Terraform Labs co-founder has been charged with eight counts of fraud, including securities fraud and conspiracy.

Earlier on March 23, Do Kwon was reported to be arrested at the Podgorica airport in Montenegro.

LUNA price, following the news of Do Kwon’s arrest, crashed to January lows before climbing back to trade at $1.348.

Terraform Labs co-founder Do Kwon is set to face more charges in the United States in addition to the ones that already exist against him. The arrest of the former Chief Executive Officer (CEO) of Terra will finally allow the fraud proceedings to begin.

Do Kwon faces the music in New York

According to an indictment on March 23, Do Kwon was charged with eight counts of fraud. A federal grand jury accused Kwon of securities fraud, commodities fraud, wire fraud, as well as conspiracy, along with other charges. The indictment noted that Kwon allegedly deceived investors about the Terra blockchain and also falsified its adoption figures in television interviews and on social media.

Another charge accused Do Kwon of allegedly engaging in market manipulation with a United States-based trading firm in regard to the stablecoin TerraUSD (UST).

Earlier in the day, Do Kwon was arrested by the Montenegrin police at the Podogirca airport along with Terra’s CFO, Hon Chang Joon. The two were detained for attempting to travel to Dubai using falsified documents and were also held for using falsified Belgian travel papers, according to the Interior Minister.

The charges from the New York prosecutors have been added to the charges from the Securities and Exchange Commission. Last month, the regulatory body charged Do Kwon with orchestrating a multi-billion dollar fraud where the founder misled and deceived customers with its marketing.

LUNA price rises back up

LUNA price was quick to react to the news of Do Kwon’s arrest as the altcoin dipped by more than 9.79% within hours, falling to a two-month low. However, the cryptocurrency recovered soon after to climb back up, trading at $1.348 at the time of writing. 

LUNA price is currently stuck under the downtrend since January this year, failing to recover in the first two weeks of March when most of the market did. The altcoin not only has to breach this downtrend line but also flip the barrier at $1.475 into support to initiate a recovery rally toward $1.754.

On the flip side, the cryptocurrency faces a potential drop in value that would push LUNA price to $1.229. Testing this level would bring the altcoin to the December 2022 lows at $XXX, and falling through the same would result in LUNA declining to a ten-month low.

#luna #terra #koinmilyoner #Launchpad #GPT-4

According to a report published by AFP, Do Kwon, CEO of Terraform Labs, has been charged with document forgery in Montenegro. Kwon was arrested at the Podgorica airport while traveling with fake documentation. South Korean prosecutors have said the Terra co-founder faces extradition to South Korea.

Montenegro Police’s Account of the Falsified Travel Documents Found in Kwon’s Possession

Terraform Labs co-founder and CEO Do Kwon, also known as Kwon Do-hyung, was arrested on Thursday in Montenegro, a mountainous country located in South Eastern Europe on the Balkan Peninsula. The news was first disclosed on March 23 by Montenegro’s interior minister Filip Adzic who explained Kwon was apprehended at the Podgorica airport bearing phony identification documents.

Terraform Labs CEO Do Kwon Faces Extradition to South Korea

According to a report published by the AFP on Friday, Kwon is now being charged with forgery in Montenegro. Kwon was also traveling with an unknown companion who was also taken into custody. “A criminal complaint was filed against both persons for the criminal offense of document forgery,” Montenegro’s police detailed. In addition to forgery charges, prosecutors want to detain Kwon for 30 days as he ostensibly denied his identification documents were forged.

Further, Kim Hee-kyung, a spokeswoman for the Seoul Southern District Prosecutors’ Office told AFP that the government would like to see Kwon extradited back to South Korea. “South Korean prosecutors will take steps to repatriate Kwon Do-hyung. We are working on the process,” the spokeswoman explained. Kwon also faces a number of lawsuits in the United States including a recent lawsuit that was initiated by the U.S. Securities and Exchange Commission.

Montenegro police noted that Kwon and his companion had “falsified travel” documents that derived from Costa Rica and the duo was looking to fly out to Dubai. The police also said that upon a luggage inspection, there were also travel documents from South Korea and Belgium. Montenegro’s interior ministry said that Kwon’s Belgium identification was also forged documents. The name of Kwon’s traveling companion has not yet been disclosed.

#dokwon #terra #luna #BTC

The arrest of Do Kwon, co-founder and CEO of Terraform Labs, in Montenegro has caused a significant drop in the value of the LUNA tokens of Terra. LUNA is the native token of the Terra blockchain, which is a decentralized platform designed to provide a stablecoin solution for global payments.

