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In a definitive ruling, U.S. District Judge Jed Rakoff favored the Securities and Exchange Commission (SEC) in the multi-billion-dollar fraud case involving Terraform Labs and its founder, Do Kwon.
The Terraform boss was arrested and imprisoned in Montenegro over falsified documents after being on the run to escape his fate as the alleged mastermind behind the collapse of the blockchain.
A U.S. federal judge has ruled in favor of the Securities and Exchange Commission (SEC) in a case against Terraform Labs and its former CEO Do Kwon. According to a U.S.
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.
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.
In a significant stride toward decentralized governance, the Terra Luna Classic community recently voted to establish a novel community-led forum, marking a departure from the existing third-party platform. The proposal, aptly titled “Create official community commonwealth platform,” aimed to redefine the landscape by fostering unbiased moderation and consistency within the Terra Luna Classic ecosystem.
While the Terra Luna ecosystem battles to recover, the LUNC community votes to burn all USTC stablecoins. The decision comes as the project saw renewed interest in the plan to burn over 8 million USTCs from the Risk Harbor Wallet, which lost security keys. The community accepted to blacklist the crypto wallet.
In a recent development, the Terra Luna Classic (LUNC) community actively participated in voting on a proposal to burn all USTC (Terra USD) stored in the community pool. This decision is part of ongoing efforts to revitalize the chain and stimulate recovery in ecosystem tokens.
LUNC News: Terra Luna Classic community votes on a proposal to burn all USTC in the community pool, as part of efforts to revive the chain and bring recovery in ecosystem tokens. The move comes amid the renewed narrative to burn 800 million USTC from Risk Harbor Multisig Wallet, which sits idle as the project
The community within Terra Luna Classic has approved Proposal 11947, marking the consensus for a self-governed commonwealth platform.
The Terra Luna Classic community has successfully passed a proposal for a community-led Commonwealth platform, overcoming resistance from a portion of its members. The goal of the proposal is to move away from the existing third-party Commonwealth forum, aiming to improve impartial moderation and maintain consistency by creating an official forum.
The Terra Luna Classic proposal for a community-led Commonwealth platform is passed by the Terra Luna Classic community despite pushback from some members. The proposal aimed to depart from the current third-party Commonwealth forum to enhance unbiased moderation and ensure consistency by establishing an official forum.
Terra Luna Classic community has turned down another proposal targeting 800 million USTC burn, with a lack of consensus between community members, including validators. However, top validators haven't voted yet on the proposal despite less than 24 hours left for the governance voting.
The LUNC community has received a proposal from Genuine Labs, a group of experienced developers who aim to contribute to the Terra Classic ecosystem, something that could help revive the USTC and LUNC tokens. What The Latest LUNC Proposal Is About According to the proposal titled ‘Genuine Labs Terra Classic Development Proposal,' the developers who boast extensive experience in Cosmos stacks aim to work with L1 teams to improve the IBC Hooks and Packet Forward Middleware (PFM) features.
This week witnessed a proliferation of global regulatory efforts as Nigeria lifts ban on crypto. Plus: Do Kwon, 3AC and Sam Bankman-Fried.
Another week ends with substantial advancements being made within the crypto realm as Bitcoin, Shiba Inu, Terra, and Bonk propel optimism within the broader market. Some of the top headlines of the week that garnered noteworthy attention among crypto market enthusiasts globally encompassed updates on Bitcoin, Shiba Inu, Terra, and Bonk.
Genuine Labs, a group of developers experienced in Cosmos stacks, offered a lending hand to the Terra Luna Classic community, which will potentially help in the revival of LUNC and USTC repeg. The developer team discovered a number of issues with Terra Classic and submitted a proposal for voting to address these issues.
Do Kwon will not be extradited to the USA or South Korea.
