Almost 12 months back, terrausd (UST), an algorithmic stablecoin, suffered a detachment from the U.S. dollar, causing the Terra ecosystem to crumble shortly thereafter. At present, supporters of the Terra Classic blockchain community are deliberating on a plan to revive the ecosystem by re-establishing the once-stable token’s peg with the U.S. dollar. In response to…
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In the wake of the recent legal action against ten associates of Terraform Labs, which included the co-founder Shin Hyun-seong, known to many as Daniel Shin, it appears that prosecutors from Seoul are convinced that Terraform Labs and co-founder Do Kwon are still in possession of a considerable sum of money, specifically 130 billion won…
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South Korean prosecutors have indicted Terraform Labs co-founder Daniel Shin and nine others on several charges, including violations of capital markets law related to the failed Terra/Luna project. Shin founded the company behind LUNA and UST digital currencies with the now-infamous Do Kwon…. Read More: Terra Co-Founder Among Ten Formally Charged in South Korea Following…
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Amidst the allegations against Do Kwon, the co-founder of Terraform Labs, a recent report by the Korean Sunday News has revealed that the Seoul Southern District Court has ruled in favor of LUNA, now renamed LUNC, by stating that it is not a financial investment product. Despite the recent enforcement action by the U.S. Securities…
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The legal team of the Terraform Labs Co-founder and CEO Do Kwon has hit out at the United States Securities and Exchange Commission (SEC) – claiming Terra coins are not securities. The lawyers claimed that the SEC charges against Terraform, Kwon, and other executives are baseless. And they filed a motion for the SEC’s charges…
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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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Terra founder Do Kwon and Terraform Labs’ chief financial officer Han Chang-joon are both accused of forgery by prosecutors in Montenegro. The two men are still in custody by Montenegro’s police after being arrested in the country in March, and prosecutors are now seeking to extend their detention. The news was first reported by Bloomberg…
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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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Terraform Labs founder Do Kwon sent millions in funds to a local law firm in South Korea just before the implosion of the Terra ecosystem. Kwon sent 9 billion won ($7 million) to lawyers at Kim & Chang, the largest law firm in South Korea, just before the collapse of the firm’s algorithmic stablecoin UST…
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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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