Tag Archives: Terra (LUNA)

Terraform Labs co-founder Do Kwon has faced a new legal setback after Montenegro’s Supreme Court once again approved the extradition. With this decision, the previous extradition ruling by the High Court has been reversed, thereby resetting the whole process. The final decision now rests in the hands of the Minister of Justice, Andrej Milovic, who had previously expressed willingness towards extradition to the US. Do Kwon’s Extradition According to a local report, the court...

Although the US has yet to win the extradition victory against South Korea for Do Kwon, a New York court has already ruled against the fallen former crypto mogul in a legal case launched by the Securities and Exchange Commission. Do Kwon and his crypto brainchild – Terraform Labs – were found guilty of misleading investors in the 2022 crash. The Terra collapse from two years ago was among the loudest in the cryptocurrency industry, which resulted in an investor loss of around...

The National Police Agency of South Korea is calling for help with extraditing Do Kwon shortly after a Montenegro court refused to send him to the United States. Per a report from local outlet Newsis, the agency sent a telegram to the Secretariat of the International Criminal Police Organization (Interpol) on Thursday. “We hope for interest and support at the Secretariat level so that the subject can be extradited to Korea,” reads a translation of the request. “The Ministry...

In a recent filing, the U.S. Securities and Exchange Commission (SEC) has urged the Delaware bankruptcy court to reject Terraform Labs’ proposal to retain Dentons U.S. LLC as its special counsel. The SEC has raised concerns about the amount paid to Dentons, describing it as “suspicious.” SEC Raises Concerns Over TFL’s $166M Transfer The SEC noted that Terraform Labs transferred $166 million to the Dentons Advance Payment Retainer. Out of this total, $122 million was moved...

Terraform Labs co-founder Do Kwon has won a second appeal against the Montenegro High Court’s decision to uphold extradition requests from both the U.S. and South Korea. The case will now head to the first-instance court for reconsideration based on the new ruling. Court of Appeals Overturns Extradition Decision Initially, Kwon had won an appeal in December, overturning the High Court’s decision in favor of the extradition requests. However, the same court reversed its...

A former developer at Terraform Labs, known only as “Lee,” reportedly took the stand on Monday at the 14th Criminal Division of the Seoul Southern District Court, testifying against the company’s co-founders, Kwon Do-hyeong and Shin Hyun-seung. The witness, formerly a leader within the Terra development team, provided crucial testimony against Terra founder Do Kwon and Terraform Labs co-founder Shin Hyun-seung. Lee’s Testimony According to a local media outlet report, Lee...

The U.S. Securities and Exchange Commission (SEC) has expressed a lack of opposition to postponing the Terraform co-founder Do Kwon’s crypto fraud trial and, instead, is open to waiting until he is extradited. Two court filings were submitted by federal prosecutors, outlining the case against Kwon and Terraform Labs concerning the $40 billion collapse of TerraLuna (LUNC) and TerraUSD (UST) in May 2022. SEC Consents to Delay in Terraform Case The SEC has consented to a “modest...

Earlier this year, the SEC’s crusade against cryptocurrencies seemed to be coming to a head after Judge Analisa Torres sided mostly in favor of Ripple, who ruled that XRP is, broadly speaking, not a security and that its purchase could only be considered an investment contract in certain circumstances. The two parties, however, are still duking it out, with a final decision expected in early 2024. Terraform Labs Attempted to Capitalize on Ripple’s Headwinds Given the success...

Following the collapse of Terra Luna and FTX last year, the UK policymakers have committed to introducing a new regulatory regime for crypto assets and stablecoins to ensure sustainable and secure mainstream adoption. The United Kingdom policymakers have in the past year worked closely with different financial institutions and other stakeholders in formulating detailed regulatory frameworks for cryptoassets and stablecoins. According to CryptoUK, the trade body formed to represent the...

The U.S. Securities and Exchange Commission (SEC) is calling for a conclusion to its legal battle with Terraform Labs and its co-founder Do Kwon, calling on a Manhattan judge to deliver summary judgment in the case. In the agency’s view, the evidence “is clear, undisputed and overwhelming,” that the crypto mogul violated securities laws in the distribution of the Terra blockchain’s native cryptocurrency, LUNA, and its now defunct stablecoin TerraUSD (UST). Do Kwon’s Lies,...