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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High-risk tools will not be banned entirely, though they will be subjected to stricter transparency procedures. Legislators in the European Union have pushed forward with a draft of a new bill designed to keep artificial intelligence technology in check. According to the bill, the high-risk tools will not be banned entirely, though they will be…
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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 court says that It is difficult to see the Luna token as a financial investment product regulated by the Capital Markets Act. A South Korean district court has dismissed charges of security violations against former Terraform Labs CEO and co-founder Hyun-seong Shin. The court deemed LUNA (LUNA) (the native token of the LUNA ecosystem)…
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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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Kwon’s lawyers claimed that the SEC failed to prove the alleged defrauding of US investors in connection with Terra’s $40 billion collapse of TerraUSD (UST) and Luna (LUNA). The lawyers representing Terraform Labs co-founder Do Kwon reportedly argued in court against the allegations pressed by the US Securities and Exchange Commission (SEC). The federal agency…
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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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While Terraforms’ Do Kwon and Han Chang-jun are facing charges in Montenegro, the other co-founder, Shin Hyun-seung, still walks free in South Korea. Prosecutors in Montenegro have reportedly issued the indictments to Terra co-founder Do Kwon after arresting the executive in late March. The Prosecutor’s Office of the State of Podgorica has indicted former Terraform…
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Luna Classic (LUNC), the cryptocurrency that powers the now largely defunct original Terra blockchain, has been in a technical uptrend since last March, signaling possible price strength ahead. Price predictions are thus somewhat upbeat, at least in the short term. The Terra blockchain experienced catastrophe in May 2022 when its UST algorithmic stablecoin token depegged…
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