A group of investors has voluntarily dismissed the collective lawsuit alleging fraud against Terraform Labs and its co-founder Do Kwon, and the case has been withdrawn.

On September 28, the representative lawyer for the plaintiff, Nick Patterson, submitted a document to the U.S. District Court for the Northern District of California, notifying the voluntary dismissal only against Terraform and Kwon. The notice did not explicitly state the reason for the dismissal without prejudice.

"The document stated: '[Terraform Labs] defendants neither responded to the complaint nor moved for summary judgment… Because the proposed class was not certified for any purpose in this case and the dismissal is without prejudice, it is not binding on the proposed class members.'"

1/ In another win for Terraform Labs, the class-action lawsuit alleging fraud against TFL and @stablekwon has been voluntarily dismissed in the U.S. District Court for the Northern District of California.https://t.co/oYfkblOf0H

Patterson's legal team filed the lawsuit in June 2022 after the collapse of Terraform Labs, which many believed triggered a major cryptocurrency market crash. Since then, Kwon and the company have been the target of authorities worldwide for their alleged involvement in a scheme to defraud investors.

In February of this year, the U.S. Securities and Exchange Commission filed a civil lawsuit against Kwon and Terra, accusing them of "orchestrating a multibillion-dollar cryptocurrency securities fraud." Kwon was arrested by Montenegrin authorities in March and subsequently sentenced to four months in prison for using false travel documents. As of the time of writing, it is unclear whether he will be released in Montenegro or extradited to the United States or South Korea.

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