Despite concerns over Do Kwon’s house arrest and the potential legal implications, numerous Terra (LUNA) investors remain focused on speculative price movements. Some hold onto hopes for the project’s resurgence, but a recent court decision may exacerbate legal challenges for Kwon.
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Many Terra (LUNA) investors are primarily interested in monitoring speculative price fluctuations. Despite this, some remain optimistic about the project’s potential for recovery. However, there are concerns surrounding the founder, Do Kwon, who is currently under house arrest. While this situation may seem manageable, there’s a possibility that he could face imprisonment soon due to a recent court decision.

LUNA Coin Faces Price Drop Amid SEC Accusations Against Do Kwon
The price of LUNA Coin has plummeted to $0.9 following recent breaking news. The US Securities and Exchange Commission (SEC) has accused Do Kwon and his company of deceiving investors regarding the stability of TerraUSD and its integration with a Korean mobile payment application. Moreover, Do Kwon, the founder of Terra, has been convicted of fraud, a charge officially documented in court records.

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As discussions arise regarding his potential extradition, Do Kwon remains under house arrest until a decision is made regarding his extradition to either South Korea or the US. Given his conviction in the US, the likelihood of extradition to the US has heightened, especially since he is supposed to be incarcerated there.
The SEC has specifically accused Do Kwon of misleading investors by asserting that the algo stablecoin UST would naturally peg back to one dollar, claiming it was inherent in the algorithm’s nature to do so.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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#Bitcoin #LUNC #USTC #LUNA #Dokwon $LUNC $USTC $LUNA

Exactly one year ago, on March 14, 2022, LUNA was the hottest cryptocurrency in the market, with daily token prices breaking new records. During that time, Terraform Labs founder Kwon Do-Hyung (Do Kwon) made a bet with cryptocurrency influencer Sensei Algod on Twitter, wagering that the price of LUNA would exceed the current price of $88 in a year. The two agreed to put up $1 million each, and another influencer, Cobie, acted as a witness and held the funds in a managed account.

However, just two months later, in May of 2022, Terra’s stablecoin UST collapsed, causing global investors to lose an estimated $40 billion. The Terra ecosystem had provided 20% interest when depositing UST through Anchor Protocol, which had lured in users’ funds. As a result, LUNA’s price plummeted, falling to $0.

Do Kwon, who had made the bet with Algod, collapsed soon after the bet was made, and is now on the red wanted list of the Korean prosecution and indicted by the US. SEC.

The fate of the $2 million that had been put up for the bet remained uncertain for some time. According to Kobe, on April 4, 2022, he transferred the $2 million from Do Kwon and Al-God to FTX. It was not confirmed if Algod had received the money before the FTX bankruptcy.

In a recent tweet, Algod wrote, “A one year anniversary since my $1mn dollar bet with @stablekwon while it’s in hindsight easy to say Luna would collapse as you can see in the comments I was ridiculed as redacted the masses are often wrong, was a great lesson. But the result is as everyone knows.”

This serves as a cautionary tale about the risks involved in investing in cryptocurrencies and the importance of conducting thorough research before making any investments. While the cryptocurrency market has the potential for significant gains, it also carries the risk of significant losses.

#LUNA #Terra #Dokwon

This article was republished from azcoinnews.com

South Korean authorities have seized approximately 210 billion won ($160 million) worth of property linked to former Terra employees, mostly in the form of real estate, according to a report from South Korean news outlet KBS on April 3. The amount of compensation collected by the prosecution for the assets of Terraform Labs executives and employees charged with the virtual currency Terra and Luna incidents has now exceeded 200 billion won.

The Seoul Southern District Prosecutor’s Office’s financial and securities crime joint investigation team has collected and preserved 210 billion won in property, primarily in real estate, to recover undue gains from eight people, including Terraform Labs co-founder Shin Hyun-seong, the former CEO of Chai Corporation. The preservation of collection is a measure that prevents suspects from arbitrarily disposing of assets suspected of being criminal proceeds during the trial.

An official from the prosecution stated that they are still investigating the property ownership status of the suspects and plan to carry out collection preservation for the confirmed property in the future to recover the proceeds of crime and damages. In November 2022, the prosecution had seized former CEO Shin’s home in Seongsu-dong, Seongdong-gu, Seoul, and so far, collected and preserved about 100 billion won of former CEO Shin’s property.

