Terra Luna Classic Announces Q2 Plan and Budget for Network Upgrade and Joint L1 Task Force

Terra Luna Classic (LUNC) core developer group, Joint L1 Task Force, has submitted its plan and budget for Q2. The group has completed several crucial blockchain upgrades, such as the v1.0.5 hotfix and v1.1.0, bringing back the Binance LUNC burn mechanism. Now, the group has scheduled another major blockchain upgrade, v2.0.0, for March 31, which will bring AI capabilities to the Terra Classic chain.

The Q2 plan includes testing for the v2.0.0 upgrade, providing technical advice and development support for Ziggy USTC repeg and deploy v2.1.0, and parity with Cosmos blockchain. The developer group will work with an L2 team to develop Classic Station to introduce on-ramp capability and help in testing and scheduling upgrades while reducing the burden on third parties.

The Q2 budget for the Joint L1 Task Force development team is $139.5k, similar to Q1. The distribution of payments will happen monthly after approval from the Oversight Committee and Terra Grants Foundation signers of the multisig. The community has expressed support for the Q2 plan of the Joint L1 Task Force group.

However, some popular members of the community suggested discussing tasks accomplished by the developer group in Q1 before proceeding to approve the Q2 budget. The LUNC price is currently trading at $0.00012, down 2% in the last 24 hours, while the USTC price also fell 2%, with the price currently trading at $0.021.

Takeaways:

Terra Luna Classic (LUNC) core developer group Joint L1 Task Force has submitted its plan and budget for Q2.

The group has completed several crucial blockchain upgrades and is scheduled to release v2.0.0 on March 31, which will bring AI capabilities to the Terra Classic chain.

The Q2 plan includes testing for the v2.0.0 upgrade, providing technical advice and development support for Ziggy USTC repeg and deploy v2.1.0, and parity with Cosmos blockchain.

The Q2 budget for the Joint L1 Task Force development team is $139.5k, similar to Q1, and the distribution of payments will happen monthly after approval from the Oversight Committee and Terra Grants Foundation signers of the multisig.

Conclusion:

Terra Luna Classic's Joint L1 Task Force has announced its Q2 plan and budget, which includes several crucial blockchain upgrades and the development of Classic Station to introduce on-ramp capability. The community has expressed its support for the plan, and the budget will be distributed monthly after approval from the Oversight Committee and Terra Grants Foundation signers of the multisig. As Terra Luna Classic moves forward with its Q2 plan, it will be interesting to see how the project progresses in the coming months.

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Terra Founder's Extradition Battle: US vs. South Korea

Do Kwon, the founder of Terraform Labs, the software startup behind the algorithmic stablecoin, Terra, was arrested in Montenegro with his business associate, Hon Chang-Joon, for allegedly entering the country illegally and forging official documents. South Korea and the US have both requested their extradition, but it is unclear to which country Kwon will be extradited.

Background Information on Terra Founder's Arrest and Extradition Requests:

Kwon and Joon were arrested at Montenegro's Podgorica airport last Friday for allegedly using fake Costa Rican passports in attempting to fly to Dubai. Both South Korea and the US have officially made their extradition requests, and Montenegro's justice minister has confirmed that South Korea is seeking the extradition of both individuals, while the US is only after Kwon.

Following the collapse of Kwon's algorithmic stablecoin last May, South Korea issued an arrest warrant for Kwon in September. Terra's demise wiped $20.5 billion in nominal value from personal crypto wallets, triggering a wave of liquidations, bankruptcies, and tumbling crypto markets. Interpol also issued a global request to arrest Kwon, and reports indicated he continually moved around Europe and Asia, including through Singapore and Serbia.

Extradition Process:

Kwon has been charged with securities fraud, wire fraud, and commodities fraud by prosecutors in New York shortly after his arrest in Montenegro. However, both Kwon and Joon are currently being investigated for possession of false documents and could face criminal proceedings that carry up to five years in prison. They could only be extradited after a court ruling, which could take time.

Takeaways:

The battle over Kwon's extradition between South Korea and the US highlights the international cooperation required to bring white-collar criminals to justice. The collapse of Terra and the subsequent fallout serve as a warning to investors about the risks of investing in unregulated cryptocurrencies.

Conclusion:

The extradition battle between South Korea and the US over the founder of Terra, Do Kwon, highlights the global nature of white-collar crime and the importance of international cooperation to bring criminals to justice. The collapse of Terra serves as a reminder of the risks associated with investing in unregulated cryptocurrencies and the need for greater regulatory oversight to protect investors.

