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The U.S. Securities and Exchange Commission (SEC) opened its civil trial against Terraform Labs by casting the blockchain firm as a fraudulent operation. At the court proceedings in the Southern District of New York, SEC lawyers portrayed Terraform Labs as a financial disaster where investors experienced huge losses.
The civil trial against Terraform Labs commenced in the U.S. District Court for the Southern District of New York, with the United States Securities and Exchange Commission (SEC) launching scathing allegations against the blockchain firm.
In a dramatic opening to a much-anticipated trial, the US SEC cast Terraform Labs and its co-founder, Do Kwon, as central figures in a vast financial deception that left investors nearly destitute following its collapse, Reuters reported on March 26.
Terra Luna Classic's resilience shines through with a swift 35% jump: is a TOP 100 LUNC comeback imminent?
The Terraform trial holds significant implications for the crypto industry. A win for the SEC would solidify its authority to regulate cryptocurrencies deemed securities.
The former Terraform Labs CEO has been set free in Montenegro following the completion of his sentence.
Terraform Labs is set to face a high-stakes trial on Monday, grappling with civil fraud allegations linked to the collapse of its TerraUSD stablecoin in 2022. Meanwhile, Terra co-founder Do Kwon remains in Montenegro awaiting the decision on whether he will be extradited to the United States or South Korea to face criminal charges.
LUNA's value surged in double-digits within the last 24 hours, hinting at a further bull rally.
Terraform Labs co-founder Do Kwon has been released from prison in Montenegro as the Balkan country's Supreme Court weighs competing extradition requests from the U.S. and South Korea.
Terraform Labs and its embattled co-founder Do Kwon will face trial in New York on Monday following charges filed by regulators for the events leading up to the implosion of TerraUSD stablecoin. According to court documents, the United States Securities and Exchange Commission (SEC) alleges fraud as well as investor deceit on the state of
The US Securities and Exchange Commission alleges fraud in the case, which led to a $40 billion loss in investor assets and impacted the crypto industry, even causing the failure of the FTX crypto exchange. Legal Confrontations Shake Crypto Industry The trial of Terraform Labs Pte.
The prices of LUNC and USTC have both seen a considerable boost in the past day. But although there has been a bit of a recovery in the crypto market, another reason entirely is behind this surge in price and it has everything to do with the currently incarcerated founder of the Terra blockchain, Do Kwon.
Former Terraform Labs CEO Do Kwon is reportedly released from jail in Montenegro. However, Kwon remained under house arrest over the weekend.
While Do Kwon awaits the Montenegrin Supreme Court's decision about his fate, the U.S. shows no mercy to SBF as it readies to sell two of the former FTX CEO's private planes.
Terraform Labs and its founder Do Kwon are set to face trial on Monday in Manhattan on a regulator's claim that they lied to investors before the collapse of two of the company's cryptocurrencies, which roiled markets in 2022.
Now the foreign police department will take care of him.
His release came as the country's top court squashed his extradition to South Korea. However, the Montenegro authorities held back his passport, preventing him from traveling outside the country.
South Korean crypto figure Do Kwon has been freed from detention in Montenegro as the Supreme Court considers extradition requests from the United States and South Korea.
Former Terra CEO Do Kwon also had his passport confiscated as he ended his prison term on March 23 in Montenegro.
Do Kwon, the founder of Terra (LUNA), has been released to house arrest, as reported by ZyCrypto, leading to a significant 26% surge in the cryptocurrency price.
Even though Terraform Labs and Kwon are no longer connected to Terra Classic, these tokens still saw big increases because of this news.
Multiple sources have reported that Do Kwon, the ex-chief executive officer of Terraform Labs, was set free from jail on Saturday while the high court in Montenegro decides on two separate extradition requests submitted by South Korea and the United States.
Last week, Terraform Labs founder Do Kwon grabbed headlines while spot Bitcoin ETFs witnessed a bearish turn. Also, regulators reportedly look at Ethereum.
The decision to release Kwon reportedly came from the Council of the Supreme Court, which is set to review a decision that could grant or deny extradition to his native South Korea.
