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🚨 $4,470,000,000 SEC SETTLEMENT AKA. THE END OF TERRA LUNA 🚨
💥 Terraform Labs' Major Settlement and Shutdown:
Terraform Labs has agreed to a significant settlement with the United States Securities and Exchange Commission (SEC), amounting to roughly $4.47 billion. This settlement follows a jury finding Terraform Labs and its co-founder responsible for the collapse of the Terra ecosystem, which led to a $40 billion loss in investor assets.
Key Details:
Settlement Amount: $4.47 billion
Result: Terraform Labs to cease operations
Next Steps: The company plans to sell key projects within the Terra ecosystem and transfer control of the Terra blockchain to the community.
📉 Ripple Seeks Appropriate Penalty:
In related news, Ripple’s legal team has asked for an “appropriate” civil penalty in their ongoing case with the SEC, referencing the recent Terraform Labs settlement. The SEC has requested that Ripple pay around $2 billion in disgorgement, prejudgment interest, and civil penalties. Ripple has argued for a maximum penalty of $10 million, but the SEC countered this request.
SEC's Position: The regulator argued that applying the same penalty ratio from Terraform’s case to Ripple would result in a $102.6 million penalty, which they believe is necessary to fulfill the purposes of civil penalty statutes.
👇 Is the SEC still a regulator or are we already getting some Mafia Mob vibe? Drop your opinion below!
Follow @Professor Mende - Founder of BONUZ Project - in Dubai UAE for more updates!
#CryptoNews #TerraformLabs #Ripple #SEC #LUNA
$BTC $PEPE $SHIB
💥 Terraform Labs' Major Settlement and Shutdown:
Terraform Labs has agreed to a significant settlement with the United States Securities and Exchange Commission (SEC), amounting to roughly $4.47 billion. This settlement follows a jury finding Terraform Labs and its co-founder responsible for the collapse of the Terra ecosystem, which led to a $40 billion loss in investor assets.
Key Details:
Settlement Amount: $4.47 billion
Result: Terraform Labs to cease operations
Next Steps: The company plans to sell key projects within the Terra ecosystem and transfer control of the Terra blockchain to the community.
📉 Ripple Seeks Appropriate Penalty:
In related news, Ripple’s legal team has asked for an “appropriate” civil penalty in their ongoing case with the SEC, referencing the recent Terraform Labs settlement. The SEC has requested that Ripple pay around $2 billion in disgorgement, prejudgment interest, and civil penalties. Ripple has argued for a maximum penalty of $10 million, but the SEC countered this request.
SEC's Position: The regulator argued that applying the same penalty ratio from Terraform’s case to Ripple would result in a $102.6 million penalty, which they believe is necessary to fulfill the purposes of civil penalty statutes.
👇 Is the SEC still a regulator or are we already getting some Mafia Mob vibe? Drop your opinion below!
Follow @Professor Mende - Founder of BONUZ Project - in Dubai UAE for more updates!
#CryptoNews #TerraformLabs #Ripple #SEC #LUNA
$BTC $PEPE $SHIB
Terraform Labs Ceases Operations; Community Assumes Control
Terraform Labs has decided to cease operations after reaching a $4.47 billion settlement with the SEC. As part of this decision, control of the Terra blockchain is being handed over to the community.
Chris Amani, CEO of Terraform Labs, has stated that the company will shut down its operations after reaching a $4.47 billion settlement with the U.S. Securities and Exchange Commission (SEC).
Terraform Labs Ceases Operations and Transfers Control of Terra Blockchain
Chris Amani, CEO of Terraform Labs, has announced the company’s decision to cease operations following a $4.47 billion settlement with the U.S. Securities and Exchange Commission (SEC). As part of this decision, Terraform Labs plans to sell off key projects within the Terra ecosystem and transfer control of the Terra blockchain to the community.
Amani explained, “[Terraform Labs] always intended to dissolve at some point and that point is now. We will be winding down operations completely […] We were well positioned to accelerate things if we had won the trial, but unfortunately, we lost and as a result, can no longer operate.”
The decision to dissolve Terraform Labs comes after the SEC’s settlement regarding the collapse of the algorithmic stablecoin UST in 2022, which includes a substantial $3.58 billion disgorgement and a civil penalty of $420 million.
