South Korean Government, Prosecution Turn up the Heat on Do Kwon and Terraform
South Korean lawmakers and financial regulators are taking aim at Do Kwon (full name Kwon Do-hyeong) and his firm Terraform Labs.
Following the news that three or more separate civil legal cases – each potentially involving hundred of South Korean terra (LUNA) investors – have already been formulated, further trouble appears to be in store at the governmental and parliamentary levels.
Adding to the legal “complaint process” leveled against both Kwon and Shin Hyun-seong, Kwon’s Co-founder at Terraform Labs and the head of the TMon e-commerce empire, a joint meeting on “the Luna-Terra incident” will be held at the National Assembly on the afternoon of May 24, Herald Kyungjae reported. The meeting will be headed by the People’s Power Party’s Policy Committee Chairman Seong Il-jong and the recently formed Virtual Assets Special Committee’s Chairman Yoon Chang-hyun.
Officials from all three of the top financial regulators – the Financial Services Commission (FSC),the Financial Intelligence Unit (FIU), and the Financial Supervisory Service (FSS) – will be attending, including the FSC’s Vice Chairman Kim So-young.
The report noted that the prosecution service will be a notable absentee from the joint meeting, but added that an official from the National Police Agency was “expected to attend and report on the status of ongoing investigations.”
The group will focus not only on the LUNA crash and subsequent fallout, but also on exchanges’ responses to it – a matter that has fallen under scrutiny following a burst of speculatory activity on domestic platforms. It will also focus on a range of other policy-level measures aimed at bolstering “investor protection” in the crypto space.
Yoon will also chair a separate “emergency seminar”
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