Tag Archives: do kwon

A South Korean District Court has declared that LUNA, the native token of the Terra ecosystem, is not a security. The court also dismissed prosecutors’ requests to confiscate properties belonging to Singapore-based Terraform Labs co-founder Shin Hyun-Seong, and also arrest him along with other executives of the Singapore-based project. LUNA Is Not a Security Token The Seoul Southern District Court categorically stated that LUNA is not considered a security, according to a...

Do Kwon’s lawyers indicated that Coinbase does not list securities, and the SEC has not been granted the powers by Congress to regulate digital assets as securities or commodities. The Terra Luna and Do Kwon case could be headed in a different direction after a South Korean court ruled that the rebranded LUNC project is not a security product. As a result, Do Kwon’s lawyers were motivated to ask the United States Securities and Exchange Commission (SEC) to stop pushing with the legal...

The infamous co-founder of Terraform Labs has reportedly lost his bid against the US Securities and Exchange Commission (SEC). The latter is now allowed to seek records from the Monetary Authority of Singapore (MAS) that could shed more details on how the 31-year-old developer managed Luna Foundation Guard and whether he had a hand in last year’s LUNA/UST collapse. Numerous agencies, watchdogs, and prosecutors alleged Kwon was the main culprit of the multi-billion crash. He...

After Kwon was arrested, the prosecutors indicated that he had paid the law firm before the collapse. As the legal battle between Do Kwon and South Korean prosecutors continues, the prosecutors stated that the CEO of Terraform Labs Do Kwon transferred some money to a law firm before TerraUSD and Luna crumbled. There are reports about the crypto entrepreneur sending 9 billion won ($7 million) to local law firm Kim & Chang just before the demise of the tokens he created. Do Kown is the...

Korean officials have linked approximately 91.4 billion won, worth about $69 million, in digital assets directly to Do Kwon. South Korea officials continue to grill former Terraform Labs co-founder Kwon Do-Hyung, popularly known as Do Kwon, following his arrest earlier last month in Montenegro as he attempted to flee to Dubai. The collapse of Terra Luna and its algorithmic stablecoin UST led to a loss of over $40 billion from the crypto market. As a result, the entire cryptocurrency...

US prosecutors have reportedly accused the notorious Co-Founder of Terraform Labs – Do Kwon – of orchestrating a cryptocurrency scam that drained at least $40 billion from investors. The authorities of Montenegro arrested the 31-year-old developer earlier this week after he was on the run for several months, hiding in numerous countries and falsifying his identity. The US Pressing Charges According to a Bloomberg coverage, US prosecutors named Kwon as the main culprit behind...

The news has already stirred the crypto ecosystem with many of the affected holders of LUNA yet to recover their losses. Do Kwon, the co-founder of Terraform Labs has been reportedly arrested in Montenegro, months after he vanished after the implosion of Terra (LUNA) and its algorithmic stablecoin UST. The arrest of Do Kwon was shared through a Tweet from Filip Adzic, the country’s minister of interior. At a time over the past year, Do Kwon was declared one of the most wanted men in the...

Do Kwon, the co-founder of Terraform Labs, who has been on the run since the $40 billion collapse of the Terra-Luna ecosystem in May, has been reportedly arrested by the local police in Montenegro. According to a tweet by Montenegro’s minister of interior, Filip Adzic, the police apprehended someone suspected of being Kwon at the Podgorica airport, and authorities are waiting for official confirmation of identity. Recall that Kwon was reportedly last seen in Serbia after...

The Securities and Exchange Commission (SEC) has been targeting several digital currency companies and individuals over the past few weeks. In the past, the agency made a case against Do Kwon, the former CEO of Terraform Labs, and now, it looks like that case has gotten even bigger. The SEC Continues Its Case Against Do Kwon Terraform Labs was the company behind the failed LUNA token, an alleged algorithmic stable currency. The situation surrounding Luna got really hairy...

The United States Department of Justice (DOJ) reportedly launched an investigation against Terraform Labs and its former employees to explore what led to the collapse of the project’s native token – LUNA – and its algorithmic stablecoin – UST. The US SEC recently accused the entity and its co-founder – Do Kwon – of orchestrating a massive fraud, suggesting this could be the main factor behind the catastrophe.  US DOJ Joins the Club According to a Wall Street Journal coverage,...