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🌖 Terra Collapse May Have Impacted a Million Victims, Feds Allege in Do Kwon Case
The Terra ecosystem collapse in 2022 didn't make as many headlines as #Ftx❓ , but the total number of victims could exceed 1 million, according to new court documents.
The documents filed this week allege that the number of victims of disgraced crypto mogul, Terraform Labs founder #DoKwon , is “difficult to precisely quantify.”
Kwon last week pleaded not guilty in a New York court to U.S. criminal charges including fraud over the collapse of the Terra crypto ecosystem. His crypto project went up in smoke in 2022, leaving a $40 billion black hole and many investors out of pocket.
“Given the number of potential victims in this case, the government respectfully submits that it is impracticable to give individualized notice to each potential victim,” a Monday court document read.
It added that the government believes that the number of victims “exceeds hundreds of thousands of individuals and entities, and potentially totals more than 1 million.”
Kwon founded the crypto ecosystem Terra, which had the flagship $LUNA
token and TerraUSD (UST) algorithmic stablecoin as its main products. Investors used it as a gateway into the world of decentralized finance, or DeFi, and LUNA quickly became one of the most valuable crypto coins on the market.
But the UST stablecoin couldn’t keep its stable peg to the U.S. dollar, and the entire ecosystem collapsed, wiping its market cap out very quickly.
Authorities now allege that Kwon conned investors into a sham project to enrich himself. Feds in both the U.S. and Korea have hit him with criminal charges. In the U.S., Kwon is facing nine criminal charges, including securities, wire, and commodities fraud, plus conspiracy to commit money laundering.
“Behind the scenes, core Terraform products did not work as Kwon advertised, and were manipulated to create the illusion of a functioning and decentralized financial system in order to lure investors,” the Monday document read.
Terra collapsed ahead of FTX’s own bankruptcy in 2022. FTX, once a huge crypto brand that allowed users to buy and sell digital coins and tokens, quickly collapsed due to criminal mismanagement.
Following a much-publicized criminal trial, co-founder Sam Bankman-Fried is now serving a 25-year sentence for his part in the collapse of his crypto company. His attorneys have appealed the judgment, claiming an unfair trial.
#ReboundOutlook
The documents filed this week allege that the number of victims of disgraced crypto mogul, Terraform Labs founder #DoKwon , is “difficult to precisely quantify.”
Kwon last week pleaded not guilty in a New York court to U.S. criminal charges including fraud over the collapse of the Terra crypto ecosystem. His crypto project went up in smoke in 2022, leaving a $40 billion black hole and many investors out of pocket.
“Given the number of potential victims in this case, the government respectfully submits that it is impracticable to give individualized notice to each potential victim,” a Monday court document read.
It added that the government believes that the number of victims “exceeds hundreds of thousands of individuals and entities, and potentially totals more than 1 million.”
Kwon founded the crypto ecosystem Terra, which had the flagship $LUNA
token and TerraUSD (UST) algorithmic stablecoin as its main products. Investors used it as a gateway into the world of decentralized finance, or DeFi, and LUNA quickly became one of the most valuable crypto coins on the market.
But the UST stablecoin couldn’t keep its stable peg to the U.S. dollar, and the entire ecosystem collapsed, wiping its market cap out very quickly.
Authorities now allege that Kwon conned investors into a sham project to enrich himself. Feds in both the U.S. and Korea have hit him with criminal charges. In the U.S., Kwon is facing nine criminal charges, including securities, wire, and commodities fraud, plus conspiracy to commit money laundering.
“Behind the scenes, core Terraform products did not work as Kwon advertised, and were manipulated to create the illusion of a functioning and decentralized financial system in order to lure investors,” the Monday document read.
Terra collapsed ahead of FTX’s own bankruptcy in 2022. FTX, once a huge crypto brand that allowed users to buy and sell digital coins and tokens, quickly collapsed due to criminal mismanagement.
Following a much-publicized criminal trial, co-founder Sam Bankman-Fried is now serving a 25-year sentence for his part in the collapse of his crypto company. His attorneys have appealed the judgment, claiming an unfair trial.
#ReboundOutlook
📣Happening Now
#Kraken. sent emails to customers to distribute#FTX funds,and BitGo is expected to start a similar process.⤵️
🟢Users with claims under $50,000 will complete the process within 60 days starting January 3,while there is no specific timeline for claims over $50,000✔️
#NFPCryptoImpact #BitGo #Ftx❓
$FTT
#Kraken. sent emails to customers to distribute#FTX funds,and BitGo is expected to start a similar process.⤵️
🟢Users with claims under $50,000 will complete the process within 60 days starting January 3,while there is no specific timeline for claims over $50,000✔️
#NFPCryptoImpact #BitGo #Ftx❓
$FTT
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FTX: Statements about withdrawal! 🧩
FTX exchange says it was not surprised 🤔. Backpack Exchange, founded by former employees and suing FTX EU, called the statements "misinformation."
