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The United States Securities and Exchange Commission (SEC) is pursuing a summary judgment in the ongoing legal battle against Do Kwon and Terraform Labs, challenging a recent jury verdict that was perceived as lenient by the regulatory body.
Terraform and Kwon's lawyers also filed a similar motion last week, asking a federal judge to nix SEC allegations.
The Terra ecosystem finds itself in a precarious position, with prices of its native tokens, Terra (LUNA) and Terra Classic (LUNC), experiencing a notable decline of over 4% and 2%, respectively, in the past 24 hours. This downturn has left investors apprehensive about further involvement in Terra's cryptocurrency offerings.
The “evidence” of violations provided by the SEC points to Kwon's involvement in misleading crypto investors by creating and marketing Terra and its in-house Terra (LUNA) tokens as securities.
In the latest development in the U.S. Securities and Exchange Commission (SEC) lawsuit against Terraform Labs (TFL) and Do Kwon, the SEC has asked the court for summary judgment. The SEC argues there is undisputed record evidence that Do Kwon and TFL violated securities and exchange laws, defrauding investors of $45 billion.
The request follows a move by Kwon's defense team to do the same.
The biggest crypto story of the year just happened, sending shockwaves across the industry. After a few hours of deliberations, a jury in New York found Sam Bankman-Fried (SBF) guilty of all seven charges against him. He stood zero chance as the government presented a solid case against him.
Terraform Labs and its co-founder Do Kwon are asking the Southern District of New York court to strike out parts of the complaint filed by the U.S. Securities and Exchange Commission (SEC). The SEC accuses the collapsed stablecoin issuer and its disgraced former CEO of offering and selling crypto assets that qualify as securities.
The Terra Luna Classic community has rejected a proposal to enforce a 5% minimum validator commission. The community remained divided on the voting decision as the proposal received 37% votes in favor and 51% votes in opposition.
In a significant move, Binance, the world's largest cryptocurrency exchange, has once again conducted a token burn for Terra Classic (LUNC). This latest burning event, referred to as the 15th batch, witnessed the obliteration of a staggering 760 million Terra Classic tokens.
Binance, the world's largest crypto exchange, has completed its 15th round of burning Terra Luna Classic (LUNC) tokens, totaling 760 million tokens. This brings Binance's total LUNC burn to nearly 40 billion tokens.
In the last 24 hours, Terra Luna Classic (LUNC) has seen some significant price movements. Currently, LUNC is trading at $0.000062, which marks a 5% decrease from its recent value. Over the same period, USTC has also experienced a notable price shift, now standing at $0.011, reflecting a 4% drop.
The world's largest crypto exchange Binance on Wednesday said it is removing selected margin trading pairs on Binance Margin. The crypto exchange is taking down some major crypto including Cardano (ADA), Polygon (MATIC), Avalanche (AVAX), Bitcoin Cash (BCH), Chainlink (LINK), Shiba Inu (SHIB), and Dogecoin (DOGE).
The world's largest crypto exchange Binance burns 760 million Terra Luna Classic (LUNC) tokens in the 15th batch of the LUNC burn. The total LUNC burned by the crypto exchange to date now reaches nearly 40 billion, with the total LUNC burned by the community surpassing 76 billion.
Terraform Labs and co-founder Do Kwon are defending against fraud and securities allegations by the U.S. SEC, arguing their cryptocurrencies are not securities, amidst a wider legal battle between crypto firms and regulators following the Terra ecosystem's $40 billion downfall in 2022.
Terraform Labs co-founder, Do Kwon, has recently appealed to a United States district judge to dismiss a lawsuit filed against him and his company by the U.S. Securities and Exchange Commission (SEC). Kwon maintains that the SEC has failed to demonstrate any wrongdoing on their part.
In the latest legal maneuver, Terraform Labs and its former CEO Do Hyeong Kwon (Do Kwon) have submitted a comprehensive Motion for Summary Judgment, seeking an immediate dismissal of the fraud charges levied against them by the U.S. Securities and Exchange Commission (SEC).
The trial of Shin Hyun-Seong, also known as Daniel Shin, a co-founder of Terraform Labs, alongside seven others, commenced in the Seoul Southern District Court in South Korea on October 30. The allegations primarily revolve around defrauding investors and the pivotal question of whether LUNA, Terra's native token, qualifies as a security.
Terraform Labs' new CEO Chris Amani shared exciting news for the Cosmos community to support infrastructure for all Cosmos chains. The Foundation business model would be willing to run the infrastructure for all chains on Cosmos, cutting down the massive costs.
Terraform Labs and Do Kwon challenge SEC's allegations, citing evidence deficit and demanding case dismissal.
Terraform Labs has asked a judge to dismiss charges from the U.S. Securities and Exchange Commission (SEC) of multibillion-dollar securities fraud. The document says that the SEC did not prove that Terraform Labs offered unregistered securities for trading.
Shin is attempting to distance himself from Terra and Kwon as he faces trial in South Korea.
Do Kwon, the disgraced founder of the Terraform ecosystem, along with Terraform Labs, have asked a federal judge for a summary judgment in the SEC's fraud case against them.
Terraform Labs, the company behind the Terra blockchain and its native token LUNA, found itself at the center of a major crypto upheaval in May 2022 when the Terra USD (UST) algorithmic stablecoin suffered a devastating collapse.
