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The Do Kwon lawsuit proceeded to a January 29, 2024, trial, with Terraform Labs vowing to contest the SEC's allegations related to the UST collapse in May 2022.
A United States District Court has ruled in favor of the United States Securities Commission (SEC) in its case against Terraform Labs and its former CEO Do Kwon.
The Terraform Labs case, initiated in February, witnessed a crucial milestone with the issuance of a summary judgment by U.S. Federal Judge Jed Rakoff on December 28th. The judgment classifies Luna, MIR, and other crypto tokens from Terraform Labs as ‘securities,' shaping the trajectory of the ongoing security violation trial.
On Thursday, Judge Rakoff ruled Terraform Labs and Do Kwon breached securities laws, placing greater focus the SEC cases against Coinbase and Ripple.
The United States District Court has ruled in favor of the Securities and Exchange Commission (SEC) against Terraform Labs and its former CEO, Do Kwon. This decision, issued by District Court Judge Jed Rakoff, concludes that the entities were involved in the offering and selling of unregistered securities, explicitly targeting the cryptocurrencies LUNA and MIR.
The summary judgment removes one of the biggest questions looming over Kwon's trial, which will now focus solely on allegations of fraud.
A federal judge issued summary judgements siding with the SEC's arguments that Terraform had illegally sold unregistered crypto securities.
Judge Jed Rakoff — the judge overseeing the US Securities and Exchange Commission's case against Terraform Labs and former CEO Do Kwon — has granted a summary judgment in favor of the regulatory agency.
The SEC claimed that Terraform Labs and Kwon "orchestrated a multi-billion-dollar fraud involving the development, marketing, and sale of various cryptocurrencies," according to court documents.
This week witnessed a proliferation of global regulatory efforts as Nigeria lifts ban on crypto. Plus: Do Kwon, 3AC and Sam Bankman-Fried.
Do Kwon will not be extradited to the USA or South Korea.
The realm of cryptocurrencies is currently witnessing a watershed moment as the U.S. Securities and Exchange Commission (SEC) squares off against Terraform Labs and its co-founder, Do Kwon. This high-stakes legal showdown has caught the attention of both crypto enthusiasts and industry observers, underscoring its significance in shaping the future of digital assets and their regulation.
Despite its collapse in 2022, Terra (LUNA) is now one of the top altcoins by market cap, according to Coingecko data on December 20. The coin was trading at above $0.95, pushing its market cap to over $579 million. LUNA ranked #99 on Coinmarketcap at press time.
Terraform Labs and the United States Securities and Exchange Commission (SEC) have agreed on a protective order in their ongoing civil case. U.S. District Court Judge Jed Rakoff, presiding over the case in the Southern District of New York, sanctioned this agreement on December 20.
The legal team of Terraform Labs and Do Kwon have agreed with the SEC on maintaining the confidentiality of certain documents in their trial.
The SEC charged Terraform Labs and its co-founder Do Kwon with allegedly “orchestrating a multi-billion dollar crypto asset securities fraud” in February.
Do Kwon, a key figure in Terraform Labs, finds himself amid a legal storm as the U.S. Securities and Exchange Commission (SEC) pursues legal action against both him and the company. Meanwhile, this legal drama has taken a new turn with a recent move by Judge Jed Rakoff in the Southern District of New York.
Do Kwon, the co-founder of Terraform Labs, faces a significant legal challenge as the U.S. Securities and Exchange Commission (SEC) continues its lawsuit against him and his company.
In the latest development in the U.S. Securities and Exchange Commission (SEC) lawsuit against Terraform Labs and Terra co-founder Do Kwon, the court has issued a protective order governing the pre-trial phase of the case. While Do Kwon faces extradition proceedings in Montenegro, Terra attorneys request for dismissal of the lawsuit claiming overreach by the
In a recent legal twist, the Montenegro Appeals Court has disrupted the extradition process of Do Kwon, the prominent founder of Terra, shedding light on the intricate web of international law and cryptocurrency. This decision has set off a ripple effect in the high-stakes crypto drama that has captivated global attention.
Former Terra founder Do Kwon has successfully appealed his extradition with a high court in Montenegro and won.
Citing procedural flaws, the Montenegrin Appeals Court overturns the decision to extradite Do Kwon.
The extradition of Terra Labs' Do Kwon to the United States has been temporarily halted as a Montenegro court has ordered a review of the case.
The Appeals Court in Montenegro has canceled the High Court of Podgorica's approval to send Do Kwon, the crypto entrepreneur, back. According to the official statement on December 19, the Appellate Court pointed out problems in the legal steps, particularly the High Court's decision lacking clear reasons and facts.