Prosecutors are currently looking at the amount of undue gains Shin made while operating Terra and Luna at 154.1 billion won and will also track down hidden assets and freeze them. Former CEO Shin is known to have unfairly earned 140 billion won by purchasing Luna inexpensively before it was officially issued and selling it expensively, but the amount of unfair gains has increased by about 10 billion won.

In addition, the prosecution determined that the amount of unfair profits earned by the seven Terra employees, excluding former CEO Shin, amounted to KRW 169 billion, of which KRW 114 billion was collected and preserved. The prosecution also seized the houses and lands of Terraform Labs-affiliated CEO Kim Mo and former Terraform Labs executive A, considered the criminal proceeds of the two to be 79.1 billion won and 40.9 billion won, respectively, and is proceeding with collection and preservation measures.

Representative Shin and others are accused of designing the Terra business, holding virtual currencies issued before and after the business started, and making unfair profits by selling them when the price rises. The authorities are taking strong measures to recover the proceeds of crime and damages and to prevent the suspects from disposing of their assets before the trial.

#Terra #LUNA #Dokwon #crypto2023 #azcoinnews

This article was republished from azcoinnews.com

Chapter 10: Shadows of Doubt

As KAM ventured deeper into the cosmic realm of crypto, the shadows of doubt began to creep into his mind. The celestial prophecy he had encountered left him with more questions than answers. The burn rate of Terra Luna, a mysterious concept he had heard whispers of, now haunted his every thought.

In the midst of the celestial chaos, KAM sought counsel from #Dokwon , the enigmatic creator of Terra Luna. "Do Kwon," he implored, "what is the true meaning of the burn rate? How does it shape the destiny of Terra Luna(#lunc )'s supply and price?"

Do Kwon's eyes held a glint of otherworldly wisdom as he spoke. "The burn rate, my young guardian, is a cosmic force that transcends the boundaries of the tangible. With each transaction in the Terra Luna ecosystem, a fraction of the #LUNA tokens are burned, sending them into the cosmic abyss."

KAM's mind whirled with confusion. "But what purpose does this serve?" he questioned.

"The burn rate," Do Kwon replied, "is the essence of Terra Luna's deflationary nature. It ensures that the supply of LUNA tokens gradually decreases over time, acting as a cosmic weight that counterbalances the forces of inflation. As the supply diminishes, the price has the potential to ascend to celestial heights."

KAM's heart was heavy with the weight of this revelation. The burn rate was a double-edged sword, both a catalyst for price appreciation and a source of uncertainty. The concept was both elegant and enigmatic, a cosmic dance of supply and demand.

"Do Kwon," KAM hesitated, "will the burn rate lead Terra Luna to its destined future? Or will it cast us into the shadows of the unknown?"

Do Kwon's expression softened, and he placed a reassuring hand on KAM's shoulder. "The future is a tapestry of possibilities, my young guardian. The burn rate is but one thread in the cosmic weave. It is shaped by the collective beliefs of our community, and together, we hold the power to chart our course."

KAM found solace in Do Kwon's words, but the shadows of doubt still loomed in his mind. The path ahead was uncertain, and the cosmic forces of the crypto universe were unfathomable.

As he gazed upon the celestial tapestry, KAM knew that the journey of Terra Luna would be fraught with challenges and triumphs. The burn rate was a testament to the unyielding spirit of decentralization, but it also demanded courage in the face of uncertainty.

The enigmatic cosmos beckoned him onward, and KAM understood that the true power of Terra Luna lay not in knowing every twist and turn of the future but in embracing the cosmic dance of possibility.

With renewed determination and a mind shrouded in mystery, KAM forged ahead, ready to confront the unknown. The shadows of doubt no longer held him captive; instead, they propelled him forward, eager to unravel the secrets of Terra Luna's cosmic destiny.

(To be continued...)

Do Kwon, the founder of Terraform Laboratories and a key figure in the Terra-Luna coin debacle, was recently photographed leaving a Montenegrin court in handcuffs.

