Tag Archives: Terraform Labs

CoinspeakerTerraform Labs Trial Wraps with Jury Verdict, Faces Severe SEC Penalties and Sanctions Terraform Labs is set to deliver their final arguments in a civil fraud trial accused of defrauding investors with the TerraUSD stablecoin, which led to $40 billion in losses and wider crypto market havoc in 2022. Terraform Labs Trial Wraps with Jury Verdict, Faces Severe SEC Penalties and Sanctions

CoinspeakerTerraform Bankruptcy Protection to Help Appeal SEC Lawsuit, Chris Amani Says Terraform Labs believes that a self-funded Chapter 11 filing is the optimal path forward, providing the necessary breathing room to pursue the appeal, continue its software development business, and sustain LUNA’s value for stakeholders. Terraform Bankruptcy Protection to Help Appeal SEC Lawsuit, Chris Amani Says

The legal battle surrounding Terraform Labs is not without controversy. Terra co-founder Daniel Shin’s lawyer has blamed the “unreasonable operation of the Anchor Protocol and external attacks carried out by Do-hyung Kwon” for the Terra ecosystem’s collapse.  The United States Securities and Exchange Commission (SEC) is not backing down in its pursuit of justice regarding Terraform Labs’ alleged violations. Despite a jury’s conclusion that appeared to show leniency towards Do Kwon, the SEC...

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

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...

A court in Montenegro has found Do Kwon guilty of document forgery and has sentenced him to jail. Kwon will remain in custody longer pending the country’s response to an extradition request. CEO and co-founder of Terraform Labs Do Kwon has been found guilty of document forgery and sentenced to a four-month jail term. Kwon was convicted and sentenced by a Basic Court in Podgorica, the capital of Montenegro. Authorities in Montenegro arrested Do Kwon back in March for carrying fake...

Kwon is currently expected to show up in court on June 16. The value of Kwon’s property was based on a statement alone, lacking concrete evidence. As a result, the high court has ruled against his bail. The requests to bail out Do Kwon, co-founder of the defunct Terra Labs, were rejected due to insufficient document verification. After a lower court reviewed the documents, a bail motion was made but was ultimately rejected by the high court due to improper property valuation. As a result,...

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...