Terraform founder Do Kwon will be released from jail but placed under police surveillance at a local residence, a Montenegrin court has decided. The trial against him and another Korean, on charges of travelling on false documents, opened on Thursday with both pleading not guilty. Court Grants Bail Request for Do Kwon, Puts Him Under…
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Federal securities laws only apply in the United States, but the protocols were developed overseas, argues Terraform Labs. Terraform Labs is seeking to have a class action lawsuit against the firm dismissed, arguing the United States securities laws referenced are not applicable to its foreign-developed protocols. On May 3, Terraform Labs requested a California federal…
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Attorneys defending the co-founder of Terraform Labs, Do Hyeong Kwon, also known as Do Kwon, have presented their argument that says the U.S. Securities and Exchange Commission (SEC) has no jurisdiction in the matter. The legal team asserts that U.S. law precludes regulators “from using federal securities law to assert jurisdiction over the digital assets…
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Things are not looking good for Terra Luna (LUNA) in 2023. The cryptocurrency was last changing hands around $1.26 per token, 50% down from earlier annual highs to the north of $2.50. That means LUNA has now erased the entirety of this year’s gains. Compare that to Bitcoin and Ether, both of which are up…
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According to the recent complaint by the U.S. Securities and Exchange Commission (SEC) against Bittrex, the securities regulator insists that a few crypto asset tokens were offered and sold as investment contracts and are securities. The news follows the SEC’s designation of several crypto assets as securities, including the case against Terraform Labs, which insists…
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Prosecutors investigating failed blockchain firm Terraform Labs have found out that its Singapore office sent millions of U.S. dollars to lawyers just before the crash of its cryptocurrencies. According to Korean media, the transfers suggest that co-founder Do Kwon was aware of the imminent collapse. Terraform Labs Transferred Large Amounts of Money to South Korean…
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Authorities in South Korea have reportedly seized assets worth billions of won belonging to former representatives of Terraform Labs. The measure should prevent suspects in the case with the failed blockchain firm from selling property that may have been obtained with criminal proceeds. South Korean Law Enforcement Moves to Seize Terraform-Linked Real Estate, Report Prosecutors…
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Shin currently faces multiple fraud charges, specifically concerning allegedly hiding risks associated with investing in the in-house tokens by Terraform Labs. A local court in South Korea denied the prosecutor’s request to issue an arrest warrant for Terraform Labs co-founder Shin Hyun-Seong, also known as Daniel Shin. This was the second attempt made by South…
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A court in South Korea has again denied the arrest warrant for Daniel Shin, a co-founder of Terraform Labs who is being investigated for fraud. Shin has been accused of illegally profiting from the sale of over $100 million worth of the luna cryptocurrency before it collapsed. Seoul Court Leaves Terraform Co-Founder at Large Citing…
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An attendee shared an image of a Terra banner with the slogan “a decentralized economy needs decentralized money,” prominently displayed during Major League Baseball’s opening day, as Terra’s founder Do Kwon remains in custody in Montenegro. As baseball enthusiasts flocked to Nationals Park in Washington D.C for the Major League Baseball (MLB) opening day, the…
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