Taking over from Do Kwon in July 2023, Amani also confirmed plans to burn both unvested and vested holdings of Terra (LUNA) tokens. He stated, ” @evan_docs will shortly post a community proposal to burn all of [Terraform Labs’] unvested Luna. Anything that remains vested in our wallets will be burned by [Terraform Labs].”
Terraform Labs Ceases Operations: Community Governance and Market Impact
Chris Amani, CEO of Terraform Labs, announced plans for the company to wind down operations following a $4.47 billion settlement with the U.S. Securities and Exchange Commission (SEC). Amani emphasized a community-led governance approach for the Terra and Terra Classic (LUNC) blockchains, highlighting a proposal to burn remaining vested tokens.
The decision to transition control to the community has sparked varied reactions among Terra supporters. While many are optimistic about the shift towards community governance, others have voiced criticism of past leadership decisions. One community member’s response on social media particularly criticized Amani’s decision.
Following Terraform Labs’ announcement, the prices of LUNA and LUNC tokens have experienced declines of 5% and 2% respectively over the past 24 hours.
The $4.47 billion SEC settlement marks a significant regulatory milestone in the cryptocurrency industry, underscoring the importance of regulatory compliance and robust governance frameworks in the sector.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
#TerraformLabs #TerraClassic
Chris Amani, CEO of Terraform Labs, has stated that the company will shut down its operations after reaching a $4.47 billion settlement with the U.S. Securities and Exchange Commission (SEC).
Terraform Labs Ceases Operations and Transfers Control of Terra Blockchain
Chris Amani, CEO of Terraform Labs, has announced the company’s decision to cease operations following a $4.47 billion settlement with the U.S. Securities and Exchange Commission (SEC). As part of this decision, Terraform Labs plans to sell off key projects within the Terra ecosystem and transfer control of the Terra blockchain to the community.
Amani explained, “[Terraform Labs] always intended to dissolve at some point and that point is now. We will be winding down operations completely […] We were well positioned to accelerate things if we had won the trial, but unfortunately, we lost and as a result, can no longer operate.”
The decision to dissolve Terraform Labs comes after the SEC’s settlement regarding the collapse of the algorithmic stablecoin UST in 2022, which includes a substantial $3.58 billion disgorgement and a civil penalty of $420 million.
Taking over from Do Kwon in July 2023, Amani also confirmed plans to burn both unvested and vested holdings of Terra (LUNA) tokens. He stated, ” @evan_docs will shortly post a community proposal to burn all of [Terraform Labs’] unvested Luna. Anything that remains vested in our wallets will be burned by [Terraform Labs].”
Terraform Labs Ceases Operations: Community Governance and Market Impact
Chris Amani, CEO of Terraform Labs, announced plans for the company to wind down operations following a $4.47 billion settlement with the U.S. Securities and Exchange Commission (SEC). Amani emphasized a community-led governance approach for the Terra and Terra Classic (LUNC) blockchains, highlighting a proposal to burn remaining vested tokens.
The decision to transition control to the community has sparked varied reactions among Terra supporters. While many are optimistic about the shift towards community governance, others have voiced criticism of past leadership decisions. One community member’s response on social media particularly criticized Amani’s decision.
Following Terraform Labs’ announcement, the prices of LUNA and LUNC tokens have experienced declines of 5% and 2% respectively over the past 24 hours.
The $4.47 billion SEC settlement marks a significant regulatory milestone in the cryptocurrency industry, underscoring the importance of regulatory compliance and robust governance frameworks in the sector.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
#TerraformLabs #TerraClassic
President Biden's Renomination of Caroline Crenshaw Draws Crypto Community Reaction Over Bitcoin Innovation.
President Biden's decision to renominate Caroline Crenshaw has received a variety of reactions, especially from the cryptocurrency community. Crenshaw is known for his meticulous approach to regulation, particularly regarding digital assets, and has received both praise and criticism. During his tenure at the SEC, he demonstrated an attitude that prioritized investor safety and market stability.
MetaLawMan, a prominent voice in the crypto world, approached Crenshaw's re-nomination with serious concerns. Describing him as a “good soldier in the anti-crypto army,” MetaLawMan’s views reflect a broader concern in the industry. This criticism voices fears that Crenshaw's approach will continue to undermine innovation and impose heavy restrictions on the digital currency space.
