incident around the weekend before taking office next Monday.

(Video coverage: Kang Dong-cheol, video editing: Kim Kyung-yeon)

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