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Do #kwon , CEO of Terraform Labs, charged with document forgery in Montenegro & is facing possible extradition to South Korea. He was apprehended at Podgorica airport with falsified travel documents, as confirmed by Montenegro police. This news was first reported by AFP on Mar 23
#TrendingTopic
South Korea Coordinates With Interpol to Extradite Terra Founder Do Kwon
South Korean police have enlisted Interpol's help to extradite Terra co-founder Do #kwon from Montenegro to South Korea. Despite winning an extradition appeal in Montenegro against the United States, #SouthKorea intensified efforts for his return. The National Police Agency is coordinating with Interpol for the extradition, seeking support through the Interpol National Central Secretariat of the Republic of Korea. Terra's token $LUNA , not considered a security in South Korea, faces a different classification in the U.S., impacting extradition for fraud charges. The Montenegro court accepted Do Kwon's appeal, annulling the prior decision and preventing extradition to the U.S. The U.S. District Court is set for a trial adjournment on March 25, seeking #DoKwon 's presence.#BTC
South Korea Coordinates With Interpol to Extradite Terra Founder Do Kwon
South Korean police have enlisted Interpol's help to extradite Terra co-founder Do #kwon from Montenegro to South Korea. Despite winning an extradition appeal in Montenegro against the United States, #SouthKorea intensified efforts for his return. The National Police Agency is coordinating with Interpol for the extradition, seeking support through the Interpol National Central Secretariat of the Republic of Korea. Terra's token $LUNA , not considered a security in South Korea, faces a different classification in the U.S., impacting extradition for fraud charges. The Montenegro court accepted Do Kwon's appeal, annulling the prior decision and preventing extradition to the U.S. The U.S. District Court is set for a trial adjournment on March 25, seeking #DoKwon 's presence.#BTC
Do Kwon Seeks to Postpone Court Proceedings in the United States
Do Kwon, co-founder of Terraform Labs, is striving to delay his court proceedings in the United States while simultaneously resolving his legal issues in Montenegro to ensure his physical presence in the U.S. court.
Request for Postponement of Court Date
Do Kwon, the co-founder of #TerraformLabs , is requesting the federal court in the Southern District of New York to reschedule his court hearing to March due to complications related to his extradition from Montenegro.
Kwon's Interest in Personal Attendance at the Court Process
In a letter dated January 11th, sent to Judge Jed Rakoff, Kwon’s legal team emphasized his desire to personally attend the court process, scheduled for January 29th. They expressed the hope that Kwon would be able to return to the USA in time: "Mr. Kwon wants to be personally at the court. His lawyers hoped that the extradition process in Montenegro would proceed more quickly."
SEC Accusations and Connection with the Collapse of TerraUSD
In February 2023, the SEC accused Kwon of fraudulent activities, alleging that he was involved in organizing a large-scale crypto currency fraud. The accusation is related to the collapse of the #TerraUSD (USTC) stablecoin of TerraformLabs and its associated token #Terra (#LUNA ).
Response of Kwon's Legal Team to the Urgency of the Process
Kwon's legal team acknowledged the urgency of the court process but stated that Kwon could not attend this month. "We understand that the court cannot be indefinitely postponed, but moving the date to mid-March could realistically enable Mr. Kwon to attend the process," the letter stated.
New Decision of the Appeals Court in Montenegro
In December 2023, it was announced that the appellate court in Montenegro overturned the decision to extradite #kwon either to the USA or to South Korea. This was revealed just a week after it was announced that U.S. and South Korean authorities requested his detention for an additional two months after the end of his custody.
Efforts of the USA and South Korea for Kwon's Extradition
Both the USA and South Korea are seeking Kwon's extradition, with speculations in both countries about the potential outcome of his case.
Kwon's Arrest and Forged Documents
Kwon was arrested in Montenegro in March 2023 after he attempted to leave the country with forged travel documents.
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.“
Request for Postponement of Court Date
Do Kwon, the co-founder of #TerraformLabs , is requesting the federal court in the Southern District of New York to reschedule his court hearing to March due to complications related to his extradition from Montenegro.