Crenshaw's renomination is seen by many as a clear signal that the SEC will maintain or even increase its oversight of the cryptocurrency market. Crenshaw's approach is generally considered strict and aims to protect investors and ensure market integrity in the fast-growing and volatile crypto industry.
In addition to renominating Crenshaw, President #Biden appointed Christy Goldsmith Romero as head of the Federal Deposit Insurance Corporation and Kristin N. Johnson as Assistant Secretary for Financial Institutions at the Treasury Department. These appointments mark a broad strategy to strengthen regulatory oversight and stability for the overall financial sector and are not limited to just the crypto industry.
The ongoing debate over Crenshaw's role and the SEC's stance on cryptocurrency regulation is intensifying at a time when the industry faces significant sanctions and scrutiny. High-profile cases, such as the $4.47 billion settlement with #TerraformLabs , highlight ongoing tensions and uncertainties. With Crenshaw's possible return, the industry should be prepared for ongoing regulatory challenges that could shape the future course of digital assets in the United States.
President Biden's decision to renominate Caroline Crenshaw has received a variety of reactions, especially from the cryptocurrency community. Crenshaw is known for his meticulous approach to regulation, particularly regarding digital assets, and has received both praise and criticism. During his tenure at the SEC, he demonstrated an attitude that prioritized investor safety and market stability.
MetaLawMan, a prominent voice in the crypto world, approached Crenshaw's re-nomination with serious concerns. Describing him as a “good soldier in the anti-crypto army,” MetaLawMan’s views reflect a broader concern in the industry. This criticism voices fears that Crenshaw's approach will continue to undermine innovation and impose heavy restrictions on the digital currency space.
Crenshaw's renomination is seen by many as a clear signal that the SEC will maintain or even increase its oversight of the cryptocurrency market. Crenshaw's approach is generally considered strict and aims to protect investors and ensure market integrity in the fast-growing and volatile crypto industry.
In addition to renominating Crenshaw, President #Biden appointed Christy Goldsmith Romero as head of the Federal Deposit Insurance Corporation and Kristin N. Johnson as Assistant Secretary for Financial Institutions at the Treasury Department. These appointments mark a broad strategy to strengthen regulatory oversight and stability for the overall financial sector and are not limited to just the crypto industry.
The ongoing debate over Crenshaw's role and the SEC's stance on cryptocurrency regulation is intensifying at a time when the industry faces significant sanctions and scrutiny. High-profile cases, such as the $4.47 billion settlement with #TerraformLabs , highlight ongoing tensions and uncertainties. With Crenshaw's possible return, the industry should be prepared for ongoing regulatory challenges that could shape the future course of digital assets in the United States.
Terraform agreed with the SEC: It will pay a $4.47 billion fine.
The U.S. Securities and Exchange Commission (SEC) on Wednesday filed a “proposed final approval order” with U.S. District Court Judge Jed Rakoff for the Southern District of New York to approve the plan. Under the proposed verdict, Terraform will pay $3.58 billion in restitution, $420 million in civil penalties, and bar Do Kwon from becoming a director or officer of any public company.
#TerraformLabs agreed to pay a $4.47 billion penalty after reaching a settlement with the US Securities and Exchange Commission (SEC) over its algorithmic stablecoin falling dramatically in 2022.
The #SEC filed a “proposed final approval order” on Wednesday and asked U.S. District Court Judge Jed Rakoff for the Southern District of New York to approve the plan.
The SEC said in its court filing:
“The proposed consent judgment addresses the magnitude of this fraud, implements significant remedial, punitive, and deterrent measures, includes multibillion-dollar judgment, and ensures meaningful and expeditious relief for investor victims.
“If approved, the proposed resolution would send a clear deterrent message not only to those who engage in brazen behavior, but also to all individuals who attempt to establish new standards of conduct to evade the requirements of the federal securities laws.”
Terraform and its founder Do Kwon reached an “agreement in principle” with the SEC after oral argument was canceled in late May. Under the proposed verdict, Terraform will pay $3.58 billion in restitution, $420 million in civil penalties and bar Kwon from becoming a director or officer of any public company.
