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Terraform Labs and its founder Do Kwon have agreed to a tentative settlement with the US Securities and Exchange Commission (SEC). According to court documents filed on Thursday, the Singapore-based crypto entity and Do Kwon had reached the agreement with the US regulator to settle the fraud case on May 29.
Terraform Labs and CEO Do Kwon are finalizing a settlement with the SEC. Both parties are expected to submit the final terms for court approval by mid-June.
The startup behind the collapsed LUNA and TerraUSD coins is settling with the SEC over fraud charges, a court filing revealed Thursday.
Terraform Labs and co-founder Do Kwon have tentatively agreed to settle a fraud case with the U.S. Securities and Exchange Commission (SEC), according to a court filing Thursday.
Singapore-based Terraform Labs and its founder Do Kwon have reached a tentative settlement with the U.S. Securities and Exchange Commission in the regulator's case alleging they misled investors before the 2022 collapse of the stablecoin TerraUSD, according to a court filing.
Multichain portfolio tracker Pulsar Finance has added Solana to its list of supported blockchains. With the Solana integration, the platform now supports 100 blockchains.
After another successful appeal from Do Kwon's legal team, Montenegro's High Court will once again decide whether to extradite the Terraform Labs co-founder to the United States or South Korea.
Montenegro's High Court will decide whether to extradite Do Kwon to the U.S. or South Korea.
Crypto analyst Javon Marks has laid out a bullish narrative for Terra Classic (LUNC). Based on his analysis, the crypto token could eventually see a 13x increase from its current price levels.
The Montenegro Appeals Court has halted Do Kwon's extradition to South Korea, calling for a retrial in the initial court. This move contradicts the previous High Court ruling. Interestingly, this decision follows a meeting between Montenegro's Justice Minister and the SEC's Director of Enforcement, raising questions about potential influences on the legal proceedings.
Montenegro appeals court has reversed the order to extradite Do Kwon, the cryptocurrency entrepreneur, to South Korea. Kwon is wanted over the collapse of Terraform Labs, which led to significant financial losses.
Since his arrest in March 2023, Do Kwon has been in Montenegro. He could be extradited to either his native South Korea or the United States to face fraud charges.
A Montenegro appeals court has reversed an order to extradite Do Kwon, the cryptocurrency entrepreneur behind Terraform Labs, to South Korea. Kwon is wanted for his alleged role in the company's collapse, which caused a $40 billion loss and impacted global crypto markets. Both South Korea and the U.S.
U.S. Securities and Exchange Commission (SEC) delegates met with Montenegrin officials to discuss Do Kwon.
The Terraform Labs co-founder was still in Montenegro as his lawyers and the courts considered requests for extradition to the U.S. or South Korea.
Do Kwon, the former Terraform Labs chief, is still in Montenegro waiting for his extradition decision.
Today is considered one of the darkest days in the history of the crypto assets market. Terra's LUNA cryptocurrency started to collapse in the second week of May 2022, but by 15 May 2022, the coin had shed a whopping 99.999% of its value, going from $100 just a week prior to less than $0.002 by the end of the day.
Terraform ecosystem's sister tokens LUNA and UST collapse was preceded by founder Do Kwon's tweet stating that he is deploying more capital. The tweet did not age well, two years post the crisis, Terraform Labs and founder Do Kwon are faced with $5.3 billion in penalties.
Lawyers for the commission cited several examples of Do Kwon touting UST to U.S. investors and Terraform's former communications head making false claims about the stablecoin.
In March 2024, Terraform Labs and its co-founder Do Kwon faced accusations of fraud from a New York Jury, along with demands from U.S. regulators to pay a hefty penalty of $5.3 billion.
Lawyers for the firm claimed that any alleged losses caused by the platform's or Do Kwon's actions happened outside the United States, beyond the SEC's authority in the civil case.
Lawyers for Terraform Labs and Do Kwon pushed back against the SEC after the agency requested them to pay billions of dollars in fines.
Do Kwon's lawyers contend the court should not grant any injunctive relief or disgorgement and should impose at most a $1 million civil penalty against Terraform Labs.
Terraform Labs and its founder, Do Kwon, are contesting the SEC's proposed $5.3 billion fine, labeling it unjustified, following allegations of fraud and unregistered token sales.
