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Crypto investment firm Paradigm filed an amicus brief in the case between the U.S. Securities and Exchange Commission (SEC), and Terra (LUNA) co-founder Do Kwon. According to the April 21 filing, the crypto investment firm has never owned or invested in the Terra ecosystem and is not concerned with Defendant's position.
Shin's lawyer said that the exec has "nothing to do with the Terra, Luna collapse as he left the company two years before the fallout."
Shin Hyun-seong, co-founder of Terraform Labs, has been indicted along with nine other individuals for the collapse of the Terra stablecoin ecosystem. They are accused of fraud, breach of trust, and embezzlement, with illicit profits of nearly $350 million suspected.
Do Kwon, CEO of Terraform Labs, has requested the dismissal of charges filed by the SEC, arguing that the claims are invalid and that the agency lacked proper jurisdiction. Kwon's counsel stated that Terra's tokens and projects were not specifically targeted at U.S. investors.
The legal representatives of Terra's Do Kwon have asked the court to dismiss an SEC's charges against Terraform Labs and its founders
In the early hours of Tuesday, April 25th, 2023, Daniel Shin, co-founder of Terraform Labs, was reportedly indicted alongside nine others by South Korean prosecutors for multiple charges.
The South Korean district court recently dismissed security violation charges against Terra co-founder Hyun-seong Shin, deeming LUNA as non-security under Korea's Capital Markets Act.
Daniel Shin, co-founder of Terraform Labs, as well as nine other associates, have been indicted by South Korean authorities on violations of capital markets laws in relation to the devastating collapse of the TerraUSD stablecoin and sister coin LUNA in May 2022. Bloomberg reported that around £148mln (US$184mln) worth of assets has been seized from the accused individuals.
Terraform Labs co-founder Daniel Shin was among 10 individuals indicted by South Korean prosecutors on charges including alleged violations of capital markets law, marking a significant escalation in the long-running case.
Money hidden away from authorities is a tale as old as time, and it seems that it still remains a prevalent issue in the digital age. The U.S. Securities and Exchange Commission (SEC) revealed back in February, Do Kwon and Terraform Labs transferred a hefty sum of 10,000 Bitcoin (roughly 300 billion won) to a Swiss bank.
Money hidden away from authorities is a tale as old as time, and it seems that it still remains a prevalent issue in the digital age. The U.S. Securities and Exchange Commission (SEC) revealed back in February, Do Kwon and Terraform Labs transferred a hefty sum of 10,000 Bitcoin (roughly 300 billion won) to a Swiss bank.
South Korean prosecutors indicted 10 people including Terra co-founder Daniel Shin on Tuesday related to the Terra-LUNA crisis. Prosecutors froze $185 million in assets as part of the investigation, with Bitcoin worth millions remaining in a Swiss bank.
The indictment of 10 individuals associated with Terraform Labs, including co-founder Hyun-seong Shin, comes after 11 months of investigation into the collapse of Terra.
A South Korean court has ruled that the Terra (LUNA) token is not a security and that it won't be seizing property of co-founder Daniel Shin.
San Francisco-based crypto-focused investment firm Paradigm has filed an amicus brief in the US Securities and Exchange Commission (SEC) lawsuit against Terraform Labs and its co-founder Do Kwon. The venture capital firm was never invested in the Terra ecosystem and will support neither the SEC nor Terra and Do Kwon in the lawsuit.
South Korean prosecutors on Tuesday indicted the co-founder of the blockchain platform Terraform Labs, Daniel Shin, for fraud and other charges, the Yonhap news agency reported.
A recent ruling by a South Korean district court has found former Terraform Labs CEO and co-founder, Hyun-seong Shin, not guilty of security violations, which is expected to have a significant impact on how regulators treat cryptocurrencies in the country.
The recent court judgment in Seoul, South Korea, regarding the cryptocurrency “Luna” is significant as it categorically states that it is not a security. The court dismissed the prosecution's claim that Luna is an investment contract security regulated by the Capital Markets Act.
While the U.S. Securities and Exchange Commission (SEC) considers LUNA, the native token of the Terra ecosystem, a security, a court in South Korea has declared that it does not have attributes of a financial investment product regulated by the Capital Markets Act.
The Terraform Labs founder also called Terra's failed stablecoin a currency and said he wasn't given sufficient warning about alleged SEC violations.
A Korean Court has deemed LUNA not to be a security, making it the first time a court has been clear on the supposed properties of the token.
A district judge in Seoul stated in his judgment that Terraform Labs co-founder did not violate securities laws, since LUNA cannot be seen as a financial investment product and therefore is not regulated by the Capital Markets Act.
In a landmark court ruling on April 23, the Seoul Southern District Court ruled that Luna cryptocurrency is no longer classified as a security.
According to recent court documents, the attorneys for Do Kwon, the founder of the defunct cryptocurrency issuer Terraform Labs, have asked a United States court to dismiss charges levied against him by the Securities and Exchange Commission (SEC), in part because the regulatory body lacks the right jurisdiction. Do Kwon's Legal Tussle U.S. law enforcement
