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During the third quarter, CoinShares showed a modest recovery in revenue by delivering a resilient performance despite recent and residual turbulence in the digital asset space.
Singapore-based crypto lender Hodlnaut reportedly lost almost $190 million, as a result of Terra's collapse earlier this year in May. According to a report published by Bloomberg, the embattled lender led investors and customers to believe that its exposure to Terra was not as significant.
According to a report, the embattled crypto lender Hodlnaut saw a significant loss from the Terra blockchain collapse last May. The report notes that Hodlnaut downplayed the company's exposure to the Terra ecosystem and allegedly lost $190 million from the incident.
Do Kwon's whereabouts are shrouded in secrecy as legal complications surrounding his failed stablecoin project pile up
A Singapore-based court is set to hear a lawsuit filed by over 350 international investors against the co-founder of embattled Terraform Labs Do Kwon. The investors claim to have lost about $57 million due to the collapse of the Terra blockchain and the subsequent crash of its native token Luna.
A report from the interim judicial manager has uncovered that cryptocurrency lender Hodlnaut's Hong Kong branch lost nearly $190 million during the collapse of the Terra/Luna digital token in May 2022.
Beleaguered cryptocurrency lender Hodlnaut had downplayed its exposure to the Terra ecosystem and its sister token Luna (CRYPTO: LUNC) created by fugitive Do Kwon in the run-up to and after its crash and had suffered a nearly $190 million loss as it collapsed, according to the findings of an interim judicial managers' report. “It appears that the directors had downplayed the extent of the group's exposure to Terra/Luna both during the period leading up to and following the Terra/Luna collapse in May 2022,” the report states, according to Bloomberg.
Terra's collapse in May has been the most difficult event to happen to crypto this year and firms like Hodlnaut are still feeling the impact.
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A judicial report alleged that the crypto lender's directors ‘downplayed' the extent of its exposure to the Terra ecosystem.
The Supreme Court of Singapore will this week hold a hearing on a class-action lawsuit filed against Terraform Labs CEO Do Kwon.
On Wednesday, a hearing will take place in Singapore on a case brought against Terraform Labs Pte. Ltd. CEO Kwon Do-hyung on behalf of 359 foreign investors who suffered losses of about US$57 million as a result of Terra-failure, LUNA.
UST's collapse supposedly resulted in losses of nearly $190 for Hodlnaut.
Terra Luna Classic price has done well in the past few days as demand for the community-led token increase. What next for LUNC?
A fresh lawsuit has been initiated in Singapore against embattled Terra Form labs CEO Do Kwon, the Luna Foundation Guard (LFG) and Terra founding partner Nicholas Platias by victims of the UST-induced market meltdown that saw over $40 billion worth of crypto assets evaporate in May.
The voyage of this pair of coins, UST and LUNC, has its ups and downs. Do Kwon and Daniel Shin, a pair of South Korean techpreneurs, founded Terraform Labs in Seoul in 2018.
Do Kwon, now a fugitive wanted by South Korean prosecutors and the Interpol, has a new fire to put out as more than 300 investors from Singapore decided to file a class action lawsuit against the Terra Labs co-founder.
Terraform Labs founder Do Kwon, along with the Luna Foundation Guard (LFG) and Terra founding member Nicholas Platias, are facing a fresh $57 million class action suit from aggrieved investors in Singapore.
The Terraform Labs founder, Do Kwon has been facing numerous legal charges and investigations since the time Terra network's LUNA and its stablecoin UST collapsed in May. Recently, the founder has received a Red notice by Interpol to arrest him immediately.
Do Kwon, the founder of Terraform Labs & creator of the algorithmic stablecoin UST, is now the target of a lawsuit in Singapore which was filed by more than 350 aggrieved investors who lost nearly $57 Million in the UST de-pegging event. The class action lawsuit alleges that Kwon & his subordinates intentionally misrepresented the The post Do Kwon Faces Fresh $57 Million Lawsuit from Investors appeared first on CoinGape.
A class action suit alleging that TerraUSD was fraudulently misrepresented is seeking $57 million.
The lawsuit alleged Kwon and others made fraudulent claims on UST "either well knowing that they were false and untrue, or recklessly not caring whether they were true or false."
A $57 million lawsuit against Terra co-founder Do Kwon has been brought to light by the Wall Street Journal. The lawsuit alleges fraudulent misrepresentation by Kwon.
The Terra collapse, in which $60 billion of value evaporated, has already gone down as a defining moment in cryptocurrency history. The post Terra collapse sparked explosive growth in long-term Bitcoin supply appeared first on CryptoSlate.
