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💼💥 Breaking News: Terraform Labs and its co-founder, Do Kwon, have been found liable for fraud in a landmark case brought by the U.S. Securities and Exchange Commission (SEC). 🚨📉

According to sources from pasapaltruyo eu, a Manhattan jury delivered the verdict, holding Terraform Labs accountable for misleading investors about the stability of their "algorithmic stablecoin" Terra USD (UST) and the use cases for the Terra blockchain. The SEC accused them of deceptive practices, leading to the $40 billion implosion of the Terra ecosystem in May 2022.

The jury's decision, reached just two hours after closing arguments, affirmed that Kwon and Terraform Labs deceived investors about the supposed algorithm that maintained UST's peg to the U.S. dollar. While Kwon suggested it could "automatically self-heal" during de-peg events, it actually relied on continuous trading activity, including large-scale trading by institutional investors.

Gurbir Grewal, SEC Division of Enforcement director, expressed satisfaction with the verdict, emphasizing the devastating losses incurred by investors and the need for crypto markets to comply with regulations to protect investors.

👨‍⚖️ The verdict serves as a reminder of the importance of transparency and compliance in the cryptocurrency space, underscoring the SEC's commitment to safeguarding investors' interests. #CryptoFraud   #SECvsTerraformLabs   🛑📉

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💼💥 Breaking News: Terraform Labs and its co-founder, Do Kwon, have been found liable for fraud in a landmark case brought by the U.S. Securities and Exchange Commission (SEC). 🚨📉

According to sources from pasapaltruyo eu, a Manhattan jury delivered the verdict, holding Terraform Labs accountable for misleading investors about the stability of their "algorithmic stablecoin" Terra USD (UST) and the use cases for the Terra blockchain. The SEC accused them of deceptive practices, leading to the $40 billion implosion of the Terra ecosystem in May 2022.

The jury's decision, reached just two hours after closing arguments, affirmed that Kwon and Terraform Labs deceived investors about the supposed algorithm that maintained UST's peg to the U.S. dollar. While Kwon suggested it could "automatically self-heal" during de-peg events, it actually relied on continuous trading activity, including large-scale trading by institutional investors.

Gurbir Grewal, SEC Division of Enforcement director, expressed satisfaction with the verdict, emphasizing the devastating losses incurred by investors and the need for crypto markets to comply with regulations to protect investors.

👨‍⚖️ The verdict serves as a reminder of the importance of transparency and compliance in the cryptocurrency space, underscoring the SEC's commitment to safeguarding investors' interests. #CryptoFraud #SECvsTerraformLabs 🛑📉

Follow | Like ❤️ | Quote 🔄 | Comment🙏

Shin Hyun-seong, former CEO of Chai Corporation, has denied charges of fraud related to Luna and Terra during his first trial, emphasizing the separation of his business from Kwon Do-hyung, CEO of Terraform Labs. Shin's lawyer argued that virtual assets lack securities properties and that there were no past regulations prohibiting virtual asset payment services in South Korea. The prosecution has charged the defendants with various offenses, including fraud, breach of trust, embezzlement, and violations of several financial acts, alleging they acquired 462.9 billion won in unfair profits. 🏦🕵️‍♂️ #CryptoFraud #LegalUpdate

The U.S. Securities and Exchange Commission (SEC) announced on August 3rd that it has taken action against Digital Licensing Inc., which operates a business called "DEPT Box" based in Draper, Utah, and 18 of its executives implicated in fraudulent activities. The SEC stated that these individuals duped investors into buying "node licenses", which are unregistered securities, via hundreds of videos, social media posts, and offline events in March 2021. The 18 defendants allegedly colluded in the sale of unregistered securities, illegally garnering $50 million, along with an undisclosed amount of Bitcoin and Ethereum. On July 28, Utah District Court Judge Robert Shelby ordered the freezing of assets and bail, in line with the SEC's request.

#SEC #CryptoFraud #LegalNews

🚨 Eight arrests, including four police officers, in a $300 million cryptocurrency fraud case in India. 🇮🇳 Around 100,000 victims, including 5,000 public officials and 1,000 police officers involved. 😱💼 #CryptoFraud #IndiaArrests 🕵️‍♂️💰

📣📊 Allegations hit FTX as users file class action lawsuits, as reported by Cointelegraph. A group of FTX users accuse 18 venture capital firms, including Temasek, Sequoia Capital, and Softbank, of aiding fraud by encouraging investments in FTX. 🤯💼

Plaintiffs contend that VCs participated in FTX fraud, falsely touting its safety, stability, and vetting. Additionally, FTX users have targeted law firm Fenwick & West, alleging former FTX executives' involvement in creating shell companies for fraudulent gains. Legal battles unfold in the crypto landscape. Stay tuned for updates on these developments. #FTX #ClassActionLawsuit #VentureCapital #CryptoFraud #LegalActions #CryptoCommunity

⚖️ DOJ Cracks Down on Crypto Fraud! 💼 The U.S. Department of Justice (DOJ) announces the arrest of three suspects involved in a scheme to defraud local U.S. banks and financial institutions, stealing over $10 million. 📰 As reported by The Block, the suspects, Chinese and Taiwanese nationals, face charges including bank fraud, wire fraud, money laundering conspiracy, and more. 🚔 If convicted, they could be sentenced to up to 82 years in prison. The U.S. Prosecutor's Office emphasizes its commitment to pursuing criminal funds associated with cryptocurrency, sending a stern warning to those who think they can conceal their identity using crypto. #BitcoinWorld #CryptoFraud

🚨 The Prosecution Daily in China reports an investigation into a 120 million yuan virtual currency multi-level fraud case in Sichuan County, Henan Province. The local court sentences the suspect, Mr. Wang, to 5 years and 9 months in prison and imposes a fine of 500,000 yuan. Mr. Wang was responsible for creating the 'Hongnu Decentralized Exchange' website and issuing NB Coins. ⚖️💰 #CryptoFraud #LegalAction

🚨 Four arrested for 18 billion won fraud in #BitcoinWorld: CEO and others lure 4,000 victims with high profits, #CryptoFraud #BTCNews 📉💰

🚨 CEO of QRC Bank, charged with conducting a virtual currency multi-level investment fraud worth 200 billion won, has been sentenced to 10 years in prison and ordered to pay approximately 13 billion won, according to Yonhap News. The CEO, Ko, had misled investors by promising 300% returns on virtual currency investments under the guise of a fintech-based digital bank. ⚖️💰 #CryptoFraud #LegalNews

🚨 Investors fell victim to a phishing scam through an imitation imToken website, resulting in approximately $1.8 million in damages. The affected wallet transferred 63 BTC to the attacker's wallet on the 13th. Always exercise caution and verify the legitimacy of websites and transactions to protect your assets. #CryptoScam #Phishing #CryptoFraud #Security 🚫🎣💰

SEC has taken legal action against HyperFund founders Lee & Chunga, accusing them of operating a fraudulent $1.89B crypto Ponzi scheme. Chunga has settled, while Lee faces additional charges. Chunga allegedly used $3.7M for luxury purchases, and Lee received $140K in crypto. This move underscores regulatory efforts to crack down on large-scale crypto Ponzi scams. Stay vigilant against potential fraudulent schemes in the crypto space. 🚫💻 #SEC #CryptoFraud #HyperFund