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1. **Federal Judge's Ruling**: U.S. District Judge Jed Rakoff ruled in favor of the Securities and Exchange Commission (SEC) against Terraform Labs and its former CEO, Do Kwon.
2. **Violation of U.S. Law**: Terraform Labs was found to have violated U.S. law by failing to register two digital currencies, LUNA and MIR, which collapsed in 2022.
3. **Unregistered Securities Allegation**: The SEC alleged that Terraform Labs and Kwon offered and sold unregistered securities, including LUNA, UST, and MIR.
4. **Summary Judgment Granted**: The court granted summary judgment favoring the SEC, citing the failure to register the mentioned digital currencies.
5. **Trial Date Set**: Although summary judgment was denied on fraud claims, a trial is scheduled for January 29, 2024, to address the SEC's fraud allegations against Terraform and Kwon.
6. **Disagreement with Decision**: Terraform Labs strongly disagreed with the ruling, asserting that their tokens were not securities and vowed to continue defending against what they labeled as "meritless" fraud claims by the SEC.
7. **Tokens Deemed Securities**: Judge Rakoff's ruling categorized UST, LUNA, wLUNA, and MIR as securities under the Howey test.
8. **Focus of Upcoming Trial**: The trial will center on the SEC's fraud allegations against Terraform and Kwon, stemming from February filings.
9. **UST Collapse and Legal Consequences**: The lawsuit originated from the collapse of UST, an algorithmic stablecoin, causing substantial value loss and impacting the cryptocurrency market.
10. **Criminal Charges and Legal Issues for Kwon**: Do Kwon faces additional legal challenges, including criminal charges from the Department of Justice, involving eight counts of fraud and an arrest in Montenegro after fleeing charges in South Korea.
#UST #LUNA
2. **Violation of U.S. Law**: Terraform Labs was found to have violated U.S. law by failing to register two digital currencies, LUNA and MIR, which collapsed in 2022.
3. **Unregistered Securities Allegation**: The SEC alleged that Terraform Labs and Kwon offered and sold unregistered securities, including LUNA, UST, and MIR.
4. **Summary Judgment Granted**: The court granted summary judgment favoring the SEC, citing the failure to register the mentioned digital currencies.
5. **Trial Date Set**: Although summary judgment was denied on fraud claims, a trial is scheduled for January 29, 2024, to address the SEC's fraud allegations against Terraform and Kwon.
6. **Disagreement with Decision**: Terraform Labs strongly disagreed with the ruling, asserting that their tokens were not securities and vowed to continue defending against what they labeled as "meritless" fraud claims by the SEC.
7. **Tokens Deemed Securities**: Judge Rakoff's ruling categorized UST, LUNA, wLUNA, and MIR as securities under the Howey test.
8. **Focus of Upcoming Trial**: The trial will center on the SEC's fraud allegations against Terraform and Kwon, stemming from February filings.
9. **UST Collapse and Legal Consequences**: The lawsuit originated from the collapse of UST, an algorithmic stablecoin, causing substantial value loss and impacting the cryptocurrency market.
10. **Criminal Charges and Legal Issues for Kwon**: Do Kwon faces additional legal challenges, including criminal charges from the Department of Justice, involving eight counts of fraud and an arrest in Montenegro after fleeing charges in South Korea.
#UST #LUNA
Whaaat!? Criptomonedas de Terraform Labs consideradas valores no registrados
En una sentencia contundente, un juez federal de Estados Unidos respalda a la ComisiĆ³n de Bolsa y Valores (SEC) en un caso crucial contra Terraform Labs y su CEO Do Kwon. La determinaciĆ³n establece que dos de las criptomonedas de la empresa, Luna y Mir, fueron comercializadas como valores no registrados, lo que resultĆ³ ilegal.
Fallo Judicial y ProyecciĆ³n del Caso
El juez Jed Rakoff, en un juicio sumario el pasado jueves, fallĆ³ a favor de la SEC, sosteniendo que Terraform es responsable de la venta de valores no registrados. Esta decisiĆ³n sienta las bases para un juicio civil por fraude que estĆ” programado para comenzar el 29 de enero en un tribunal federal de Manhattan.
Contexto del Ecosistema de Terraform Labs
Terraform atrajo la atenciĆ³n de los reguladores cuando su sistema de "stablecoins" colapsĆ³ en mayo de 2022, provocando lo que se conociĆ³ como el "cripto invierno". La empresa ofrecĆa dos criptomonedas vinculadas entre sĆ: TerraUSD ( #UST ) y #luna .