Kwon also must pay approximately $204 million “to the Terraform bankruptcy estate for distribution to injured investors,” the SEC said.
The U.S. Securities and Exchange Commission (SEC) on Wednesday filed a “proposed final approval order” with U.S. District Court Judge Jed Rakoff for the Southern District of New York to approve the plan. Under the proposed verdict, Terraform will pay $3.58 billion in restitution, $420 million in civil penalties, and bar Do Kwon from becoming a director or officer of any public company.
#TerraformLabs agreed to pay a $4.47 billion penalty after reaching a settlement with the US Securities and Exchange Commission (SEC) over its algorithmic stablecoin falling dramatically in 2022.
The #SEC filed a “proposed final approval order” on Wednesday and asked U.S. District Court Judge Jed Rakoff for the Southern District of New York to approve the plan.
The SEC said in its court filing:
“The proposed consent judgment addresses the magnitude of this fraud, implements significant remedial, punitive, and deterrent measures, includes multibillion-dollar judgment, and ensures meaningful and expeditious relief for investor victims.
“If approved, the proposed resolution would send a clear deterrent message not only to those who engage in brazen behavior, but also to all individuals who attempt to establish new standards of conduct to evade the requirements of the federal securities laws.”
Terraform and its founder Do Kwon reached an “agreement in principle” with the SEC after oral argument was canceled in late May. Under the proposed verdict, Terraform will pay $3.58 billion in restitution, $420 million in civil penalties and bar Kwon from becoming a director or officer of any public company.
Kwon also must pay approximately $204 million “to the Terraform bankruptcy estate for distribution to injured investors,” the SEC said.
Stories in the crypto space today:
$BTC
- Bybit x Blockchain for Good Alliance Collaboration : Bybit, a top-three crypto exchange by volume, collaborated
with the Blockchain for Good Alliance on an alpha-packed livestream. The event, "The Web3 WAGMI Race: Who's Gonna Make It?" aimed to promote the adoption of Web3 technology and its potential to drive positive change .
- U.S. CPI Data Release: The U.S. Consumer Price Index (CPI) data for May was released, showing a flat reading that defied expectations of a rise in inflation. This news positively impacted the crypto market, with Bitcoin ($BTC ) price surging to $69,200.
- Donald Trump's Call for U.S. Bitcoin Mining: Former President Donald Trump has called for all remaining Bitcoin to be mined within the United States. This statement comes amid a broader discussion on the environmental impact of Bitcoin mining.
- AI and Crypto Integration: A recent report suggests that the integration of cryptocurrency and artificial intelligence could potentially add $20 trillion to the global GDP. This projection is based on the idea that AI can enhance the efficiency and security of crypto transactions ².
- Terraform Labs' $4.47 Billion Settlement with SEC: Terraform Labs has agreed to pay $4.47 billion to settle a lawsuit with the United States Securities and Exchange Commission (SEC). The lawsuit was filed in 2023, accusing Terraform Labs and its co-founder, Do Kwon, of selling unregistered securities and defrauding investors after the collapse of the Terra ecosystem in 2022.
#AI #TerraformLabs #donaldtrump #BTC☀
$BTC
- Bybit x Blockchain for Good Alliance Collaboration : Bybit, a top-three crypto exchange by volume, collaborated
with the Blockchain for Good Alliance on an alpha-packed livestream. The event, "The Web3 WAGMI Race: Who's Gonna Make It?" aimed to promote the adoption of Web3 technology and its potential to drive positive change .
- U.S. CPI Data Release: The U.S. Consumer Price Index (CPI) data for May was released, showing a flat reading that defied expectations of a rise in inflation. This news positively impacted the crypto market, with Bitcoin ($BTC ) price surging to $69,200.
- Donald Trump's Call for U.S. Bitcoin Mining: Former President Donald Trump has called for all remaining Bitcoin to be mined within the United States. This statement comes amid a broader discussion on the environmental impact of Bitcoin mining.
- AI and Crypto Integration: A recent report suggests that the integration of cryptocurrency and artificial intelligence could potentially add $20 trillion to the global GDP. This projection is based on the idea that AI can enhance the efficiency and security of crypto transactions ².
