Do Kwon is reportedly hiring a lawyer in South Korea to prepare for the Terra investigation.

Terraform Labs co-founder Do Kwon has reportedly hired a lawyer from a South Korean law firm, days after he claimed South Korean authorities had not yet contacted him or prosecuted him. .

According to local media reports, Kwon recently submitted a letter of appointment to a lawyer at the Seoul Southern District Public Prosecutor’s Office, which is investigating the Terra Luna collapse.

Kwon claims he was not charged, but South Korean prosecutors, who were in charge of investigating Terraform Labs, reportedly conducted searches and seizures of 15 companies in the third week of July. ing. This includes his seven crypto exchanges related to the now-defunct Terra collapse.

Prosecutors reportedly notified Mr. Kwon, who was staying in Singapore, and banned him from leaving the country.

Related: When Do Kwon breaks his silence, it triggers a reaction from the community

South Korean authorities launched an investigation shortly after the collapse of the $40 billion Terra ecosystem in May. The first action came around the end of May when authorities decided to set up a new crypto oversight committee to avoid future Terra-like incidents. was sued and charged with breaches of financial conduct in

Then, in June, authorities launched a formal investigation into the case, finding Terraform Labs guilty of tax evasion and market manipulation. National prosecutors have banned Terraform Lab employees from leaving the country.

The collapse of Terra-USD and the implosion of the $40 billion ecosystem has had a devastating impact on the larger ecosystem. The incident later led to crypto contagion claiming several crypto lenders and hedge funds.