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HomeCryptocurrencyPlaintiff Voluntarily Dismisses Lawsuit against Do Kwon and Terraform Labs: Details

Plaintiff Voluntarily Dismisses Lawsuit against Do Kwon and Terraform Labs: Details

The Matthew Albright vs. Terraform Labs case filed against the firm behind the development of the imploded Terra blockchain, pending before the New York Southern District Court, has been dismissed voluntarily by the plaintiff.

On the 9th of January, the plaintiff gave notice of voluntary dismissal of the case “without prejudice and without costs against the defendant(s) Delphi Digital Consulting, LLC, Do Kwon, Jose Macedo, Jump Trading, LLC, Kanav Kariya, Luna Foundation Guard, Ltd., Nicholas Platias, Remi Tetot, Terraform Labs, Pte. Ltd…”

Read Also: 1.2% Tax Burn to be Implemented As StarShip Accepts Terra Classic (LUNC) as Payment Method

Recall that the lawsuit filed in August 2022 accused Do Kwon and others of violating the Racketeer Influenced and Corrupt Organizations Act by inflating the price of UST and publicizing false information to mislead the public over the allegation of money laundering, worth $80 million.

The report reads in part:

“Defendants touted the stability of the coins and guaranteed 20% annual returns on coins deposited in Terraform Labs’ high-yield savings application on the Terra blockchain — the Anchor Protocol.”

Read Also: Top LUNC Dev Submits Proposal for No Canonical Repo on Terra Classic

A Terraform Labs Spokesperson, who commented on the new development via an email recently sent to TimesTabloid, said:

“In another victory for Terraform Labs, the plaintiff in Albright v. Terraform Labs voluntarily dismissed the case after it was demonstrated that he had sustained no injury. From the moment the Terra ecosystem was attacked and UST depegged, TFL has been adamant that neither the company nor its principles committed any wrongdoing.


“Since then, South Korean prosecutors had nine of their nine detention warrants rejected by the courts, the LFG report was released and demonstrated the above and-beyond efforts by LFG and TFL to defend the UST peg, an explanation emerged for the attack itself, and now this case has been voluntarily dismissed.  The intervening months have confirmed that the facts are on our side, and more are and will continue to come to light.”

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Tobi Loba
Tobi Loba
Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.

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