- Terraform Labs' $4.47 Billion Settlement with SEC: Terraform Labs has agreed to pay $4.47 billion to settle a lawsuit with the United States Securities and Exchange Commission (SEC). The lawsuit was filed in 2023, accusing Terraform Labs and its co-founder, Do Kwon, of selling unregistered securities and defrauding investors after the collapse of the Terra ecosystem in 2022.
#AI #TerraformLabs #donaldtrump #BTC☀
Following the request of the United States and South Korea, Montenegro’s High Court has extended the detention of Terraform Labs CEO Do Kwon for two months until February 15 next year.
#TerraformLabs #LUNCcommunity. #cryptocurreny #CryptoisBetter #CryptoNews🔒📰🚫
#TerraformLabs #LUNCcommunity. #cryptocurreny #CryptoisBetter #CryptoNews🔒📰🚫
🔍 Former Terraform Labs CEO Admits to Faking Transaction Volume In recent court materials submitted by the U.S. Securities and Exchange Commission (SEC), former Terraform Labs CEO Kwon Do-hyung allegedly admitted to faking transaction volume on the blockchain. In a messenger conversation with Terraform Labs co-founder and former Chai Corporation CEO Shin Hyun-seong, Kwon Do-hyung reportedly described the fake transactions as "a fake that looks real" and suggested that creating such transactions might incur a fee. The SEC points to this evidence as an admission of direct involvement in transaction volume manipulation.
In the conversation, when Shin Hyun-seong asked about the risk of people discovering the fake transactions, Kwon Do-hyung allegedly replied, "It's a secret only you and I know." Terra and Chai had formed partnerships, but Terra allegedly never replaced Chai's payment system 'on-chain,' instead copying traditional financial payment details to deceive users.
The SEC has also reportedly requested Montenegrin authorities, who are detaining Kwon Do-hyung, to conduct a remote testimony session. This process allows the witness to answer questions from outside the court when unable to testify in person.
This development could have significant implications for the ongoing investigation into Terraform Labs and its alleged transaction volume manipulation. 🌐⚖️ #TerraformLabs #SEC #TransactionVolumeManipulation
In the conversation, when Shin Hyun-seong asked about the risk of people discovering the fake transactions, Kwon Do-hyung allegedly replied, "It's a secret only you and I know." Terra and Chai had formed partnerships, but Terra allegedly never replaced Chai's payment system 'on-chain,' instead copying traditional financial payment details to deceive users.
The SEC has also reportedly requested Montenegrin authorities, who are detaining Kwon Do-hyung, to conduct a remote testimony session. This process allows the witness to answer questions from outside the court when unable to testify in person.
This development could have significant implications for the ongoing investigation into Terraform Labs and its alleged transaction volume manipulation. 🌐⚖️ #TerraformLabs #SEC #TransactionVolumeManipulation
**🚨 Just In: Terraform Labs Class Action Lawsuit Withdrawn 🚨**
The plaintiff behind the class action lawsuit against Terraform Labs and former CEO Kwon Do-hyung has withdrawn the case. The reason for withdrawal remains undisclosed. The lawsuit, initially filed in June last year, had alleged fraud and claimed damages caused by Terraform Labs.
#TerraformLabs #LawsuitWithdrawn #CryptoNews
The plaintiff behind the class action lawsuit against Terraform Labs and former CEO Kwon Do-hyung has withdrawn the case. The reason for withdrawal remains undisclosed. The lawsuit, initially filed in June last year, had alleged fraud and claimed damages caused by Terraform Labs.
#TerraformLabs #LawsuitWithdrawn #CryptoNews
Terra farms announced a new plan which will be introduced in March 31, An exciting game with unforgettable experience and journey. a good news which possibly give a bullish signals for Terra farms products $LUNC $USTC $LUNA #Bitcoin #bullish #lunc #luna #TerraformLabs
Terraform Labs Legal Battle Intensifies with New Testimonies and Extraditions
In a significant development in the cryptocurrency industry, Terraform Labs, along with its co-founders Kwon Do-hyeong and Shin Hyun-seung, faces increasing legal scrutiny. The ongoing court proceedings have revealed crucial testimonies and international legal actions, shedding light on the complexities of the case.