A rare video obtained by journalist Isabel Hunter shows Kwon and Terraform CFO Han Chang-joon being handcuffed and escorted separately to a police car.

@azcoinnews

This comes just one day after South Korean officials confirmed Kwon’s detention in Montenegro. According to CNN, Interpol confirmed Kwon’s arrest through a fingerprint match.

Following the collapse of the TerraUSD stablecoin and Luna token last May, Kwon was charged with violating South Korean financial rules. The highly publicized entrepreneur has been on the run since September when a Seoul court issued an arrest order, and Interpol issued him a red alert.

Last May, Luna, and the TerraUSD stablecoin lost their value in a matter of days, wiping out around $40 billion from the crypto market and kicking off the 2022 crypto winter.

Kwon was charged with fraud and violating South Korea’s capital markets law. He has consistently stated on Twitter that he is not “on the run” but has refused to reveal his current location. Kwon was allegedly hiding in Serbia before his detention in Montenegro.

#Dokwon #Terra #LUNA #Kwon #azcoinnews

This article was republished from azcoinnews.com

Terraform Labs founder and former fugitive Do Kwon is currently facing an uncertain future as he awaits likely indictment for alleged document forgery in a Montenegro jail.

A criminal defense lawyer in the country has informed Protos that Kwon will soon be transferred to a detention area with only 8 square meters, about 10 people, and no beds. The lawyer believes that it will take at least a year to reach an extradition agreement, and the probability of extradition to South Korea is higher.

Montenegro jails and prisons have a reputation for grim conditions of overcrowding and aggressive treatment by staff, as highlighted in a 2020 human rights report by the US Department of State. The lawyer confirmed that “things haven’t changed since the report.” Upon arrest, detainees are held in quarantine for 10 days to ensure they are not suffering from Covid-19.

The rooms during quarantine are reportedly okay, with only one or two people sharing. However, detainees are moved to a general facility after the quarantine period, where the conditions are far worse. Rooms are small, overcrowded, and there are no beds. Detainees are granted a 30-minute “walk around the block” each day and can buy basic goods like cigarettes and coffee from the commissary.

Extradition proceedings have already commenced, as both South Korea and the US have filed their criminal charges against Kwon. However, hopes of a speedy extradition to countries with friendlier prison conditions, such as South Korea or the US, are likely to be dashed.

The criminal defense lawyer told Protos that they think it will be “at least a year” before any extradition agreements can be made. Kwon will first be tried in Montenegrin court for his criminal charges there, which can take around four to five months. If he is found guilty, he may face a prison sentence of six months to five years. Appeals can take at least three to four months, and if an appeal to the higher court fails, Kwon can only appeal to the Supreme Court after serving one year of his sentence.

Kwon denies all charges and has already filed an appeal. However, the appeal is likely to fail, according to the lawyer who spoke to Protos. Kwon will then appeal to the higher court in Montenegro, which can take three to four months. It doesn’t stop the sentencing from being carried out in the meantime. It looks like Kwon will have to get used to the local prison conditions for the foreseeable future.

#Dokwon #LUNA #Terra #Kwon #azcoinnews

This article was republished from azcoinnews.com

On March 23, Do Kwon, the founder of Terraform Labs, was arrested at Podgorica Airport in Montenegro after being sought by South Korea and international authorities for several months.

Kwon and Terraform’s CFO Han Mo were detained while attempting to board a flight to Dubai with fake Costa Rican passports, and a fake Belgian passport was also found in their luggage. Interpol had conducted an investigation and determined that passport fraud is a serious offense that could carry up to a five-year prison sentence in Montenegro.

Haris Shabotich, the prosecutor in charge of Kwon’s case, has initiated criminal proceedings in Montenegro’s financial district. However, the local government has stated that they cannot confirm Kwon’s immigration records, and he may face additional penalties if it is discovered that he entered the country illegally.

If Kwon is only arrested and not connected to other legal issues, such as the use of a South Korean passport, he will be directly escorted. However, if the situation is more complicated, the Terraform Labs founder may face criminal charges. Shabotich emphasized that the first step is to file charges against Kwon for passport fraud, and then proceed from there.