Following the news of Kwon's arrest, LUNA's value dropped sharply, leading to concerns among investors and traders. This drop is likely due to the uncertainty surrounding Kwon's future with the company, as he is a key figure in the development and success of Terraform Labs.

Kwon's arrest came as a shock to the cryptocurrency community, as he is a well-respected figure in the industry. He was arrested in Montenegro on charges of illegal activities related to a property development project. Kwon has denied the charges, and Terraform Labs has stated that the arrest is not related to the company's operations.

Despite these assurances, the news of Kwon's arrest has had a significant impact on the value of LUNA tokens. The tokens have experienced a sharp decline, with some estimates suggesting a drop of up to 30%. This drop has caused concern among investors, who fear that the value of LUNA tokens may continue to decline in the coming weeks and months.

The decline in the value of LUNA tokens highlights the potential risks associated with investing in cryptocurrency. The industry is still largely unregulated, and events like Kwon's arrest can have a significant impact on the value of tokens. This volatility makes it important for investors to conduct thorough research and due diligence before investing in any cryptocurrency.

In conclusion, the arrest of Do Kwon in Montenegro has caused a significant drop in the value of LUNA tokens. While Terraform Labs has stated that the arrest is not related to the company's operations, the uncertainty surrounding Kwon's future has led to concerns among investors. This incident highlights the potential risks associated with investing in cryptocurrency, and serves as a reminder of the need for caution and thorough research before investing in any digital asset.

#luna #terra #BTC #crypto

Embattled Terra (LUNA) founder Do Kwon will remain in Montenegro following his arrest in the southeastern European country last week, according to a report.

Citing local prosecutor Haris Shabotich, South Korean publication Yonhap News says that Kwon will be held for 30 days as he awaits investigations over his use of forged travel documents.

Kwon was reportedly arrested at the Podgorica Airport with a forged Costa Rican passport while trying to board a flight to the United Arab Emirates. The embattled LUNA founder’s identity was confirmed through photographic and biometric data by South Korean authorities.

While a suspect can be detained for up to 72 hours in Montenegro, courts can make exceptions at the request of prosecutors to extend the period of custody for up to 30 days in the Balkan state.

The LUNA token and TerraUSD (UST) stablecoin collapsed in May of 2022 leading to losses amounting to tens of billions of dollars for the holders of the two crypto assets. Shortly after, Kwon went on the run and a warrant of arrest was issued by South Korean authorities in September. As recently as February, South Korean authorities thought he was in Serbia.

Kwon is also wanted in the United States where federal prosecutors have filed criminal charges against him including counts of commodities and securities fraud.

Last month, the U.S. Securities and Exchange Commission (SEC) also announced charges against Kwon accusing him of similar offenses.

#Binance #BTC #BNB #crypto2023 #luna

Federal prosecutors in New York have filed charges against Terraform Labs co-founder Do Kwon hours after his arrest at the Podgorica airport in Montenegro on Thursday.

The 12-page indictment from the United States District Court for the Southern District of New York shows that Kwon faces eight counts, which include conspiracy to defraud, two counts of commodities fraud, two counts of securities fraud, two counts of wire fraud and conspiracy to defraud and engage in market manipulation. 

The US also seeks for the forfeiture of Kwon’s assets linked to the offenses charged.

Reads the indictment signed by US Attorney Damian Williams,

“The defendant shall forfeit to the United States…any and all property, real and personal, that constitutes or is derived from proceeds traceable to the commission of said offenses, including but not limited to a sum of money in United States currency representing the amount of proceeds traceable to the commission of said offenses.”

Kwon went on the run after Terraform Labs’ Terra (LUNA) token and TerraUSD (UST) stablecoin collapsed, causing over $40 billion in losses.

CBS News reports that Montenegro’s police apprehended Kwon while attempting to board a flight to Dubai using a fake Costa Rican passport. The country’s Minister of Internal Affairs Filip Adzic announced the arrest on Twitter and South Korean authorities later confirmed the crypto fugitive’s identity based on photographic data and fingerprint information.

Kwon is currently detained in Montenegro. Bloomberg reports that both the US and South Korea, the 31-year-old’s native country which issued his arrest warrant in September, seek his extradition.

#luna

DEFI Breakdown.

Decentralized Finance (DeFi) is an emerging field within the cryptocurrency and blockchain industries that aims to revolutionize traditional financial services by leveraging the benefits of blockchain technology. DeFi is a new financial system that allows people to lend, borrow, trade, and invest in digital assets without the need for intermediaries such as banks or other financial institutions.