Kwon's Interest in Personal Attendance at the Court Process
In a letter dated January 11th, sent to Judge Jed Rakoff, Kwon’s legal team emphasized his desire to personally attend the court process, scheduled for January 29th. They expressed the hope that Kwon would be able to return to the USA in time: "Mr. Kwon wants to be personally at the court. His lawyers hoped that the extradition process in Montenegro would proceed more quickly."
SEC Accusations and Connection with the Collapse of TerraUSD
In February 2023, the SEC accused Kwon of fraudulent activities, alleging that he was involved in organizing a large-scale crypto currency fraud. The accusation is related to the collapse of the #TerraUSD (USTC) stablecoin of TerraformLabs and its associated token #Terra (#LUNA ).
Response of Kwon's Legal Team to the Urgency of the Process
Kwon's legal team acknowledged the urgency of the court process but stated that Kwon could not attend this month. "We understand that the court cannot be indefinitely postponed, but moving the date to mid-March could realistically enable Mr. Kwon to attend the process," the letter stated.
New Decision of the Appeals Court in Montenegro
In December 2023, it was announced that the appellate court in Montenegro overturned the decision to extradite #kwon either to the USA or to South Korea. This was revealed just a week after it was announced that U.S. and South Korean authorities requested his detention for an additional two months after the end of his custody.
Efforts of the USA and South Korea for Kwon's Extradition
Both the USA and South Korea are seeking Kwon's extradition, with speculations in both countries about the potential outcome of his case.
Kwon's Arrest and Forged Documents
Kwon was arrested in Montenegro in March 2023 after he attempted to leave the country with forged travel documents.
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.“
#TrendingTopic Legal Battle Over Extradition: US Vies for Conviction of Terraform’s Do Kwon
Former #TerraLuna crypto leader Do Kwon faces extradition uncertainty as a Montenegrin court ruled in favor of South Korea over the US, deciding his destination amid fraud charges linked to Terra Luna’s collapse. The court considered the timeline of extradition requests, favoring South Korea's earlier initiation in September 2022. #kwon 's legal team strategically argued for the precedence of South Korea's request, ultimately leading to the court's decision. The outcome holds significant implications for both #SouthKorea and the United States, with the legal battle unfolding against the backdrop of mounting charges and the collapse of Terra Luna.#BTC
Former #TerraLuna crypto leader Do Kwon faces extradition uncertainty as a Montenegrin court ruled in favor of South Korea over the US, deciding his destination amid fraud charges linked to Terra Luna’s collapse. The court considered the timeline of extradition requests, favoring South Korea's earlier initiation in September 2022. #kwon 's legal team strategically argued for the precedence of South Korea's request, ultimately leading to the court's decision. The outcome holds significant implications for both #SouthKorea and the United States, with the legal battle unfolding against the backdrop of mounting charges and the collapse of Terra Luna.#BTC
Why was Do Kwon found guilty?
Terraform Labs and Do Kwon were found guilty of misleading #investors about the UST #stablecoin and falsely claiming Chai's use of their technology. The SEC highlighted the significant investor losses due to Terra's deception and urged crypto firms to prioritize compliance. Gurbir Grewal emphasized the need for investor protection and adherence to laws.
The SEC's enforcement director stated that Terraform Labs and #kwon deceived investors about the stability of Terra USD, resulting in substantial losses. Terraform Labs expressed disappointment with the verdict and questioned the SEC's legal authority to bring the case, considering their options. The jury's decision establishes civil liability for #DoKwon , who also faces separate criminal charges in the US and South Korea.
#Nonfarm
Terraform Labs and Do Kwon were found guilty of misleading #investors about the UST #stablecoin and falsely claiming Chai's use of their technology. The SEC highlighted the significant investor losses due to Terra's deception and urged crypto firms to prioritize compliance. Gurbir Grewal emphasized the need for investor protection and adherence to laws.
The SEC's enforcement director stated that Terraform Labs and #kwon deceived investors about the stability of Terra USD, resulting in substantial losses. Terraform Labs expressed disappointment with the verdict and questioned the SEC's legal authority to bring the case, considering their options. The jury's decision establishes civil liability for #DoKwon , who also faces separate criminal charges in the US and South Korea.