Desacoplamiento y Consecuencias
UST, una "stablecoin" atada al dĆ³lar estadounidense, perdiĆ³ su valor, lo que afectĆ³ a Luna al estar conectada a esta moneda. Este desacoplamiento desencadenĆ³ una crisis en el mercado de criptomonedas.
ĀæPor quĆ© Luna y Mir ahora se consideran valores?
El famoso "test de Howey", un criterio legal establecido por la Corte Suprema en 1946, es clave en esta consideraciĆ³n. Define un "contrato de inversiĆ³n" basado en la inversiĆ³n de dinero, ganancias provenientes de esfuerzos ajenos e intenciĆ³n de participar en una empresa comĆŗn.
Argumentos Legales y Perspectivas de Terraform
Kwon afirmĆ³ que los tenedores de Luna solo tenĆan que esperar y ver ganancias, lo que se asemeja al concepto de un "contrato de inversiĆ³n". En el caso de Mir, los inversionistas recibĆan un porcentaje de comisiones de trading y la empresa buscaba activamente mejorar el protocolo Mirror, evidenciando una "empresa comĆŗn".
Ramificaciones y DesafĆos para Terraform
Este dictamen no solo coloca a Terraform bajo la lupa legal por fraude, sino que tambiĆ©n plantea la posibilidad de reclasificar otras criptomonedas en su ecosistema. Para los inversores afectados, la esperanza de recuperar parte de sus pĆ©rdidas podrĆa reavivarse en el tribunal.
Fallo Judicial y ProyecciĆ³n del Caso
El juez Jed Rakoff, en un juicio sumario el pasado jueves, fallĆ³ a favor de la SEC, sosteniendo que Terraform es responsable de la venta de valores no registrados. Esta decisiĆ³n sienta las bases para un juicio civil por fraude que estĆ” programado para comenzar el 29 de enero en un tribunal federal de Manhattan.
Contexto del Ecosistema de Terraform Labs
Terraform atrajo la atenciĆ³n de los reguladores cuando su sistema de "stablecoins" colapsĆ³ en mayo de 2022, provocando lo que se conociĆ³ como el "cripto invierno". La empresa ofrecĆa dos criptomonedas vinculadas entre sĆ: TerraUSD ( #UST ) y #luna .
Desacoplamiento y Consecuencias
UST, una "stablecoin" atada al dĆ³lar estadounidense, perdiĆ³ su valor, lo que afectĆ³ a Luna al estar conectada a esta moneda. Este desacoplamiento desencadenĆ³ una crisis en el mercado de criptomonedas.
ĀæPor quĆ© Luna y Mir ahora se consideran valores?
El famoso "test de Howey", un criterio legal establecido por la Corte Suprema en 1946, es clave en esta consideraciĆ³n. Define un "contrato de inversiĆ³n" basado en la inversiĆ³n de dinero, ganancias provenientes de esfuerzos ajenos e intenciĆ³n de participar en una empresa comĆŗn.
Argumentos Legales y Perspectivas de Terraform
Kwon afirmĆ³ que los tenedores de Luna solo tenĆan que esperar y ver ganancias, lo que se asemeja al concepto de un "contrato de inversiĆ³n". En el caso de Mir, los inversionistas recibĆan un porcentaje de comisiones de trading y la empresa buscaba activamente mejorar el protocolo Mirror, evidenciando una "empresa comĆŗn".
Ramificaciones y DesafĆos para Terraform
Este dictamen no solo coloca a Terraform bajo la lupa legal por fraude, sino que tambiĆ©n plantea la posibilidad de reclasificar otras criptomonedas en su ecosistema. Para los inversores afectados, la esperanza de recuperar parte de sus pĆ©rdidas podrĆa reavivarse en el tribunal.
Unveiling Jump Crypto's Dubious Dealings: A Deep Dive into the SEC Vs Terra Saga
The cryptocurrency realm is no stranger to controversy, and the SEC's ongoing investigation into Terraform Labs and its algorithmic stablecoin, TerraUSD (UST), has once again brought the industry under intense scrutiny. At the heart of this saga lies Jump Crypto, a prominent crypto trading firm that allegedly played a significant role in UST's demise.
The Unraveling of UST and the SEC's Intervention
In May 2022, UST's peg to the US dollar began to falter, triggering a chain of events that would ultimately lead to the collapse of the entire Terra ecosystem. As UST's price plummeted, investors rushed to exit their positions, creating a liquidity crisis that Jump Crypto was unable to contain.