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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

Do Kwon, co-founder of Terraform Labs, has been released from prison in Montenegro while the extradition proceedings regarding his request to be extradited to the USA and South Korea are still ongoing, according to a report by Bloomberg citing officials from the prison system.
Doubts Surrounding Kwon's Extradition Decision:
His recent decision to be extradited to South Korea has been challenged by the top prosecutor of Montenegro. Recently, it has come to light that the highest prosecutor's office in Montenegro has transferred this case for review to the Supreme Court, citing irregularities.
Arrest of Do Kwon and the Collapse of the Terra Project:
Do Kwon was arrested in Montenegro in March 2023 when he was caught with a fake Costa Rican passport while attempting to travel to Dubai in the United Arab Emirates. Kwon was the architect of the failed crypto project TerraUSD stablecoin, which experienced a collapse along with LUNA, another token from the Terra project.
Extradition Decision and Investigation:
Both the USA and South Korea have requested Kwon's extradition, but the Minister of Justice of Montenegro favors extradition to South Korea. This decision has been contested by the top prosecutor of Montenegro. South Korean authorities are now actively seeking to prosecute Do Kwon for his alleged frauds and tax evasion.
Do Kwon has denied the accusations, claiming that the $40 billion collapse of the Terra ecosystem was a result of market forces and does not indicate any criminal activity.
#dokwon #terraformLabs

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.“

In a landmark decision by a New York jury, Terraform Labs along with its Co-Founder, Do Kwon, have been convicted of fraud, accused of misleading investors regarding the stability of its stablecoin, UST. The case stemmed from the dramatic collapse of Terra's UST in 2022, which resulted in a staggering $40 billion loss for investors, causing widespread turmoil within the cryptocurrency industry. This verdict comes after a two-week trial and represents a notable victory for the Securities and Exchange Commission (SEC) in its efforts to enhance regulatory control over the burgeoning digital currency market.
The outcome of this trial could also signal what might be expected in the upcoming criminal cases against Kwon, both in the United States and South Korea. In these jurisdictions, the thresholds for proving guilt are notably higher. Kwon, who holds a dominant 92% control over Terraform Labs, was apprehended in Montenegro on charges of using a fake passport. Currently, he is at the center of a legal tug-of-war concerning his extradition between the U.S. and South Korea, both of which are seeking to prosecute him for criminal fraud.
A recent decision by Montenegro’s Supreme Court has increased the likelihood of Kwon's extradition, overturning prior rulings that had recommended sending him to Seoul.
The jury, after less than two hours of deliberation, found that Kwon and Terraform Labs had falsely represented the capabilities of their blockchain technology in its application with Chai, a popular payment app in Korea. Moreover, the verdict highlighted the dissemination of misleading information regarding the stability of the UST stablecoin, which was allegedly designed to maintain a constant value tied to the US dollar through algorithmic means. This judgment underscores the growing scrutiny and legal challenges facing the crypto industry, particularly regarding the transparency and reliability of stablecoins and blockchain technology.
#crypto #fraud #dokwon #terraform

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.“

Do Kwon, the founder of Terraform Labs, may soon return to South Korea from Montenegro due to a crucial court decision expected on March 23. This information was conveyed by Kwon's lawyer in an interview with journalists.

Kwon's escape journey resembles the plot of a spy novel. For months, he managed to evade pursuit from South Korea, traveling from one country to another until he was eventually apprehended in Montenegro. The reason for his arrest was an attempt to cross borders with forged documents, along with Han Chang-joon, a key member of Terra, who was returned to South Korea in February.
Kwon's stay in Montenegro isn't just about its beautiful scenery. He spent four months in prison there for using counterfeit documents. According to his lawyer Goran Rodic, Kwon's likely next destination is South Korea. Rodic stated that the whole process is in accordance with the law and the evidence gathered. Whether Kwon will attempt any legal maneuver against this decision remains Rodic's secret.
The situation is complicated by the fact that Kwon is wanted not only in South Korea but also in the USA for securities fraud charges. Nevertheless, courts in Montenegro have indicated that Kwon's future lies in South Korea, not the USA. This decision is the result of protracted legal disputes and courtroom dramas.
Local media in Montenegro announced this decision on March 7, suggesting that it could be the final chapters of Kwon's saga. The exact plan for his extradition has not yet been announced as no new official documents have been filed. Kwon continues to serve his sentence for document forgery until March 23, indicating that likely nothing will change until then.
South Korea has actively engaged in this case and utilized Interpol to secure Kwon's extradition. Kwon is not alone under pressure; Terra co-founder Daniel Shin faces his own legal issues in South Korea, including fraud allegations.
Kwon's legal battle in Montenegro began over the incident with a forged passport. Han Chang-Joon, former CFO of Terra, has already been extradited. Initially, it appeared that Montenegro was inclined to send Kwon to the USA, but the appellate court subsequently ordered a review of the entire case.
The appellate court's decision on March 5 may have offered Kwon a chance to avoid extradition to the USA. However, the issue is not just about his destination but about accountability for his actions. The USA and South Korea share a goal – to prosecute Kwon for his role in the collapse of the UST Terra stablecoin, which led to a loss of over $40 billion.
#dokwon #crypto

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.“