Two high-ranking officials from the District Prosecutor’s Office in Podgorica were also present during the interview with Shabotich and Yonhap News. On March 24, the local court in Montenegro ordered an extension of Kwon and his assistant’s detention for 30 days, citing concerns that they may flee the country. They are both foreign residents in Singapore, and their identities have yet to be clearly established.

Kwon’s representative lawyer, Branko Angelich, expressed his intention to appeal the decision. However, he was stripped of his right to defend his client during the trial. If Kwon appeals to the extension of his detention, the outcome may need to be further considered.

#Dokwon #Terra #LUNA #LUNC #azcoinnews

This article was republished from azcoinnews.com

The crypto community on Twitter is buzzing with rumors that the focal point of the LUNA-UST crash, Do Kwon, has been arrested. On March 23, while the crypto community was scrambling to claim the Arbitrum airdrop, another noteworthy piece of information surfaced, that Terraform Labs CEO Do Kwon had been arrested.

Specifically, the Twitter account of the Minister of Interior of Montenegro stated that the government had arrested Do Kwon for using fake documents at Podgorica airport. However, Montenegro is still waiting to verify the specific identity. If true, this would be a new turning point in the long story of one of the most serious crashes in the cryptocurrency market.

Twitter: @azcoinnews

In May 2022, the cryptocurrency LUNA and the stablecoin UST evaporated $60 billion in market capitalization in just a few days, causing the entire crypto industry to experience a strong dump. Do Kwon, as CEO of Terraform Labs, the company behind LUNA and UST, was seen by the crypto community as the person responsible. However, he repeatedly evaded summonses from the South Korean government, fled Singapore, and was believed to be hiding in Serbia, a country bordering Montenegro.

The South Korean government then issued an arrest warrant and canceled Do Kwon’s passport, forcing him to possibly use fake documents to leave the country, leading to his arrest by Montenegrin authorities.

In February, the US Securities and Exchange Commission (SEC) filed charges against Do Kwon, and also declared LUNA-UST to be securities.

This latest development will undoubtedly have significant implications for the cryptocurrency industry as a whole, and it remains to be seen what the specific consequences will be for Terraform Labs and LUNA-UST. For now, the crypto community will have to wait and see how this story unfolds.

#Dokwon #Terra #LUNA #USTC #azcoinnews

This article was republished from azcoinnews.com

This week’s news in the financial world has been a mixed bag, with a range of stories from the launch of new platforms to legal woes for high-profile figures. Here are the most notable stories from the week of March 19th – March 25th.

The big news this week was the launch of ZkSync Era’s mainnet on March 24th. This event marked the beginning of the Layer 2 Zk Rollup wave, which promises faster and cheaper transactions for users. One standout feature of ZkSync is the ability for users to pay fees with any token, even zero fees if DApps are willing to subsidize them. This is made possible thanks to the integration of account abstraction into the infrastructure.

In response to a wave of mass withdrawals, a group of six national banks, including Canada, the UK, Japan, Europe, Switzerland, and the Fed, have formed a coalition to increase liquidity by swapping liquidity agreements in US dollars. This move is meant to shore up liquidity and ensure that banks have the necessary resources to handle large-scale withdrawals.

Deutsche Bank, Germany’s largest bank, saw its stock price fall by 27% since March 8th, the biggest drop in four years. Despite this, German Chancellor Angela Merkel is not concerned, stating that the bank has modernized and reorganized its business model, and is a very profitable institution (having had ten consecutive profitable quarters prior to this drop).

@azcoinnews

In other news, the SEC has accused Justin Sun, founder of TRON, of selling unregistered securities and market manipulation. Sun has dismissed the accusations as a civil complaint. Meanwhile, the difficulty of mining Bitcoin has risen by 7.56% to a new record of 46.84T. The Fear and Greed Index is also at a 16-month high, with a current rating of 68, indicating high levels of greed among investors.

Swiss bank UBS has purchased Credit Suisse for $3.2 billion and agreed to provide $108 billion in liquidity. Dwpbank, Germany’s largest securities dealer with over 5.3 million accounts, has launched a new platform called wpNex that enables 1,200 affiliated banks to offer Bitcoin trading services to their customers.