The SEC, concerned about the potential for fraud and market manipulation, launched an investigation into Terraform Labs and its associates. In its complaint, the SEC alleged that Jump Crypto's involvement with UST was not merely a passive investment but an active effort to manipulate the market for its own financial gain.
Jump Crypto's Role in Terraform Labs' Downfall
The SEC's allegations paint a damning picture of Jump Crypto's role in UST's downfall. The complaint suggests that Jump Crypto was aware of the risks associated with UST's stability mechanism and yet continued to provide liquidity support, potentially exacerbating the crisis.
Moreover, the SEC alleges that Jump Crypto profited from UST's collapse by purchasing LUNA tokens at a discounted price while simultaneously selling them on the open market. This suggests that Jump Crypto may have prioritized its own financial interests over the stability of the broader cryptocurrency market.
The SEC's investigation into Terraform Labs and Jump Crypto is still ongoing, and it remains to be seen whether the allegations will result in any charges. However, the case has already sent shockwaves through the cryptocurrency industry, raising concerns about the potential for manipulation and fraud in the digital asset space.
#SECvsCrypto
#UST
The cryptocurrency realm is no stranger to controversy, and the SEC's ongoing investigation into Terraform Labs and its algorithmic stablecoin, TerraUSD (UST), has once again brought the industry under intense scrutiny. At the heart of this saga lies Jump Crypto, a prominent crypto trading firm that allegedly played a significant role in UST's demise.
The Unraveling of UST and the SEC's Intervention
In May 2022, UST's peg to the US dollar began to falter, triggering a chain of events that would ultimately lead to the collapse of the entire Terra ecosystem. As UST's price plummeted, investors rushed to exit their positions, creating a liquidity crisis that Jump Crypto was unable to contain.
The SEC, concerned about the potential for fraud and market manipulation, launched an investigation into Terraform Labs and its associates. In its complaint, the SEC alleged that Jump Crypto's involvement with UST was not merely a passive investment but an active effort to manipulate the market for its own financial gain.
Jump Crypto's Role in Terraform Labs' Downfall
The SEC's allegations paint a damning picture of Jump Crypto's role in UST's downfall. The complaint suggests that Jump Crypto was aware of the risks associated with UST's stability mechanism and yet continued to provide liquidity support, potentially exacerbating the crisis.
Moreover, the SEC alleges that Jump Crypto profited from UST's collapse by purchasing LUNA tokens at a discounted price while simultaneously selling them on the open market. This suggests that Jump Crypto may have prioritized its own financial interests over the stability of the broader cryptocurrency market.
The SEC's investigation into Terraform Labs and Jump Crypto is still ongoing, and it remains to be seen whether the allegations will result in any charges. However, the case has already sent shockwaves through the cryptocurrency industry, raising concerns about the potential for manipulation and fraud in the digital asset space.
#SECvsCrypto
#UST
TopCryptoNews
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11:09 PM Dec 26, 2023
Exciting News: SWGT TokenPrivate Sale Now Live at$0.13 USDT with LimitedOffer!
In the ever-evolving landscape ofcryptocurrencies, SmartWorld Global
Token (SWGT) emerges not merely as adigital asset but as a beacon illuminatingthe path to a future where blockchainredefines life and work. As the SWGTToken Private Sale commences at anexclusive rate of $0.13 USDT per token, weunravel the expansive canvas of itsversatile use cases and the transformativeimpact it aims to bring to the cryptosphere.
#SWGT #UST #Skyway
Following
11:09 PM Dec 26, 2023
Exciting News: SWGT TokenPrivate Sale Now Live at$0.13 USDT with LimitedOffer!
In the ever-evolving landscape ofcryptocurrencies, SmartWorld Global
Token (SWGT) emerges not merely as adigital asset but as a beacon illuminatingthe path to a future where blockchainredefines life and work. As the SWGTToken Private Sale commences at anexclusive rate of $0.13 USDT per token, weunravel the expansive canvas of itsversatile use cases and the transformativeimpact it aims to bring to the cryptosphere.
#SWGT #UST #Skyway
Quoted content has been removed
Ethena (.#ENA ) consists of two main parts:
āØ USDe:Ā This is a synthetic dollar protocol built on the #Ethereumā blockchain. A synthetic asset aims to track the price of another asset, in this case the US dollar. Unlike traditional stablecoins that are backed by real dollars held in reserve, USDe uses complex financial engineering to maintain its peg to the dollar.
