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The Luna Foundation Guard (LFG), a non-profit organization that supports the Terra ecosystem, has halted the planned distribution of $100 million from its reserve among small UST holders citing litigation concerns.
TerraUSD's de-pegging from the dollar marked the first time when the algorithmic stablecoin slipped below $1 since it embarked on a highly-publicized bid to build Bitcoin and Avalanche reserves. This made the token dip to $0.985 before recovering to the $1 mark.
The plans to compensate affected Terra users is still far from reality.
The fund cited “ongoing and threatened litigation” in its reasons for being unable to distribute its remaining assets to UST users starting with the smallest HODLers.
The Luna Foundation Guard announced today that it would not reimburse UST holders until legal matters were resolved.
Crypto researcher FatManTerra slams Terra Luna Foundation Guard's defense on why it can't repay bereft TerraUSD (UST) investors. The post Luna Foundation Wants to Repay Small-Time UST Investors, but Why Can't They?
In the face of what it said was mounting legal pressure, the Luna Foundation Guard said it would postpone efforts to compensate users. The post Luna Foundation Guard postpones compensation efforts, cites ‘ongoing and threatened litigation' appeared first on The Block.
Luna Foundation Guard (LFG) tweeted October 7 that its effort to distribute the remaining assets of the failed Terra ecosystem to the token holders has been frozen due to ongoing litigations. The post Luna Foundation blames litigations for non-distribution of assets to Terra holders appeared first on CryptoSlate.
The group still has about $100 million in reserves that it has pledged as compensation.
CORRECTION: Since publication, the reporting and headline of Celsius executives withdrawing crypto has been corrected to $17 million based on documentation provided by CTO Nuke Goldstein's lawyers, who showed that most of his apparent withdrawals were sent to other accounts at Celsius. The original headline indicated a figure of $42 million.
According to Yonhap News, an arrest warrant for Mr Yu — described as a key figure in the team — has been dismissed by a local court.
Since being detained on Thursday as part of an ongoing investigation into Terra-LUNA, Yoo (full name withheld), the head of general affairs at Terraform Labs Pte. Ltd. and a close friend of unidentified chief executive officer (CEO) Kwon Do-hyung, or Do Kwon, has been released from custody.
South Korea's Ministry of Foreign Affairs announced on Wednesday (5 October) that Terraform Labs Pte. Ltd. CEO Kwon Do-Hyung, aka Do Kwon, would have his passport revoked in four weeks if he did not return it.
Yoo Mo, the head of general business operations of Terraform Labs, had an arrest warrant issued for him, but the Seoul Southern District Court judge in South Korea dropped it because it wasn't necessary to keep him in custody.
South Korean authorities are telling embattled Terraform Labs founder Do Kwon to hand over his passport as they claim he is on the run.
A wallet belonging to an entity likely associated with Luna Foundation Guard still has over 6,983.21 BTC in a self-custodied wallet.
In his decision to dismiss the warrant, the judge reportedly considered that Yoo Mo had a residence and family ties in South Korea and was already barred from leaving the country.
The arrest warrant for Do Kwon's head of business operations has been thrown out.
Following an ongoing investigation into the meltdown of the Terra ecosystem, South Korean authorities have captured the first person.
A South Korean court dismissed an arrest warrant for a Terraform Labs employee, a move that came hours after reports emerged about his arrest. The post South Korea court dismisses arrest warrant for Terraform Labs employee appeared first on The Block.
South Korean authorities have made their first arrest in the Terra crash investigation. According to a report by a local media outlet on Thursday, Yoo Mo, Terraform Lab's Head of General Affairs, has been arrested.
Do Kwon tweeted in part on Wednesday, "Once again, I don't even use Kucoin and OkEx, have no time to trade, no funds have been frozen," in response to CoinDesk's story summarizing News1's reporting that South Korean prosecutors have frozen $39.6 million worth of his cryptocurrency assets. CryptoQuant Head of Marketing Hochan Chung weighs in.
Woes facing troubled Terra Labs founder Do Kwon are deepening after South Korean authorities threatened to revoke his passport.
Authorities hit the notorious Do Kwon with an ultimatum to surrender his passport in 14 days.