In less positive news, Do Kwon, the founder of Terraform Labs, has been arrested in Montenegro. The US and South Korean justice departments are both seeking involvement in the case. Finally, the Fed has raised interest rates by 0.25%, citing concerns about high levels of inflation, despite turmoil in the banking system.

Lastly, users of the popular messaging app Telegram can now send USDT to each other in addition to BTC and TON, which were added last year. These updates continue to expand the capabilities of Telegram as a platform for financial transactions.

#Bitcoin #crypto2023 #TRON #Dokwon #azcoinnews

This article was republished from azcoinnews.com

South Korean authorities are intensifying their efforts to crack down on the alleged crypto fraud involving Terra and Luna. The latest developments reveal that the prosecutors have seized assets worth KRW 414.5 billion (approx. $347 million) from the management team of Terra. The amount also includes Do Kwon’s alleged involvement of KRW 69 billion (approx. $57 million).

According to KBS News, prosecutors have also requested Binance to stop Do Kwon from withdrawing cryptocurrencies. Do Kwon is allegedly planning to exchange a large portion of his property for Bitcoin and transfer it to exchanges. The report further states that the prosecutors have put a freeze on Do Kwon’s domestic properties, including apartments in Seoul and land in Gyeonggi Province, Hwaseong, and Taean.

While the other members of the Terra management team face asset freezes, Do Kwon’s situation is reportedly different. Prosecutors have not found any assets that can be seized from him, as he allegedly transferred a significant portion of his assets to overseas exchanges in the form of Bitcoin.

The crypto fraud scandal involving Terra and Luna has been making headlines since last year. Prosecutors have accused the management team of fraudulently raising funds from investors by promoting their digital currencies as an alternative to stablecoins. The team allegedly misrepresented the assets backing the digital currencies and exaggerated their expected returns, which led to massive losses for investors.

South Korean authorities have been cracking down on crypto-related fraud cases, and the Terra and Luna scandal is one of the latest cases. The incident serves as a reminder to investors to exercise caution when investing in digital currencies and to thoroughly research the project before investing.

#TERRA #Dokwon #Korean #crypto2023 #azcoinnews

This article was republished from azcoinnews.com

Chapter 14: The Cosmic Convergence

As the cosmic odyssey of Terra Luna (#lunc ) continued, the crypto universe watched in awe as the journey unfolded. Each chapter of the saga revealed new wonders, but none could have prepared the community for what lay ahead – the cosmic convergence.

In the heart of the #cryptocurrency cosmos, a cosmic event of epic proportions was brewing. The cosmic convergence was an alignment of celestial forces, a merging of paths that would shape the destiny of Terra Luna and the entire crypto universe.

KAM and the Terra Luna community sensed the cosmic energies building around them. They knew that the cosmic convergence held the key to their collective vision of decentralization and financial sovereignty. It was a moment of cosmic significance, a turning point in their journey.

As the cosmic convergence approached, the price of Terra Luna soared to unprecedented heights, reflecting the cosmic excitement and anticipation. The burn rate of $LUNC accelerated, symbolizing the community's unwavering commitment to scarcity and value.

#Dokwon stood at the helm, his gaze fixed on the cosmic horizon. "The cosmic convergence is upon us," he declared, his voice carrying the weight of cosmic wisdom. "This is not just a moment in time; it is a cosmic alignment of our dreams and aspirations."

The Terra Luna community gathered in unity, their cosmic hearts beating as one. They had come so far, overcoming cosmic challenges and forging a path towards a decentralized future. Now, the cosmic convergence beckoned them to take a leap of faith into the unknown.

As the cosmic energies intensified, the crypto universe braced itself for the impact of the convergence. The cosmic event would test the resilience of Terra Luna and its community, pushing them to the cosmic limits of their beliefs and principles.

The moment of cosmic convergence arrived, and the universe held its breath. It was a cosmic dance of fate, where the paths of Terra Luna and the crypto cosmos merged, intertwining their destinies in a cosmic symphony of possibilities.

In the aftermath of the cosmic convergence, a new cosmic reality emerged. Terra Luna had not only survived the cosmic event but had emerged stronger than ever before. The crypto universe witnessed the power of decentralization and the potential for financial sovereignty.