āØ ENA Token:Ā This is the native token of the Ethena project. ENA token holders have governance rights, meaning they can vote on decisions that affect the USDe protocol. For example, they might vote on how USDe maintains its peg to the dollar.
Is USDe similar to #UST from TerraLabs?
Yes, USDe from ENALabs is similar to UST from TerraLabs in that both are algorithmic stablecoins. This means they are not backed by a reserve of US dollars in cash, but rather use an algorithm to keep their price pegged to the dollar.
š„ŗ Interested in hearing my thoughts on this? You know what to do, stay tuned!!! š
āØ USDe:Ā This is a synthetic dollar protocol built on the #Ethereumā blockchain. A synthetic asset aims to track the price of another asset, in this case the US dollar. Unlike traditional stablecoins that are backed by real dollars held in reserve, USDe uses complex financial engineering to maintain its peg to the dollar.
āØ ENA Token:Ā This is the native token of the Ethena project. ENA token holders have governance rights, meaning they can vote on decisions that affect the USDe protocol. For example, they might vote on how USDe maintains its peg to the dollar.
Is USDe similar to #UST from TerraLabs?
Yes, USDe from ENALabs is similar to UST from TerraLabs in that both are algorithmic stablecoins. This means they are not backed by a reserve of US dollars in cash, but rather use an algorithm to keep their price pegged to the dollar.
š„ŗ Interested in hearing my thoughts on this? You know what to do, stay tuned!!! š
If Bitcoin breaches the support level of 60,000 š„, we might witness Bitcoin at 50-52k support š. If Bitcoin surpasses the 60,000 support and the candle closes above 65k š, then Bitcoin's next move could be above 74,000 š°. #BTCšš #HotTrendsš @mmbtcholderš
BTC #HotTrends #BTC #CryptoVision2030 #UST #ETH
BTC #HotTrends #BTC #CryptoVision2030 #UST #ETH
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Claim reward in USDT š°š°š°
I said it yesterday and I'll say it again ***
*I know today a lot of people are going to lose money
*I know people will buy AEVO for a high amount
I know when AEVO launches it will be overrated.
*I did my own research, this coin was launched on other trading platforms such as XT.COM official website and AEVO with a very high price, so *avoid buying it immediately
* be careful in the end, you don't want losses
š«Remember: Your generous advice would strengthen our mission and help us work even harder so that you can give the best investment advice.
#HotTrends Ā #HalvingHorizons Ā #UST #Aevo
I said it yesterday and I'll say it again ***
*I know today a lot of people are going to lose money
*I know people will buy AEVO for a high amount
I know when AEVO launches it will be overrated.
*I did my own research, this coin was launched on other trading platforms such as XT.COM official website and AEVO with a very high price, so *avoid buying it immediately
* be careful in the end, you don't want losses
š«Remember: Your generous advice would strengthen our mission and help us work even harder so that you can give the best investment advice.
#HotTrends Ā #HalvingHorizons Ā #UST #Aevo
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The $LUNA system was very well designed, but it had a major flaw that the designer did not anticipate. There was a 1 in 50 chance that this scenario would occur, and unfortunately, it did.
The system worked as follows: the more #UST you bought, the more the equivalent in LUNA was burned, and vice versa. This means that even in a bear market, when people should seek refuge in UST, it would have made LUNA deflationary, thus mitigating its fall compared to the rest of the market. To illustrate this, if during a bear market the main altcoins experienced a drop of -95%, LUNA could have limited its loss to around -20%. This would have made LUNA less volatile and more attractive as a safe haven. Moreover, the Terra ecosystem featured high-quality applications, interoperable thanks to the Cosmos SDK (a development kit providing tools to developers).
The applications in the Terra ecosystem were very well designed, unlike those on new blockchains where developers create applications solely to obtain AirDrops. For instance, on blockchains like #SUIš„ , #Aptosļ»æ , or $SEI , the user experience of the applications is often poor. In contrast, applications on blockchains from the previous cycle, such as Solana, Avalanche, Fantom, Terra, and Cosmos, share more coherent and intuitive graphic and functional philosophies.
What Terra lacked to function properly was an effective decoupling mechanism. For example, if UST fell by 20%, a decoupling break could have been triggered, accompanied by an insurance fund to restore UST's peg. Thus, even if LUNA dropped to zero, UST would have remained dollar-backed, and users' losses would have been limited to LUNA, with minimal impact since other altcoins suffered drops of -99%.
