The famous crypto community member ‘FatManTerra’ joins a class action lawsuit against collapsed Terra, its affiliates and CEO Do Kwon.
Yesterday, FatMan confirmed that he would be joining lead plaintiff Nick Patterson in the class action lawsuit Patterson v. TerrForm Labs Pte Ltd. et al. Just last month Nick Patterson filed a class action lawsuit against Terraform Labs, Do Kwon, and VC firms that make up the Luna Foundation Guard.
Scott+Scott Attorneys at Law LLP brought the class action lawsuit on June 17 alleging violations of the California Common Law, the Exchange Act, the Securities Act, the Racketeer Influenced and Corrupt Organizations Act (RICO), and the Securities Act.
All investors who purchased or acquired Terra tokens between May 20, 2021, and May 25, 2022, are covered in the class action lawsuit.
TerraUSD (UST), Terra (LUNA), KRT, ANC, WHALE, ASTRO, APPOLO, XDEFI, MINE, aUST, vUST, and MIR are among the tokens mentioned in the lawsuit.
According to FatMan’s Twitter thread, TRON founder Justin Sun, Binance, and Ethereum co-founder Vitalik all supported FatManTerra’s proposal, which “involved a direct conversion to USDC and refund to UST holders using an FDIC-style cap.”
When the Terra UST peg was lost and the reserves were completely drained, FatMan recalled that he was “heartbroken” to witness the collapse of a system he “truly believed in.”
Until now, three class action lawsuits have been filed in the United States against TerraForm Labs, Do Kwon, Nicholas Platias, and associates.
Similar class action lawsuits have been filed by the Rosen Law Firm and Bragar Eagel & Squire, with the same defendants, tokens, and allegations.
FatManTerra is demanding a fair trial to uncover all of TerraFormLabs & Do Kwon’s wrongdoings “so that justice can take its course.”
He believes that Terra had been a “brilliantly” disguised fraud all this time after hearing insider testimony, researching blockchain transactions, and seeing how CEO Do Kwon had been silently cashing out millions into offshore accounts.
The deadline for registration as a plaintiff in this lawsuit is August 19. Furthermore, FatMan confirms that he is preparing a class action lawsuit against Do Kwon and Terra in another jurisdiction.
FatManTerra ended the thread by noting “We will see this through until the end. No matter how long it takes – no matter how long we have to fight – it’s time to put our foot down and do the right thing. One way or another, Do Kwon will either atone for his sins or face retribution.”