#Nonfarm
#TrendingTopic
Terra LUNA Skyrockets 38% Amid Do Kwon’s Legal Victory
Terra, with a recent 38% surge, is in the spotlight due to legal developments involving founder Do #kwon . His recent legal victory in Montenegro's Appellate Court, overturning an extradition order, provides him temporary relief amid charges related to Terra's downfall. The retrial signifies a crucial moment in Kwon's legal battle, revealing complexities in extradition requests from the U.S. and #SouthKorea , possibly influenced by political pressure. Despite the victory, Kwon's extradition remains uncertain, contributing to fluctuations in the Terra ecosystem. The recent surge in Terra's cryptocurrency value raises investor interest, but caution is advised due to potential overbought conditions and weakening bullish momentum.#BTC #EOS
Terra LUNA Skyrockets 38% Amid Do Kwon’s Legal Victory
Terra, with a recent 38% surge, is in the spotlight due to legal developments involving founder Do #kwon . His recent legal victory in Montenegro's Appellate Court, overturning an extradition order, provides him temporary relief amid charges related to Terra's downfall. The retrial signifies a crucial moment in Kwon's legal battle, revealing complexities in extradition requests from the U.S. and #SouthKorea , possibly influenced by political pressure. Despite the victory, Kwon's extradition remains uncertain, contributing to fluctuations in the Terra ecosystem. The recent surge in Terra's cryptocurrency value raises investor interest, but caution is advised due to potential overbought conditions and weakening bullish momentum.#BTC #EOS
🚨📢How Did Terraform and Do Kwon Settle Their Fraud Case with the SEC?🤔🤔
Terraform and Do Kwon Reach Preliminary Settlement with SEC Over Fraud Case: Court Filing
Do #kwon , currently out on bail in Montenegro and awaiting extradition to either the U.S. or South Korea, and #Terraform Labs have reached a "settlement in principle" with the U.S. Securities and Exchange Commission (#SEC ) concerning a fraud case, according to a court filing on Thursday.
This development occurs less than two months after a civil fraud trial against Kwon and Terraform Labs began in New York. During the trial, the SEC sought a $5.3 billion penalty, the largest fine ever imposed on a cryptocurrency project. The court listing noted a May 29 telephone conference with all parties present, during which it was announced that a settlement had been reached in principle. Consequently, an oral argument scheduled for May 29 was canceled. The parties are required to submit the necessary documents supporting the settlement to Judge Jed S. Rakoff by June 12.
Kwon, co-founder of the algorithmic #Stablecoins Terra and its sister token $LUNA within the Terra ecosystem, faces additional criminal charges in New York and South Korea. The Terra ecosystem's collapse in May 2022 triggered a significant industry-wide contagion.
$LUNC $LUNA #EarnFreeCrypto2024
Do #kwon , currently out on bail in Montenegro and awaiting extradition to either the U.S. or South Korea, and #Terraform Labs have reached a "settlement in principle" with the U.S. Securities and Exchange Commission (#SEC ) concerning a fraud case, according to a court filing on Thursday.
This development occurs less than two months after a civil fraud trial against Kwon and Terraform Labs began in New York. During the trial, the SEC sought a $5.3 billion penalty, the largest fine ever imposed on a cryptocurrency project. The court listing noted a May 29 telephone conference with all parties present, during which it was announced that a settlement had been reached in principle. Consequently, an oral argument scheduled for May 29 was canceled. The parties are required to submit the necessary documents supporting the settlement to Judge Jed S. Rakoff by June 12.
Kwon, co-founder of the algorithmic #Stablecoins Terra and its sister token $LUNA within the Terra ecosystem, faces additional criminal charges in New York and South Korea. The Terra ecosystem's collapse in May 2022 triggered a significant industry-wide contagion.
$LUNC $LUNA #EarnFreeCrypto2024
🌖 Do Kwon, Terraform Labs Face $5B Penalty After LUNA Fiasco
The United States Securities and Exchange Commission (SEC) has moved to request billions of dollars in disgorgement and civil penalties from Do Kwon and Terraform Labs, the team behind the ill-fated Terra Luna and UST tokens.