#Bitcoin_Coneference_2024
#LUNAUpdate
The system worked as follows: the more #UST you bought, the more the equivalent in LUNA was burned, and vice versa. This means that even in a bear market, when people should seek refuge in UST, it would have made LUNA deflationary, thus mitigating its fall compared to the rest of the market. To illustrate this, if during a bear market the main altcoins experienced a drop of -95%, LUNA could have limited its loss to around -20%. This would have made LUNA less volatile and more attractive as a safe haven. Moreover, the Terra ecosystem featured high-quality applications, interoperable thanks to the Cosmos SDK (a development kit providing tools to developers).
The applications in the Terra ecosystem were very well designed, unlike those on new blockchains where developers create applications solely to obtain AirDrops. For instance, on blockchains like #SUIš„ , #Aptosļ»æ , or $SEI , the user experience of the applications is often poor. In contrast, applications on blockchains from the previous cycle, such as Solana, Avalanche, Fantom, Terra, and Cosmos, share more coherent and intuitive graphic and functional philosophies.
What Terra lacked to function properly was an effective decoupling mechanism. For example, if UST fell by 20%, a decoupling break could have been triggered, accompanied by an insurance fund to restore UST's peg. Thus, even if LUNA dropped to zero, UST would have remained dollar-backed, and users' losses would have been limited to LUNA, with minimal impact since other altcoins suffered drops of -99%.
#Bitcoin_Coneference_2024
#LUNAUpdate
The $LUNA system was well-designed but had a major flaw that occurred by chance. The system aimed to make LUNA deflationary during bear markets by burning LUNA when more #UST was bought.
This could have limited LUNA's losses to around -20%, making it a safer investment compared to other altcoins dropping -95%. Terra's ecosystem, built with the Cosmos SDK, had high-quality, user-friendly applications unlike many new blockchains focused on AirDrops. However, Terra lacked an effective decoupling mechanism.
If UST fell by 20%, a decoupling break and an insurance fund could have maintained UST's peg, limiting losses to LUNA.
#Bitcoin_Coneference_2024
#LUNAUpdate
This could have limited LUNA's losses to around -20%, making it a safer investment compared to other altcoins dropping -95%. Terra's ecosystem, built with the Cosmos SDK, had high-quality, user-friendly applications unlike many new blockchains focused on AirDrops. However, Terra lacked an effective decoupling mechanism.
If UST fell by 20%, a decoupling break and an insurance fund could have maintained UST's peg, limiting losses to LUNA.
#Bitcoin_Coneference_2024
#LUNAUpdate
ā”The co-founder of #Terraform Labs, #DoKwon seems to have been arrested in Montenegro
The co-founder and CEO of Singapore-based #TerraformLabs , has been arrested in Montenegro, according to a tweet by the country's minister of interior. #crypto2023 #UST
The co-founder and CEO of Singapore-based #TerraformLabs , has been arrested in Montenegro, according to a tweet by the country's minister of interior. #crypto2023 #UST
#Terraform Labs Fights Back: $5.3 Billion SEC Fine Faces $1 Million Counterpunch
Terraform Labs (#TFL ) is throwing punches back at the SEC's hefty $5.3 billion fine for Do Kwon's alleged fraud with #TerraUSD (#UST ). Their lawyers argue the penalty should be slashed to just $1 million, a 99% reduction.
The crux of their defense? The Luna Foundation Guard (LFG), not TFL, held the funds from the UST sales. TFL's lawyers claim the SEC should have pursued LFG directly for disgorgement (returning those funds).
This counters the SEC's demands for $4.7 billion in disgorgement and prejudgment interest, plus $520 million in civil penalties.
This legal battle adds another layer to the Terraform Labs saga. The company and Do Kwon were found guilty by a jury in April, leading to his current extradition fight in Montenegro.
The ripple effects of Terraform Labs' collapse in 2022 are still felt, with companies like BlockFi, Celcius, and #FTX all facing bankruptcy.
Will TFL's legal counteroffensive land? Only time will tell, but this fight is far from over.
Terraform Labs (#TFL ) is throwing punches back at the SEC's hefty $5.3 billion fine for Do Kwon's alleged fraud with #TerraUSD (#UST ). Their lawyers argue the penalty should be slashed to just $1 million, a 99% reduction.
The crux of their defense? The Luna Foundation Guard (LFG), not TFL, held the funds from the UST sales. TFL's lawyers claim the SEC should have pursued LFG directly for disgorgement (returning those funds).
This counters the SEC's demands for $4.7 billion in disgorgement and prejudgment interest, plus $520 million in civil penalties.
