A senior U.S. district judge has rejected the approach taken in the Securities and Exchange Commission (SEC) v. Ripple ruling regarding XRP. “The court declines to draw a distinction between these coins based on their manner of sale,” explained the district judge presiding over the SEC v. Terraform Labs case. Judge Rakoff Rejects Approach in…
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The U.S. Securities and Exchange Commission (SEC) has told a federal court that some portions of the Ripple ruling regarding XRP “were wrongly decided.” The regulator has asked the court to ignore parts of the ruling, noting that “SEC staff is considering the various available avenues for further review and intends to recommend that the…
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According to court documents, the SEC stated that it is now “considering the various available avenues for further review” on the ruling which found XRP to not be a security. The U.S. Securities and Exchange Commission has suggested that it may appeal a recent ruling on the Ripple Labs lawsuit, which deemed XRP to not…
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Terraform Labs appointed a new chief executive officer following Do Kwon’s resignation on March 31, 2023. In a Wall Street Journal interview, the interim CEO, Chris Amani, discussed his team’s “vision” for rescuing the beleaguered blockchain project. Terraform Labs Finds New Leadership, Attorneys Seek to Dismiss SEC Case Following Ripple Decision Chris Amani, Terraform Labs’…
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Law enforcement officials in Switzerland reportedly seized approximately $26 million in bitcoin and other cryptocurrencies, believed to be linked to Terraform Labs and its co-founder, Do Kwon. Local media in South Korea revealed that the funds were confiscated from Sygnum, a crypto bank based in Zurich. The U.S. Securities and Exchange Commission is said to…
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While the co-founder of Terraform Labs has been sentenced to four months in jail in Montenegro, a team of six anonymous developers have been attempting to revive the Terra Classic ecosystem after its collapse in May 2022. The six programmers, known as the “Six Samurai,” wholeheartedly believe that luna classic (LUNC) has “limitless upside potential.”…
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Montenegro’s court has determined that Do Kwon, the co-founder of Terraform Labs, is guilty of using a counterfeit Costa Rican passport. As a result, he has been sentenced to four months in jail for the offense. Do Kwon Sentenced to 122 Days in Prison, Defendant Has 8 Days to Appeal According to the Montenegrin court,…
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A judge in the United States considered on Thursday whether the cryptocurrencies created by Terraform Labs were securities. The failed blockchain firm and its founder, Do Kwon, have asked the court to dismiss a case filed by the U.S. Securities and Exchange Commission (SEC) alleging that they defrauded investors whom they sold unregistered securities. Judge…
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A Montenegrin high court judge has reportedly invalidated the bail application of Do Kwon, the co-founder of Terraform Labs. Kwon was detained for providing false identification while boarding a flight to Dubai alongside a companion on March 23, 2023. Terraform Labs Co-Founder’s Bail Request Invalidated by Montenegrin High Court For the past 62 days, Do…
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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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