Key Testimonies Challenge Company Executives
A recent court session highlighted the testimony of a former Terraform Labs developer, identified only as Lee. According to Lee, the company’s leadership, including Kwon and Shin, pushed for adopting TerraUSD as a viable payment method. This occurred despite their awareness of South Korean regulations prohibiting such practices. The issue stems from allegations that Terraform Labs misled investors, particularly after the Terra-Luna crypto project failed in 2022.
Shin Hyun-seung contested these claims, arguing the regulatory environment did not clearly define the legality of using cryptocurrencies for payments. He also noted his departure from Terra two years before the collapse, distancing himself from the ensuing fallout.
International Legal Dynamics and Implications
Adding to the saga, Han Chang-joon, Terraform Labs’ former CFO and close associate of Kwon, was recently extradited from Montenegro to South Korea. This move marks a pivotal moment in the case, hinting at broader international cooperation in addressing the legal challenges surrounding the Terraform Labs controversy. Han’s extradition follows his and Kwon’s arrest in Montenegro for possessing forged documents, complicating the legal landscape.
This case not only underscores the tension between innovative financial products and regulatory compliance but also highlights the global nature of cryptocurrency operations. The extradition of a key figure like Han amplifies the seriousness with which authorities pursue the matter.
Analyzing the Future of Terraform Labs
The legal proceedings against Terraform Labs and its executives open a window into the crypto industry’s regulatory and operational risks. As the trial progresses, the focus remains on whether Terraform Labs effectively navigated the fine line between innovation and compliance.
This situation is a cautionary tale for other crypto ventures, emphasizing the importance of adhering to local and international laws. The outcome of this case could set precedents for how similar cases are handled in the future, impacting investor confidence and regulatory approaches.
The legal fate of Terraform Labs remains uncertain. As more details emerge, stakeholders keenly observe how these developments will influence the broader cryptocurrency regulation and enforcement dialogue. The resolution of this case could have far-reaching implications for the industry, potentially guiding future regulatory frameworks and business practices.
#TrendingTopic #Write2Earn #TerraformLabs
Key Testimonies Challenge Company Executives
A recent court session highlighted the testimony of a former Terraform Labs developer, identified only as Lee. According to Lee, the company’s leadership, including Kwon and Shin, pushed for adopting TerraUSD as a viable payment method. This occurred despite their awareness of South Korean regulations prohibiting such practices. The issue stems from allegations that Terraform Labs misled investors, particularly after the Terra-Luna crypto project failed in 2022.
Shin Hyun-seung contested these claims, arguing the regulatory environment did not clearly define the legality of using cryptocurrencies for payments. He also noted his departure from Terra two years before the collapse, distancing himself from the ensuing fallout.
International Legal Dynamics and Implications
Adding to the saga, Han Chang-joon, Terraform Labs’ former CFO and close associate of Kwon, was recently extradited from Montenegro to South Korea. This move marks a pivotal moment in the case, hinting at broader international cooperation in addressing the legal challenges surrounding the Terraform Labs controversy. Han’s extradition follows his and Kwon’s arrest in Montenegro for possessing forged documents, complicating the legal landscape.
This case not only underscores the tension between innovative financial products and regulatory compliance but also highlights the global nature of cryptocurrency operations. The extradition of a key figure like Han amplifies the seriousness with which authorities pursue the matter.
Analyzing the Future of Terraform Labs
The legal proceedings against Terraform Labs and its executives open a window into the crypto industry’s regulatory and operational risks. As the trial progresses, the focus remains on whether Terraform Labs effectively navigated the fine line between innovation and compliance.
This situation is a cautionary tale for other crypto ventures, emphasizing the importance of adhering to local and international laws. The outcome of this case could set precedents for how similar cases are handled in the future, impacting investor confidence and regulatory approaches.
The legal fate of Terraform Labs remains uncertain. As more details emerge, stakeholders keenly observe how these developments will influence the broader cryptocurrency regulation and enforcement dialogue. The resolution of this case could have far-reaching implications for the industry, potentially guiding future regulatory frameworks and business practices.