In a recent filing in the U.S. District Court for the Southern District of New York, the SEC sought approximately $4.7 billion in disgorgement and prejudgment interest from #TerraformLabs and its co-founder, Do Kwon.
Alongside the $4.7 billion for disgorgement and prejudgment, the U.S. regulator requested a total of $520 million in civil penalties. In particular, Terraform Labs is asked to pay $420 million, while Kwon faces a $100 million penalty. Cumulatively, the U.S. regulator is requesting over $5 billion in penalties from #DoKwon and Terraform Labs.
Notably, on April 5, a jury found Terraform and Kwon guilty of defrauding investors concerning statements regarding the offer and sale of TerraUSD (UST), Luna ($LUNA ), and wLUNA. Meanwhile, Terraform suggested a maximum civil penalty of $5.28 million in its filing, while Kwon proposed approximately $828,000.
On the other hand, in addition to the monetary judgment, the SEC has suggested barring Kwon from holding positions as an officer or director and mandating full disclosure of his accounts and assets.
If approved, Terraform could face a “conduct-based injunction” to prevent the recurrence of the behaviors that led to the extensive fraud. However, these proposed remedies and the civil judgment await the ruling of a judge.
Furthermore, the SEC argued that #Terraform and #kwon have shown no remorse for their actions, raising significant concerns about the potential for further violations, which the regulator claims may already be in progress. The filing urges the court to send a clear message that such audacious misconduct will not be tolerated.
#ScamRiskWarning
The United States Securities and Exchange Commission (SEC) has moved to request billions of dollars in disgorgement and civil penalties from Do Kwon and Terraform Labs, the team behind the ill-fated Terra Luna and UST tokens.
In a recent filing in the U.S. District Court for the Southern District of New York, the SEC sought approximately $4.7 billion in disgorgement and prejudgment interest from #TerraformLabs and its co-founder, Do Kwon.
Alongside the $4.7 billion for disgorgement and prejudgment, the U.S. regulator requested a total of $520 million in civil penalties. In particular, Terraform Labs is asked to pay $420 million, while Kwon faces a $100 million penalty. Cumulatively, the U.S. regulator is requesting over $5 billion in penalties from #DoKwon and Terraform Labs.
Notably, on April 5, a jury found Terraform and Kwon guilty of defrauding investors concerning statements regarding the offer and sale of TerraUSD (UST), Luna ($LUNA ), and wLUNA. Meanwhile, Terraform suggested a maximum civil penalty of $5.28 million in its filing, while Kwon proposed approximately $828,000.
On the other hand, in addition to the monetary judgment, the SEC has suggested barring Kwon from holding positions as an officer or director and mandating full disclosure of his accounts and assets.
If approved, Terraform could face a “conduct-based injunction” to prevent the recurrence of the behaviors that led to the extensive fraud. However, these proposed remedies and the civil judgment await the ruling of a judge.
Furthermore, the SEC argued that #Terraform and #kwon have shown no remorse for their actions, raising significant concerns about the potential for further violations, which the regulator claims may already be in progress. The filing urges the court to send a clear message that such audacious misconduct will not be tolerated.
#ScamRiskWarning
Terra Luna Classic (LUNC): A Quick Introduction
The Terra Classic blockchain was initially created to support the TerraUSD (UST) cryptocurrency.
The concept was that Terra’s #LUNA✅ cryptocurrency would keep UST tied to the US Dollar. When UST’s value rose above its peg, more LUNA was created, and when it fell below $1, LUNA was burned or destroyed.
This system worked well initially, with LUNA reaching a market cap in the billions and ranking among the top ten largest cryptocurrencies.
However, in May 2022, everything changed. UST lost its peg, and LUNA’s value plummeted, causing a significant downturn in the entire crypto market. It can be argued that the market has not fully recovered since.
A new blockchain was established with a new version of the $LUNA cryptocurrency, which took the LUNA name. The original blockchain, now called Terra Classic, continues to support the original cryptocurrency, now called $LUNC , and is managed by the #TerraClassic community.
It’s important to note that #DoKwon , the founder, has been arrested by United States authorities and charged with eight offenses, including securities fraud, commodities fraud, wire fraud, and conspiracy. He is also imprisoned in Montenegro for forging official documents. As of now, #kwon faces extradition from Montenegro, but it is still unclear whether it will be to the United States or South Korea.