DeFi has gained significant attention in recent years due to its potential to disrupt the traditional financial system. This article will provide a breakdown of DeFi and its components.

What is DeFi? DeFi is a financial system built on blockchain technology that allows users to access financial services without the need for traditional financial intermediaries. DeFi uses smart contracts, which are self-executing contracts that automatically execute when specific conditions are met, to provide financial services such as lending, borrowing, and trading.

DeFi is decentralized, which means that it is not controlled by any single entity or organization. Instead, it is governed by a network of users who interact with each other through a decentralized platform. This allows for greater transparency, security, and efficiency compared to traditional financial systems.

Components of DeFi There are several components that make up the DeFi ecosystem, including:

Decentralized Exchanges (DEXs): DEXs are platforms that allow users to trade digital assets without the need for intermediaries. DEXs use smart contracts to execute trades automatically, which reduces the need for human intervention and increases efficiency.

Decentralized Lending and Borrowing: DeFi platforms offer lending and borrowing services without the need for intermediaries. Users can lend their digital assets to other users in exchange for interest or borrow digital assets by providing collateral.

Stablecoins: Stablecoins are digital assets that are pegged to a stable asset such as the US dollar or gold. They are used to reduce the volatility of digital assets and make it easier to transact within the DeFi ecosystem.

Automated Market Makers (AMMs): AMMs are algorithms that use smart contracts to provide liquidity to DEXs. They allow users to trade digital assets without the need for order books or market makers.

Governance Tokens: Governance tokens are digital assets that give users voting rights and decision-making power within the DeFi ecosystem. They are used to make decisions about the development and governance of DeFi platforms.

Benefits of DeFi DeFi has several benefits over traditional financial systems, including:

Transparency: DeFi is built on a decentralized platform, which allows for greater transparency and accountability.

Security: DeFi platforms use smart contracts to execute transactions automatically, which reduces the risk of fraud and hacking.

Efficiency: DeFi platforms operate 24/7 and can execute transactions instantly, which increases efficiency compared to traditional financial systems.

Accessibility: DeFi allows anyone with an internet connection to access financial services without the need for intermediaries or traditional financial institutions.

Conclusion DeFi is an emerging field within the cryptocurrency and blockchain industries that has the potential to disrupt traditional financial systems. It is built on a decentralized platform that uses smart contracts to provide financial services such as lending, borrowing, and trading. DeFi has several benefits over traditional financial systems, including transparency, security, efficiency, and accessibility. As the DeFi ecosystem continues to grow, we can expect to see more innovation and disruption within the financial industry.

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Don't forget to follow my page #Binance #crypto2023 #dyor #BTC #luna

Terra Classic Could 10x at a $6B Market Cap If Staked Amount Doubled. The asset’s market capitalization is currently at $711 million.

The Terra Classic (LUNC) community remains committed to the asset’s revitalization movement, with renewed optimism hitting the camp lately. Most recently, Rex “Rexyz” Harrison asserted that LUNC has the potential to increase by 10x if its market cap reaches Shiba Inu’s valuation of $6 billion and the current amount of staked tokens doubles.

Comparison of SHIB & LUNC Supplies

Rexyz’s theory came after a recent comparison between Shiba Inu and Terra Classic. Cryptomane, a LUNC community influencer, took to Twitter to assess the possibility of both assets reaching the shared goal of mitigating their extensive supplies.

Let us compare the 2 #DeFi that aim to burn as many tokens as possible to mitigate the problem of too much circulating supply:$LUNC > 6.8 Trillion tokens🔥$SHIB > 589 Trillion tokens🔥#terraport will burn 49% of tokens weekly between 27% $LUNC and 22% $TERRA of its treasury.… pic.twitter.com/8KdS7rFHnT

— Cryptomane (@cryptomaneitaly) March 27, 2023

Terra Classic has a total supply of 6.8 trillion tokens, whereas Shiba Inu has a supply of 589 trillion tokens, which is over 86.6 times greater than LUNC’s. Both tokens share a common goal of significantly reducing their respective supplies to support their price actions.

Terraport, the upcoming DeFi platform for Terra Classic, intends to burn LUNC tokens using 27% of its treasury. Similarly, Shibarium, Shiba Inu’s layer-2 solution, aims to burn SHIB tokens using 70% of every base transaction fee.

