Terraform Labs has received court approval to wind down operations in bankruptcy following a settlement with the U.S. Securities and Exchange Commission (SEC). The company had been at the center of a scandal that left cryptocurrency investors facing significant losses after the Terra ecosystem collapsed. Court Approves Terraform Labs Wind-Down Terraform Labs has been granted…
Read more
Following a settlement with the U.S. Securities and Exchange Commission (SEC), Chris Amani, who succeeded Do Kwon as the CEO of Terraform Labs, disclosed that the blockchain firm is set to dissolve. Terraform Labs Set to Close Doors Post-SEC Settlement Blockchain startup Terraform Labs has announced it is ceasing operations following a settlement with the…
Read more
A new bill co-sponsored by Senators Cynthia Lummis and Kirsten Gillibrand, aimed at regulating stablecoins, has drawn criticism for potentially stifling innovation and breaching First Amendment rights. The bill includes a provision that bans all “algorithmic payment stablecoins,” which could have significant implications for software developers and the broader tech community. Lummis-Gillibrand Stablecoin Bill Criticized…
Read more
Source: Adobe/Casimiro Four crypto tokens sold by Do Kwon and his co-founded company, Terraform Labs, has been qualified as unregistered securities. The tokens in question are TerraUSD (UST), LUNA, wLUNA, and Mirror Protocol (MIR), according to a recent summary judgment ruling by Judge Jed Rakoff of the U.S. Court for the Southern District of New…
Read more
On Tuesday, Montenegro’s appeals court overturned the extradition request for Terraform Labs co-founder Do Kwon. This reversal follows reports that Justice Minister Andrej Milovic had informally agreed to the extradition. Kwon to Remain in Montenegro, Decision Lies With Justice Minister For the time being, Kwon is set to stay in Montenegro, as the Appeals Court…
Read more
Source: Reuters The Appellate Court of Montenegro has accepted an appeal by Do Kwon’s attorneys – revoking the High Court’s decision to extradite the Terraform Labs’ founder to either South Korea or the USA. Therefore, the Appellate Court has annulled the decision of the Higher Court in the country’s capital of Podgorica. It returned the…
Read more
So-called “scandal” tokens are seeing a massive pump as risk appetite in the broader crypto market amps up as Bitcoin (BTC) hits fresh highs for the year above $42,000. Scandal tokens are cryptocurrencies/tokens associated with failed or defunct crypto projects/firms that were struck down by high-profile scandals. While the failure of their associated project/firm renders…
Read more
The trading firm and its CEO, Kanav Kariya, allegedly manipulated the price of TerraUSD to gain roughly $1.3 billion in profits. A federal judge has accepted materials from Jump Crypto Holdings in discovery for the United States Securities and Exchange Commission’s case against Terraform Labs. In a Nov. 28 filing in the U.S. District Court…
Read more
Analyzing USTC, LUNA, and AXS price action – do technical indicators confirm them as the best cryptos to buy now? Image by cryptonews.com. Following TerraClassicUSD’s 220% gains over the past few days, Binance listed USTC in perpetual futures with 50x leverage earlier today, further fueling its uptrend that saw prices surge 80% at one point…
Read more
Montenegro’s minister of justice will make the final decision on Do Kwon’s extradition to either South Korea or the United States. The saga of Terraform Labs co-founder Do Kwon continues to unfold, with a court in Montenegro approving his extradition to either South Korea or the United States. The High Court of Podgorica has determined…
Read more