This legal battle adds another layer to the Terraform Labs saga. The company and Do Kwon were found guilty by a jury in April, leading to his current extradition fight in Montenegro.
The ripple effects of Terraform Labs' collapse in 2022 are still felt, with companies like BlockFi, Celcius, and #FTX all facing bankruptcy.
Will TFL's legal counteroffensive land? Only time will tell, but this fight is far from over.
šØ Terraform Labs' proxy lawyer opposes SEC's $5.3 billion demand!
š Terraform's legal team suggests a maximum civil penalty of $1 million, arguing against injunctive relief or recoupment. They highlight the need to obtain funds from the Luna Foundation Guard (LFG), a 'non-party' in the case.
š¼ On April 5, a New York jury suspected Terraform and Do Kwon of deceiving investors in TerraUSD (UST), Luna, and wLUNA sale statements. The SEC demands recovery of $5.3 billion in illegal proceeds and civil penalties, proposing a ban on Do Kwon's executive roles and detailed account disclosures.
#Terraform #SEC #UST
š Terraform's legal team suggests a maximum civil penalty of $1 million, arguing against injunctive relief or recoupment. They highlight the need to obtain funds from the Luna Foundation Guard (LFG), a 'non-party' in the case.
š¼ On April 5, a New York jury suspected Terraform and Do Kwon of deceiving investors in TerraUSD (UST), Luna, and wLUNA sale statements. The SEC demands recovery of $5.3 billion in illegal proceeds and civil penalties, proposing a ban on Do Kwon's executive roles and detailed account disclosures.
#Terraform #SEC #UST
Je l'ai dit hier et je le rĆ©pĆØte ***
*Je sais qu'aujourd'hui, beaucoup de gens vont perdre de l'argent
*Je sais que les gens achĆØteront AEVO pour un montant Ć©levĆ©
Je sais que lorsque AEVO sera lancƩ, il sera surfait.
*J'ai fait mes propres recherches, cette piĆØce a Ć©tĆ© lancĆ©e sur d'autres plateformes de trading telles que le site officiel de XT.COM et AEVO avec un prix trĆØs Ć©levĆ©, alors *Ć©vitez de l'acheter immĆ©diatement
* faites attention en fin de compte, vous ne voulez pas de pertes
š«N'oubliez pasĀ : vos conseils gĆ©nĆ©reux renforceraient notre mission et nous aideraient Ć travailler encore plus dur pour que vous puissiez donner les meilleurs conseils d'investissement.
#HotTrends #HalvingHorizons #UST
*Je sais qu'aujourd'hui, beaucoup de gens vont perdre de l'argent
*Je sais que les gens achĆØteront AEVO pour un montant Ć©levĆ©
Je sais que lorsque AEVO sera lancƩ, il sera surfait.
*J'ai fait mes propres recherches, cette piĆØce a Ć©tĆ© lancĆ©e sur d'autres plateformes de trading telles que le site officiel de XT.COM et AEVO avec un prix trĆØs Ć©levĆ©, alors *Ć©vitez de l'acheter immĆ©diatement
* faites attention en fin de compte, vous ne voulez pas de pertes
š«N'oubliez pasĀ : vos conseils gĆ©nĆ©reux renforceraient notre mission et nous aideraient Ć travailler encore plus dur pour que vous puissiez donner les meilleurs conseils d'investissement.
#HotTrends #HalvingHorizons #UST
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šØ Terraform Labs' proxy lawyer opposes SEC's $5.3 billion demand!
š Terraform's legal team suggests a maximum civil penalty of $1 million, arguing against injunctive relief or recoupment. They highlight the need to obtain funds from the Luna Foundation Guard (LFG), a 'non-party' in the case.
š¼ On April 5, a New York jury suspected Terraform and Do Kwon of deceiving investors in TerraUSD (UST), Luna, and wLUNA sale statements. The SEC demands recovery of $5.3 billion in illegal proceeds and civil penalties, proposing a ban on Do Kwon's executive roles and detailed account disclosures.
#Terraform #SEC #UST
š Terraform's legal team suggests a maximum civil penalty of $1 million, arguing against injunctive relief or recoupment. They highlight the need to obtain funds from the Luna Foundation Guard (LFG), a 'non-party' in the case.
š¼ On April 5, a New York jury suspected Terraform and Do Kwon of deceiving investors in TerraUSD (UST), Luna, and wLUNA sale statements. The SEC demands recovery of $5.3 billion in illegal proceeds and civil penalties, proposing a ban on Do Kwon's executive roles and detailed account disclosures.
#Terraform #SEC #UST