Cryptomane believes that LUNC will likely achieve its supply reduction goal faster than SHIB, owing to its significantly lower supply. However, this is merely speculative, as the rate of token burns for both assets will be subject to various factors, including the volume of transactions processed by Shibarium and Terraport’s volume.

Could LUNC Surge by 10x?

Responding to the comparison, Rexyz pointed out that Shiba Inu’s market capitalization of $6.12 billion is much higher than Terra Classic’s, which currently stands at $711 million, indicating that SHIB’s valuation is 86 times the valuation of LUNC. However, SHIB is currently trading for $0.00001038 while LUNC has a price of $0.0001208.

Interesting comparison 🙏 Also:#SHIB = $6bn mkt cap#LUNC = $700m mkt cap

🤔 If LUNC was $6bn and staking doubled each LUNC could in theory x10 in value, and ⬇️

To burn 75% of: SHIB = $4.5bn LUNC = $530m

If burnings your thing, which is the meme to back? 🤔@_Terraport_ 🔥 https://t.co/eSYqx6Ig9t

— Rexyz (@RexYellerBelly) March 27, 2023

Rexyz suggests that if LUNC were to achieve SHIB’s market cap of $6 billion, and the current amount of staked LUNC tokens were to double, it could potentially result in a price surge 10 times the current value of LUNC. However, he notes this is a theoretical scenario, as various factors could influence the outcome. Currently, the total amount of staked LUNC stands at 961 billion tokens.

#terra #luna #crypto2023 #crypto #SHIB

Do Kwon, the man behind the Terra LUNA ecosystem, was reportedly arrested in Montenegro, Southern Europe. The 31-year-old man has long been a police target after his company Terraform collapsed.

Do Kwon was secured at the Podgorica airport, said Montenegro’s Interior Minister, Filip Adzic. According to Business Insider, he allegedly provided documents under a false identity.

After Luna’s value plummeted in the market, Do Kwon had to face several problems throughout the year. Including having to face a number of lawsuits in several countries, not only about the company but also related to his passport.

Here are 5 lawsuits that Do Kwon may be charged with:

Lawsuits in the US In June and July last year, US law firms Scott+Scott and Bragger Eagle & Squire filed a lawsuit against Do Wkon and a number of related parties. The lawsuit was filed on behalf of Terra investors.

The defendants are said to have participated in the sale of unregistered securities. Terraform Labs is even said to have defrauded investors and encouraged them to buy tokens. In the end, the price was artificially inflated.

Do Kwon must also face a lawsuit filed by Matthew Albright in New York. The lawsuit dated August 25, 2022 calls UST a Ponzi scheme and is backed by high yields derived from the Anchor Protocol.

Violating South Korea’s Capital Market Law

Apart from the US, Do Kwon also had to face the law in South Korea. Local prosecutors have issued arrest warrants for him and a number of company employees in relation to Luna’s collapse.

They, including head of research Nicholas Platias and staff member Han Mo, are said to have violated capital market laws.

Arrest warrant from Interpol In late September, Interpol also issued an arrest warrant for Do Kwon and this has also been confirmed by the Seoul Southern District Prosecutor’s Office.

Passport Cancellation in South Korea Do Kwon’s passport has been requested to be returned since last October by the South Korean foreign ministry. Otherwise, the validity period of his passport will expire and Do Kwon will have difficulty traveling to the country.

Terra lawsuit in Singapore In Singapore, 369 investors filed a lawsuit against Do Kwon. The collapse of TerraUSD is said to have affected them who had to suffer losses of up to US$57 million.

#terra #luna #BTC

The CEO of Terra, Do Kwon, has been arrested, resulting in a significant drop in the company's stock price. This news has sent shockwaves throughout the business world, as investors scramble to assess the impact of this development on the company's future prospects.

To provide some context, Terra is a blockchain-based payment platform that has been gaining traction in recent years. With a focus on providing fast, secure, and low-cost transactions, Terra has been seen as a promising player in the fintech space.

However, the arrest of its CEO has raised serious concerns about the company's leadership and governance. Investors are worried that this could lead to a loss of confidence in the company, which could ultimately harm its long-term growth prospects.

Despite these challenges, Terra's management team has expressed confidence in the company's ability to weather this storm. They have emphasized their commitment to transparency and accountability, and have pledged to work closely with regulators to ensure that the company remains in compliance with all relevant laws and regulations.

Overall, the situation at Terra is a reminder of the importance of strong leadership and effective governance in the business world. As investors continue to monitor the situation, it remains to be seen how this will impact the company's future trajectory.

#coingabbar #crypto2023 #terra #crypto #luna