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TL;DR Terraform Labs and its founder, Do Kwon, challenge a $5.3 billion fine from the SEC. They seek a reduced fine of $1 million and question the SEC's justification for imposing sanctions.
In a legal battle unfolding in March 2024, Terraform Labs and its co-founder Do Kwon faced fraud charges from a New York jury, with U.S. regulators seeking a $5.3 billion penalty. Terraform's lawyers immediately oppose the allegations, citing jurisdictional and evidentiary issues. They argue that most of the token sales occurred outside the U.S.
Terraform Labs and its CEO, Do Kwon, have been confronted with substantive charges from the US Securities and Exchange Commission (SEC). According to the SEC, they have been involved with fraud involving more than $4 billion from unregistered token sales.
In March 2024, a New York Jury slapped fraud charges against Terraform Labs and its co-founder Do Kwon with the U.S. regulators demanding them to pay $5.3 billion in penalty. However, the lawyers representing Terraform have refused these allegations stating that the firm sold most of the UST stablecoins outside the United States.
Terraform Labs fraud fine is being opposed by the firm for the amount of $5.3 billion, arguing most sales were overseas.
The world's largest crypto exchange Binance on Wednesday burned 1.4 billion Terra Luna Classic (LUNC) tokens in its 21st batch of the LUNC burn mechanism. After the latest burn by Binance, the total LUNC burned by the crypto exchange to date has now surpassed over 57 billion.
On May 22, the U.S. District Court for the Southern District of New York is set to consider proposed financial remedies from Terraform Labs and its co-founder, Do Kwon, following a fraud verdict. The court will hear arguments over the SECs demand for nearly $5.3 billion in penalties versus a mere $1 million proposed by Terraforms legal team.
After a jury found Terraform Labs and Do Kwon guilty of fraud, a judge scheduled a hearing on May 22 to discuss penalties. The court will hear points about why the SEC wants almost $5.3 billion in fines, and Terraform's legal team only wants $1 million.
The SEC proposed that Do Kwon and Terraform pay roughly $5.3 billion in disgorgement, prejudgment interest and civil penalties, while the firm's team suggested only $1 million.
The Securities and Exchange Commission wanted Terraform Labs and Do Kwon, the platform's co-founder, to pay $5.3 billion in civil penalties for deceiving investors. The jury found the crypto company and co-founder guilty of misleading customers on April 5.
Lawyers representing Terraform Labs stated that the SEC should effectively seek the penalty from the Luna foundation Guard (LFG) which is a non-entity in this case as of now.
Terra Classic has recently proposed a new governance rule aimed at boosting network security and decentralization.
The crypto law scenes are getting intense. The US SEC has slapped a whopping $5.3 billion penalty against Terraform Labs and its co-founder, Do Kwon, in disgorgement and civil penalties. However, Terraform's legal team argues that this amount is excessive and suggests a maximum civil penalty of $1 million.
Lawyers for Terraform Labs and its co-founder Do Kwon say a fine closer to $1 million is more appropriate after being found guilty of fraud.
Lawyers for Terraform claimed that seeking disgorgement from the platform would involve the Luna Foundation Guard, a “non-party” in the SEC's civil case.
Terra Classic, a blockchain network, recently proposed a new governance rule. This rule aims to enhance the network's security and decentralization.
The emergence of Karak, a novel DeFi protocol, was anticipated to inject dynamism into the crypto sphere. However, the euphoria surrounding its launch has been overshadowed by allegations of impropriety.
The world's largest crypto exchange Binance to burn Terra Luna Classic (LUNC) tokens in its 21st batch of the LUNC burn mechanism on Wednesday. Binance has continued supporting the community for Terra Luna Classic revival since 2022 via its monthly LUNC burn mechanism and hasn't stopped it even after founder Changpeng “CZ” Zhao stepped down as
Terra Classic's chain validators grant the new burn tax model adjustments, dramatically reducing the immediate block rewards.
LUNC News: Terra Luna Classic community has unanimously approved a key proposal to update the interblochain communication (IBC) client between Terra Classic and Kujira (from 07-tendermint-178 to 07-tendermint-246), allowing the connection between the two chains to work again. This improves Terra Classic revival effort by increasing liquidity and freeing frozen funds.
Crypto firm Terraform Labs (LUNA) confirmed plans to block United States-based users after the recent SEC ruling. The decision comes as the blockchain company anticipates a looming court order (a conduct injunction) in the legal fight with the US SEC.
Terraform Labs, the company headed by criminally charged Do Kwon that caused the million-dollar crypto crash in 2021, announced that it will restrict US users from accessing certain products and features starting next week.
Terraform Labs (TFL) announced changes to its operations on April 25 in light of a recent court ruling related to the SEC's case against the company. TFL said it expects to receive a conduct injunction soon that will bar it from certain activities in the US.
Terra Classic Price: Over the past two weeks, the Terra Classic has witnessed high volatility wavering around the physiological level of $0.0001. The lack of initiation from buyers and sellers is further accelerated by the post-halving consolidation in Bitcoin recently witnessing a dip below $64k.