FTX representatives stated that they are not responsible for the press release that Backpack published without their consent 📜. They stated that FTX does not bear any responsibility and does not confirm the accuracy of the statements about Iran.
Armani Ferrante, the head of Backpack, emphasizes that it is not a profit that FTX will make, this is a matter for them to resolve 💼. At the same time, FTX EU is waiting to change its name to Backpack EU.❗
#Ftx❓ #BTC走势分析
FTX exchange says it was not surprised 🤔. Backpack Exchange, founded by former employees and suing FTX EU, called the statements "misinformation."
FTX representatives stated that they are not responsible for the press release that Backpack published without their consent 📜. They stated that FTX does not bear any responsibility and does not confirm the accuracy of the statements about Iran.
Armani Ferrante, the head of Backpack, emphasizes that it is not a profit that FTX will make, this is a matter for them to resolve 💼. At the same time, FTX EU is waiting to change its name to Backpack EU.❗
#Ftx❓ #BTC走势分析
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The FTX Case and the Extravagant Spending that Outraged Creditors
While FTX creditors suffer heavy losses, the bankruptcy management team has been found splurging on luxury expenses, causing outrage in the community.
- Luxurious hotel expenses: This team often stays at 5-star hotels like Hotel Du Pont, Grand Hyatt, with one night in New York costing up to $971.74.
- Excessive taxi fares: One expert spent $1,733 on taxis in just one week. Even a 5-minute trip from the hotel to the court cost $151.33. The peak was $2,683 to hire a taxi to wait for CEO John Ray during his deposition.
- Business class plane tickets: Their flights cost up to $4,279 each, all taken from the bankruptcy fund.
These expenses are deemed brazenly wasteful, adding to the outrage of creditors – those who are still eagerly waiting day by day to receive compensation from FTX.
Currently, FTX is in the process of waiting for creditors to complete the necessary procedures (KYC, tax forms, distribution unit registration,...) before the deadline of January 20, 2025. After completion, it is expected that debts under $50K will be repaid within 60 days.
#FTXbankruptcy #Ftx❓
$BTC
While FTX creditors suffer heavy losses, the bankruptcy management team has been found splurging on luxury expenses, causing outrage in the community.
- Luxurious hotel expenses: This team often stays at 5-star hotels like Hotel Du Pont, Grand Hyatt, with one night in New York costing up to $971.74.
- Excessive taxi fares: One expert spent $1,733 on taxis in just one week. Even a 5-minute trip from the hotel to the court cost $151.33. The peak was $2,683 to hire a taxi to wait for CEO John Ray during his deposition.
- Business class plane tickets: Their flights cost up to $4,279 each, all taken from the bankruptcy fund.
These expenses are deemed brazenly wasteful, adding to the outrage of creditors – those who are still eagerly waiting day by day to receive compensation from FTX.
Currently, FTX is in the process of waiting for creditors to complete the necessary procedures (KYC, tax forms, distribution unit registration,...) before the deadline of January 20, 2025. After completion, it is expected that debts under $50K will be repaid within 60 days.
#FTXbankruptcy #Ftx❓
$BTC
🚾 FTX bankruptcy managers accused of extravagant spending
😡 FTX creditors have filed a lawsuit demanding stricter oversight of lawyers’ expenses during the cryptocurrency exchange’s bankruptcy proceedings.
Among the highlighted extravagant costs are repeated stays in five-star hotels in New York, Delaware, and Nassau, as well as inflated taxi expenses.
✅ For instance, a single lawyer from Alvarez & Marsal spent $1,733 on taxi rides in one week, while airfare costs reached up to $4,279 per trip.
#Ftx❓ #FTXbankruptcy #CryptoMarketDip #Write2Earn #CryptoNews
😡 FTX creditors have filed a lawsuit demanding stricter oversight of lawyers’ expenses during the cryptocurrency exchange’s bankruptcy proceedings.
Among the highlighted extravagant costs are repeated stays in five-star hotels in New York, Delaware, and Nassau, as well as inflated taxi expenses.
✅ For instance, a single lawyer from Alvarez & Marsal spent $1,733 on taxi rides in one week, while airfare costs reached up to $4,279 per trip.