"It is a cosmic awakening for the entire crypto universe," KAM proclaimed, his voice resonating with cosmic conviction. "The cosmic convergence has shown us that we are not mere spectators but active participants in shaping the future of finance."

The price of Terra Luna continued to soar amidst the cosmic aftermath, and the burn rate of LUNC remained a cosmic testament to the community's dedication to decentralization. The crypto universe took notice, and Terra Luna became a beacon of hope in the cosmic sea of possibilities.

As the community reflected on their cosmic journey, they realized that the true power of Terra Luna lay not just in its technology but in the collective belief of its cosmic pioneers. They were the architects of their cosmic destiny, shaping a future where financial sovereignty was a cosmic birthright.

The cosmic convergence marked a new chapter in the Terra Luna saga, a chapter where the community's cosmic spirit soared to even greater heights. They knew that their journey was far from over, and the cosmic universe awaited the next cosmic adventure with bated breath.

And so, the cosmic odyssey of Terra #Luna continued, with each chapter revealing new revelations and cosmic wonders. The community stood united, their cosmic hearts beating as one, ready to forge a path towards a decentralized future that would echo across the cosmos for eternity.

(To be continued...)

Chapter 11: The Cosmic Rally

As the celestial tapestry of Terra Luna(#lunc ) continued to weave its intricate patterns, a cosmic rally gripped the crypto universe. The price of Terra Luna soared to celestial heights, reaching a mesmerizing $112. The crypto community erupted in excitement and wonder as they witnessed the remarkable ascent.

The burn rate, an enigmatic force of deflation, had served its cosmic purpose. With each transaction, the #LUNA tokens vanished into the cosmic abyss, diminishing the supply and igniting a celestial fire of price appreciation. The Terra Luna community, once shrouded in uncertainty, now stood united in their belief in the decentralized vision of #Dokwon .

The celestial rally attracted the attention of both seasoned crypto enthusiasts and curious newcomers. The cosmic dance of Terra Luna's supply and price had become a beacon of hope and inspiration, transcending the boundaries of the #cryptocurrency realm.

Amidst the cosmic euphoria, KAM found himself at the heart of the community, witnessing the unyielding passion of Terra Luna's believers. Their unity and dedication to the decentralized vision created a celestial energy that pulsated through the ecosystem.

"Do Kwon," KAM exclaimed, "the community's belief in Terra Luna is as powerful as the cosmic forces that shape our journey. Together, we've ignited a rally that reaches for the stars!"

Do Kwon's eyes gleamed with pride as he beheld the cosmic tapestry of Terra Luna's triumph. "The rally," he replied, "is a testament to the strength of the community. Each member, a celestial star, contributes to the cosmic dance of supply and demand."

As the price soared, Terra Luna's cosmic destiny became intertwined with the dreams of millions. The once enigmatic burn rate was now revered as the cosmic anchor that guided Terra Luna to new celestial realms.

Yet, amidst the cosmic celebration, KAM couldn't shake the echoes of doubt that still lingered in the depths of his mind. The rally was wondrous, but the cosmic forces of the crypto universe were fickle and mysterious.

"Do Kwon," KAM confided, "the celestial rally is exhilarating, but the shadows of doubt still haunt me. How can we navigate the uncertain cosmos?"

Do Kwon smiled, his wisdom embracing KAM's restless spirit. "Embrace the uncertainty, my young guardian," he advised. "In the cosmic dance of crypto, the future is shaped not by certainty, but by possibility. Believe in the power of decentralization, and together, we shall chart our path."

With Do Kwon's words as his guiding star, KAM found solace in the journey ahead. The cosmic rally was not merely a fleeting moment of triumph; it was a testament to the collective power of the Terra Luna community.

As the crypto universe marveled at the celestial rally of Terra Luna, KAM knew that their journey had only just begun. The cosmic forces that shaped their destiny were boundless, and the community's passion was a cosmic fire that would burn eternally.

With hope and determination, KAM looked to the cosmic horizon, ready to embrace the uncertainty and wonder of the crypto cosmos. Terra Luna's celestial rally was not just a moment in time; it was a testament to the boundless potential of decentralized dreams.

(To be continued...)