An Illinois resident sues Terra form Labs and its founder Do Kwon

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    A person from Illinois sued Terraform Labs, its founder Do Kwon, and several VC firms that make up the Luna Foundation Guard (LFG), saying that they broke federal securities laws and misled investors.

    Nick Patterson, the plaintiff, filed a lawsuit on Friday in the Northern District of California asking for it to be treated as a class action. He hopes that a jury trial will help him get back any money he lost and pay any fees for injunctions or punishments.

    Last month, both LUNA and UST went down in a big way after the stablecoin lost its peg. So far, trying to get investors interested in LUNA again hasn’t worked.

    In the filing, which has screenshots from Twitter, Kwon’s dismissive responses to other people who said UST faced a risk of depegging are used a lot.

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