#Ftx❓ #FTXbankruptcy #CryptoMarketDip #Write2Earn #CryptoNews
🗣️#FTX 💰 has set January 3,2025 as the effective and record date for the Chapter 11 reorganization plan
#Ftx❓ 💰 will distribute the initial funds within 60 days and FTX will allow bankruptcy payments in stablecoins via BitGo and Kraken exchanges
🛑Do you think this liquidity,especially since it will be paid in stablecoins,will have an impact or not?
Yes=👍
Yes=definitely ❤️
No=😁
#FTX重启 #FTTTokenSurge
#Ftx❓ 💰 will distribute the initial funds within 60 days and FTX will allow bankruptcy payments in stablecoins via BitGo and Kraken exchanges
🛑Do you think this liquidity,especially since it will be paid in stablecoins,will have an impact or not?
Yes=👍
Yes=definitely ❤️
No=😁
#FTX重启 #FTTTokenSurge
US Government Moves $33 Million in Seized Crypto from FTX to Unknown Addresses
The US government has transferred cryptocurrencies worth $33.6 million from wallets labeled as "FTX Alameda Seised Funds" to two unidentified addresses. These funds were confiscated from the collapsed crypto exchange FTX and its trading firm Alameda.
Crypto Transfers in Multiple Transactions
On Tuesday, the government carried out several transactions, including:
5,024 ETH (worth approximately $18 million) to addresses starting with "0x9cd" and "0x9ac."Other tokens worth $13 million, including BUSD, SHIB, and various others such as AERGO, POWR, AXS, YFI, WBTC, NMR, COMP, SRM, and RLC.
Crypto Market Rally
The transfers coincided with a notable rally in the cryptocurrency market. Ethereum (ETH) increased by 0.3% in the past 24 hours, trading at $3,643, a significant rise from $2,460 a month ago.
Record On-Chain Ethereum Volume
November saw Ethereum achieve its highest on-chain transaction volume of 2023, reaching $183.74 billion. This growth is attributed to a shift in capital from centralized exchanges (CEX) to on-chain activities.
According to The Block Research, this trend reflects market participants reallocating their assets across different risk curves to optimize investments amid the current market conditions.
#Ftx❓ , #CryptoNewss , #BTC☀ , #CryptoTransactions , #CryptoNewsCommunity
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
Crypto Transfers in Multiple Transactions
On Tuesday, the government carried out several transactions, including:
5,024 ETH (worth approximately $18 million) to addresses starting with "0x9cd" and "0x9ac."Other tokens worth $13 million, including BUSD, SHIB, and various others such as AERGO, POWR, AXS, YFI, WBTC, NMR, COMP, SRM, and RLC.
Crypto Market Rally
The transfers coincided with a notable rally in the cryptocurrency market. Ethereum (ETH) increased by 0.3% in the past 24 hours, trading at $3,643, a significant rise from $2,460 a month ago.
Record On-Chain Ethereum Volume
November saw Ethereum achieve its highest on-chain transaction volume of 2023, reaching $183.74 billion. This growth is attributed to a shift in capital from centralized exchanges (CEX) to on-chain activities.
According to The Block Research, this trend reflects market participants reallocating their assets across different risk curves to optimize investments amid the current market conditions.
#Ftx❓ , #CryptoNewss , #BTC☀ , #CryptoTransactions , #CryptoNewsCommunity
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
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Announcement #Ftx❓ : Starting from January 3, 2025, $16 billion will be repaid to creditors, to be completed within 60 days!
#2025比特币价格预测
This is great news:
It is expected that over $12 billion in stablecoins will return to the crypto market.
What does this mean?
It means that once this money comes in, the altcoin market is sure to heat up. Such major moves always stir the entire market, bringing new opportunities along.
A reminder to everyone: Keep a close eye on the trends of altcoins and the market—this first quarter is crucial for those of us holding positions!
#加密ETF申请热潮涌现
If you currently feel helpless and confused about trading, and want to learn more about the crypto world and get the latest cutting-edge information, click on my profile and follow me; don't get lost in this bull market!
#2025比特币价格预测
This is great news:
It is expected that over $12 billion in stablecoins will return to the crypto market.
What does this mean?
It means that once this money comes in, the altcoin market is sure to heat up. Such major moves always stir the entire market, bringing new opportunities along.
A reminder to everyone: Keep a close eye on the trends of altcoins and the market—this first quarter is crucial for those of us holding positions!
#加密ETF申请热潮涌现
If you currently feel helpless and confused about trading, and want to learn more about the crypto world and get the latest cutting-edge information, click on my profile and follow me; don't get lost in this bull market!