#EarnFreeCrypto2024
The Terra Classic blockchain was initially created to support the TerraUSD (UST) cryptocurrency.
The concept was that Terra’s #LUNA✅ cryptocurrency would keep UST tied to the US Dollar. When UST’s value rose above its peg, more LUNA was created, and when it fell below $1, LUNA was burned or destroyed.
This system worked well initially, with LUNA reaching a market cap in the billions and ranking among the top ten largest cryptocurrencies.
However, in May 2022, everything changed. UST lost its peg, and LUNA’s value plummeted, causing a significant downturn in the entire crypto market. It can be argued that the market has not fully recovered since.
A new blockchain was established with a new version of the $LUNA cryptocurrency, which took the LUNA name. The original blockchain, now called Terra Classic, continues to support the original cryptocurrency, now called $LUNC , and is managed by the #TerraClassic community.
It’s important to note that #DoKwon , the founder, has been arrested by United States authorities and charged with eight offenses, including securities fraud, commodities fraud, wire fraud, and conspiracy. He is also imprisoned in Montenegro for forging official documents. As of now, #kwon faces extradition from Montenegro, but it is still unclear whether it will be to the United States or South Korea.
#EarnFreeCrypto2024
#Memecoins
🌖 Terra Founder Do Kwon is Released from Prison: What Happend?
Terraform Labs co-founder #DoKwon has been released in Montenegro, sparking global interest in cryptocurrency regulation. Kwon's legal troubles stem from the collapse of TerraUSD #Stablecoins in 2022, leading to fraud accusations in South Korea and the U.S. Montenegro's Supreme Court halted Kwon's extradition temporarily after he completed a sentence for forgery. However, he remains in the country pending extradition deliberations, with his passport confiscated. The decision complicates his legal situation, especially considering the severity of charges in the U.S. The case highlights challenges in regulating cryptocurrency globally. Kwon's saga emphasizes the need for transparency and regulatory adherence in the crypto industry. It underscores the urgency for a harmonized legal framework to govern digital currencies worldwide. As #kwon 's extradition awaits resolution, his case sets a precedent for cryptocurrency regulation.
#Memecoins
🌖 Terra Founder Do Kwon is Released from Prison: What Happend?
Terraform Labs co-founder #DoKwon has been released in Montenegro, sparking global interest in cryptocurrency regulation. Kwon's legal troubles stem from the collapse of TerraUSD #Stablecoins in 2022, leading to fraud accusations in South Korea and the U.S. Montenegro's Supreme Court halted Kwon's extradition temporarily after he completed a sentence for forgery. However, he remains in the country pending extradition deliberations, with his passport confiscated. The decision complicates his legal situation, especially considering the severity of charges in the U.S. The case highlights challenges in regulating cryptocurrency globally. Kwon's saga emphasizes the need for transparency and regulatory adherence in the crypto industry. It underscores the urgency for a harmonized legal framework to govern digital currencies worldwide. As #kwon 's extradition awaits resolution, his case sets a precedent for cryptocurrency regulation.
#Memecoins
ℹ️ Court approves settlement agreement between Terraform Labs, Do Kwon and SEC
A court has approved a settlement agreement between Terraform Labs, #DoKwon and the Securities and Exchange Commission (SEC).
As part of the deal, Kwon and Terraform will pay $4.5bn.
#Terraform will pay nearly $3.6bn in compensation, a civil penalty of $420m and about $467m in pre-trial interest.
#kwon agreed to pay $110 million in compensatory damages and $14.3 million in judgement interest, as well as an $80 million civil penalty.
#AirdropGuide #BTC
A court has approved a settlement agreement between Terraform Labs, #DoKwon and the Securities and Exchange Commission (SEC).
As part of the deal, Kwon and Terraform will pay $4.5bn.
#Terraform will pay nearly $3.6bn in compensation, a civil penalty of $420m and about $467m in pre-trial interest.
#kwon agreed to pay $110 million in compensatory damages and $14.3 million in judgement interest, as well as an $80 million civil penalty.
#AirdropGuide #BTC