#TrendingTopic #Write2Earn #TerraformLabs
💥 Judge Drops the Hammer: Terraform Labs' Tokens Deemed Unregistered Securities 💥
🚨Breaking News:🚨 US District Judge Jed Rakoff has delivered a significant ruling in the case against Terraform Labs, shaking the crypto world to its core! Judge Rakoff determined that four crypto tokens, including the infamous UST, LUNA, wLUNA, and MIR, were, in fact, unregistered securities! 😳
💥 Judge Rakoff's ruling means that Terraform Labs and Do Kwon violated federal securities laws by selling these crypto tokens without registering them with the SEC. 💼 This decision has major implications for the crypto industry and raises questions about the regulatory status of other cryptocurrencies.
⚖️ The ruling could set a precedent for future cases involving the classification of crypto tokens as securities, potentially leading to increased regulatory oversight.😤
Judge Rakoff's decision will undoubtedly send shockwaves through the crypto community, as many projects may now face closer scrutiny and potential regulatory action.
Stay tuned for further developments in this landmark case. The crypto landscape is changing rapidly, and we'll keep you updated on all the latest news and regulatory updates.
#TerraformLabs #UnregisteredSecurities #USTC/USDT #LUNA+4.07% #cryptoregulations
$LUNA $USTC $BTC
🚨Breaking News:🚨 US District Judge Jed Rakoff has delivered a significant ruling in the case against Terraform Labs, shaking the crypto world to its core! Judge Rakoff determined that four crypto tokens, including the infamous UST, LUNA, wLUNA, and MIR, were, in fact, unregistered securities! 😳
💥 Judge Rakoff's ruling means that Terraform Labs and Do Kwon violated federal securities laws by selling these crypto tokens without registering them with the SEC. 💼 This decision has major implications for the crypto industry and raises questions about the regulatory status of other cryptocurrencies.
⚖️ The ruling could set a precedent for future cases involving the classification of crypto tokens as securities, potentially leading to increased regulatory oversight.😤
Judge Rakoff's decision will undoubtedly send shockwaves through the crypto community, as many projects may now face closer scrutiny and potential regulatory action.
Stay tuned for further developments in this landmark case. The crypto landscape is changing rapidly, and we'll keep you updated on all the latest news and regulatory updates.
#TerraformLabs #UnregisteredSecurities #USTC/USDT #LUNA+4.07% #cryptoregulations
$LUNA $USTC $BTC
⚖️🇺🇸 US Judge rebuffs Ripple ruling, saying "refusal to apply industry precedent" isn't justified. Simultaneously rejects Terraform Labs' motion to dismiss lawsuit. Ripple & Terra face uphill legal battles. 💼🔍
#Ripple #TerraformLabs #CryptoLaw 🧐🚨
#Ripple #TerraformLabs #CryptoLaw 🧐🚨
The #TerraClassic (LUNC) community may soon welcome the much-awaited $LUNC/USTC swaps on #TerraSwap as #TerraformLabs Labs have agreed to work on the Pull Request to make the integration possible.
According to CryptoSlate, Terraform Labs' lawyers have filed documents with a U.S. court stating that the former CEO of Terraform Labs, Do-Hyung Kwon, is currently held in prison in Montenegro but is expected to be released and returned to the United States. The document suggests that a repatriation schedule has not been set, making it impossible for Kwon to respond to the U.S. Securities and Exchange Commission's (SEC) request to appear as a witness.
Previously, the SEC had requested the court to extradite Mr. Kwon to the United States and have him testify as a witness in a case related to securities fraud. Terraform Labs has contended that the SEC has not obtained the necessary permission for the extradition order and that the SEC's request is unreasonable since neither party in the lawsuit has submitted a motion for summary judgment within the upcoming deadline. They also argue that the evidence presented to implicate Mr. Kwon was misinterpreted.
This legal development highlights ongoing legal proceedings related to cryptocurrency companies and their executives, as well as the complexities of international extradition in such cases. 🏛️💼 #TerraformLabs #SEC #CryptocurrencyLegalIssues
Previously, the SEC had requested the court to extradite Mr. Kwon to the United States and have him testify as a witness in a case related to securities fraud. Terraform Labs has contended that the SEC has not obtained the necessary permission for the extradition order and that the SEC's request is unreasonable since neither party in the lawsuit has submitted a motion for summary judgment within the upcoming deadline. They also argue that the evidence presented to implicate Mr. Kwon was misinterpreted.
