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A new lawsuit against the “Terra” development team…Details here

A new lawsuit against the “Terra” development team…Details here

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Answer A new lawsuit against the “Terra” development team…Details here

Recently, a class action lawsuit was filed against Terraform Labs, the company that supports the Terra blockchain.

The lawsuit is not only directed against Terraform Labs, but also includes investment companies such as Trip capital, Republic Capital and other venture capital firms that invested in the previously failed Terra blockchain.

Prosecutor Nick Patterson accused Terraform Labs of selling unregistered securities and making a series of false and misleading statements about the entire ecosystem.

In particular, the lawsuit bore the Terra team’s promotion of TerraUST’s stability and the Anchor Protocol.

The team also ensured that investors would receive a 20% interest share.

The lawsuit also says that both inexperienced buyers and professional investors invested in Terra on this basis.

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Almost 75% of the total market capitalization of the UST digital stablecoin has been deposited in Anchor due to aggressive marketing.

The lawsuit also carried comedic reactions on social media posted by Terraform co-founder Do Kwon who, through his tweets, attempted to downplay any criticism of Terra and silence his critics.

The plaintiff is seeking compensation in dollars for the difference between the purchase price of Terra coins and the selling price of these digital coins.

He told Patterson that the defendants were able to obtain a financial benefit from selling their cryptocurrency at inflated prices.

Read:Crypto Bulls cryptocurrency trading platform enters the Middle East through the UAE gate

As we mentioned earlier in the Arab Bitcoin, the US Securities and Exchange Commission recently launched another investigation into “Terraform Labs” to determine whether the digital tokens in question are unregistered securities or not.

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