In addition to the investigations, former investors have filed multiple lawsuits against Kwon and other VC firms that made up the Luna Foundation Guard, accusing them of misleading investors and violating federal securities laws, according to CoinDesk. One of the plaintiffs in a lawsuit filed in the Northern District of California said Kwon’s so-called “Terra Tokens” resembled securities, thanks in no small part to Kwon’s marketing efforts.

Kwon, once a billionaire based on the holdings of his coins, told The Wall Street Journal earlier this year that he lost almost all of his net worth during the downturn. More importantly, the collapse also reportedly wiped clean the savings of thousands of investors around the world.

“I’ve been devastated by recent events and hope that all the families who’ve been impacted are taking care of themselves and those that they love,” Kwon told The Journal.