The American investment firm Albright Capital has pulled out of a class action lawsuit against Terraform Labs, the firm behind the Terra protocol and the Terra Luna Classic (LUNC) coin. Per court documents, Albright – along with its fellow claimants, the legal firms Scott & Scott and Bragar Eagel & Squire – voluntarily retracted its…
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Terraform Labs is the founder of US Dollar Terra (UST), an algorithmic stablecoin that lost its peg in May. Albright Capital has dropped its lawsuit against Terraform Labs and its founder Do Kwon, according to a Notice of Voluntary Dismissal filed in U.S. District Court on January 9. Before its dismissal, the lawsuit had alleged…
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Some financial experts with a specialty in bubbles believe crypto is either one of the biggest bubbles in history or a smart Ponzi scheme not seen before. 2022 can be considered one of the worst years for the crypto ecosystem as a number of high-profile DeFi and CeFi platforms collapsed. Among the more notable examples,…
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Fabio Panetta, part of the Executive Committee of the European Central Bank (ECB), believes that unbacked cryptocurrency assets are vehicles for gambling without intrinsic value, which need to be regulated. In an opinion piece, Panetta states that while cryptocurrency regulation is a good answer to the problem, it must also touch on decentralized finance structures.…
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The World Economic Forum (WEF) has reviewed what happened in 2022 in crypto, making several predictions about the future of the ecosystem. Dante Disparte, CSO of Circle, in an article published for the WEF, states that while 2022 has been a terrible year, the building blocks of the industry will continue to be “integral parts”…
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Arrest warrants were sought for Terraform Labs co-founder Daniel Shin, three investors and four engineers responsible for TerraUSD (UST) and LUNA initiatives. Amid the ongoing manhunt for Terraform Labs co-founder and CEO Do Kwon, South Korean authorities have spread out their investigations to target other Terra executives. Prosecutors issued an arrest warrant for co-founder Daniel Shin…
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South Korean financial regulators say they warned the Terraform Labs co-founders Do Kwon and Daniel Shin against launching their business back in 2018 – but were ignored…. Read More: S Korean Financial Regulator Says it Warned Terraform Co-founders of Danger Back in 2018 Read more »Sign up for e-EUR – the progressive stablecoin
While the analytics firm Nansen published a report that points to the Terra collapse igniting the flames of FTX’s and Alameda Research’s financial problems, onchain data from the intelligence and research firm Glassnode suggests FTX’s “cracks had formed as far back as May-June.” Glassnode’s report highlights a “growing pool of [onchain] data” that shows FTX’s…
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South Korea’s prosecutors have reportedly obtained a court order to freeze assets worth about $104 million belonging to Terraform Labs co-founder Daniel Shin. The authorities allege that he unfairly profited from selling cryptocurrency LUNA at high prices before the token crashed. Shin has denied the allegation. South Korean Authorities Freeze Terraform Labs Co-Founder’s Assets The…
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South Korean officials have confiscated over $100 million worth of funds belonging to Terraform Labs co-founder Shin Hyun-Seong (Daniel Shin). According to a Thursday report by South Korean local publication YTN, a South Korean court authorized the confiscation of 140 billion won ($104 million) worth of funds belonging Hyun-Seong that he allegedly earned for selling LUNA (currently LUNC)…
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