Class Action Suit Against Do Kwon & TFL Dismissed, Providing Relief to Investors

• A major class action suit against Do Kwon and Terraform Labs was voluntarily dismissed.
• Matthew Albright, a disgruntled investor, has withdrawn his class action suit against Do Kwon and other key players of the Terra blockchain collapse.
• Three Arrows Capital founder Zhu Su highlighted the sudden dismissal of the case.

Investors of the Terra blockchain have recently had a bit of relief as a major class action lawsuit against Do Kwon and Terraform Labs has been voluntarily dismissed. Matthew Albright, an investor in Terra, had filed a class action suit against Do Kwon, Terraform Labs, and others in August 2022. The suit alleged that Terraform Labs had violated the Racketeer Influenced and Corrupt Organizations (RICO) Act and had falsely promised a high return on investment when Terra coins were purchased between May 2019 and June 2022.

Albright and his legal team have now withdrawn the case, stating that the dismissal was without prejudice and cost against the defendants. This news was highlighted by Zhu Su, the founder of Three Arrow Capital, who tweeted about the sudden dismissal of the case. The whereabouts of Do Kwon remain unknown, and although the class action suit was dismissed, TFL still faces several other lawsuits.

The withdrawal of Albright’s class action suit is seen as a victory for the investors, who have been facing financial losses since the collapse of the Terra blockchain. The financial losses have been a major concern for investors, and the dismissal of this lawsuit has provided some respite. It is unclear what the implications of this dismissal are for the other lawsuits against TFL, but it is likely that the investors will be able to move forward with more confidence.

Proudly powered by WordPress | Theme: Beast Blog by Crimson Themes.