Tag Archives: do kwon

Do Kwon, the co-founder of Terraform Labs, is at the center of a legal storm as new revelations regarding the terraUSD (UST) stablecoin collapse in 2022 come to light. Kwon is under investigation, with recent developments indicating that the involvement of market maker Jump Trading could be crucial in the legal proceedings. Jump Trading’s Profits Under Scrutiny in TerraUSD Case Following the collapse of the UST stablecoin in May 2022, Kwon was sued by the U.S. Securities and...

Lawyers representing the investors submitted a notice of voluntary dismissal of the lawsuit against Terraform Labs and Do Kwon in the United States District Court for the Northern District of California. The class-action lawsuits against Terraform Labs and its co-founder Do Kwon alleging fraud, were abruptly withdrawn, leaving the reasons undisclosed. Terraform Labs, renowned for its Terra stablecoin, started operations in 2018. However, a sudden crash in May 2022 occurred when the Terra...

A United States judge has ruled that the Securities and Exchange Commission (SEC) can seek assistance from the South Korean government in interviewing Daniel Shin, co-founder of Terraform Labs, along with Do Kwon. US District Judge Jed Rakoff ruled on Thursday that the SEC is permitted to utilize a procedure outlined in a 1970 treaty that regulates international evidence-gathering requests. Despite denying any misconduct, Kwon did not contest SEC’s request. As part of the...

Do Kwon – the nefarious founder of the now failed stable coin company Terraform Labs – will spend the next four months behind bars in Montenegro after he was detained at one of the nation’s airports with forged documents and phony passports. Do Kwon Heads to Prison The passports allegedly held by Kwon at the time of his detainment included ones from Costa Rica and Belgium. He attempted to board a flight that was on its way to Dubai in the United Arab Emirates...

CoinspeakerTerraform Labs Denies Motion Seeking Dismissal of SEC Fraud Allegations The implications of this judgment are significant for both Terraform and the broader ecosystem. Terraform Labs Denies Motion Seeking Dismissal of SEC Fraud Allegations

The blockchain company Terraform Labs has reportedly named Chris Amani its new Chief Executive Officer. He vowed to shift the entity’s products toward other directions and not offer algorithmic stablecoins.  The previous CEO, Do Kwon, resigned several months ago to focus on his legal issues. He is currently imprisoned in Montenegro, while the USA and South Korea have argued he is the main culprit behind the LUNA/UST crash last year, insisting on his extradition. Steering Away...

CoinspeakerTerraform Labs: Do Kwon Out, New CEO In However, some experts and analysts are skeptical about Terraform Labs' new efforts and its ability to regain the trust of the crypto community. Terraform Labs: Do Kwon Out, New CEO In

As per the VAUP legislation, the Financial Services Commission (FSC) will get the authority to oversee crypto operators as well as crypto custodians. South Korea has now implemented the first independent bill for digital assets in order to boost investor protection in the region. The development comes one year after the country’s biggest implosion of the Terra ecosystem last year which triggered the $2 trillion crypto market rout. On Friday, the South Korean parliament passed the Virtual...

The ‘Six Samurai’ proposal presents roadmap to important components such as the migration from Columbus-5 to Columbus-6 and an upgrade to the Cosmos SDK. Six engineers working on the Terra Classic ecosystem have proposed a ‘Six Samurai’ plan for the complete revival of the blockchain ecosystem. This development comes as some community members of Terra have been looking to break away entirely from the shadows of disgraced founder Do Kwon and bring new life to the LUNC ecosystem. Terra...

Earn Your First Bitcoin Sign up and get $12 Bonus Referral bonus up to $3,000 Sign up A Montenegro court has accepted a bail payment on behalf of Do Kwon, the disgraced crypto executive behind fallen digital currency firm Terraform Labs. The company established the crumbled algorithmic stable currency known as Terra USD. Do Kwon is Out on Bail At the time of writing, Kwon – along with another...