This legal development highlights ongoing legal proceedings related to cryptocurrency companies and their executives, as well as the complexities of international extradition in such cases. 🏛️💼 #TerraformLabs #SEC #CryptocurrencyLegalIssues
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.“
The judge in the Terraform Labs-SEC lawsuit, Jed Rakoff, ruled in favor of the U.S. SEC at the 'expert testimony hearing (Daubert hearing)'. The judge granted the SEC's motion to exclude the testimony of Terraform Labs' experts Raj Unny and Dr. Christine Parlor. The court is expected to release a statement on the reasons for this decision. #TerraformLabs #SEC #LegalProceedings
Following the opening remarks given by the SEC and #DoKwon 's defense team, the #LUNC price is now in a recovery phase.
Do Kwon and #TerraformLabs are set to spend the next two weeks in federal court as they face charges of securities fraud.
On Monday, the parties presented their opening statements, which provide a glimpse into the evidence that will be presented by each.
The prices of $LUNA and $LUNC are both on the mend.
On Monday, when the rest of the market woke up, so did the prices of Terra Luna (LUNA) and Terra Classic (LUNC). Both cryptocurrencies are gaining traction and are part of the Terraform Labs ecosystem. This coincides with the start of Terraform Labs executive Do Kwon's trial with the US Securities and Exchange Commission (SEC).
The Do Kwon trial vs. the SEC
The trial between the SEC and Do Kwon began on Monday in a federal court in Manhattan. Despite the trial's initiation, the defendant was represented by his legal team and did not make an appearance. At the meeting on March 25, jury selection took place alongside opening statements.
The market lost more than $40 billion when Terraform Labs' TerraUSD "stablecoin" crashed in May 2022, and Do Kwon is suspected of being the mastermind behind this catastrophe. Director of the SEC's Division of Enforcement, Gurbir S. Grewal, echoed this sentiment when he laid out the basic problems with the Terraform ecosystem, pointing to a lack of "decentralization and financial integrity" as the main causes.
Grewal went on to say that the business was ripe for fraud and described it as an algorithmic "stablecoin" that was really manipulated by Do Kwon and the corporation rather than pre-existing technology.
At the same time, the prices of LUNA and LUNC are beginning to rise again. Both Terra Classic and Terra Luna have had price increases of around 3% and 2%, respectively. But the trial is only starting, so both cryptocurrencies are still in the dark. Members in the community should be prepared for instability because the trial is scheduled to run for two weeks.
Do Kwon and #TerraformLabs are set to spend the next two weeks in federal court as they face charges of securities fraud.
On Monday, the parties presented their opening statements, which provide a glimpse into the evidence that will be presented by each.
The prices of $LUNA and $LUNC are both on the mend.
On Monday, when the rest of the market woke up, so did the prices of Terra Luna (LUNA) and Terra Classic (LUNC). Both cryptocurrencies are gaining traction and are part of the Terraform Labs ecosystem. This coincides with the start of Terraform Labs executive Do Kwon's trial with the US Securities and Exchange Commission (SEC).
The Do Kwon trial vs. the SEC
The trial between the SEC and Do Kwon began on Monday in a federal court in Manhattan. Despite the trial's initiation, the defendant was represented by his legal team and did not make an appearance. At the meeting on March 25, jury selection took place alongside opening statements.
The market lost more than $40 billion when Terraform Labs' TerraUSD "stablecoin" crashed in May 2022, and Do Kwon is suspected of being the mastermind behind this catastrophe. Director of the SEC's Division of Enforcement, Gurbir S. Grewal, echoed this sentiment when he laid out the basic problems with the Terraform ecosystem, pointing to a lack of "decentralization and financial integrity" as the main causes.
Grewal went on to say that the business was ripe for fraud and described it as an algorithmic "stablecoin" that was really manipulated by Do Kwon and the corporation rather than pre-existing technology.
At the same time, the prices of LUNA and LUNC are beginning to rise again. Both Terra Classic and Terra Luna have had price increases of around 3% and 2%, respectively. But the trial is only starting, so both cryptocurrencies are still in the dark. Members in the community should be prepared for instability because the trial is scheduled to run for two weeks.
