Binance Square
LIVE
LIVE
CRYPTO DOMINIUM
Em Alta
--9.9k views
The securities fraud trial for #DoKwon and #TFL is expected to last around two weeks. The opening statements from both sides took place today, and it was a clear statement of how each side will present their evidence. The #SEC stated that "Terra was a fraud, a house of cards, and when it collapsed, investors lost nearly everything." On the flip side, lawyers for the defense clearly expressed that while there was a failure within the project, that "failure doesn't equal fraud." Of note, the #SEC is seeking financial payment as civil penalty, but more importantly, a government order that bars #DK and #TFL from future work in the "securities" industry. Proving "fraud" can be extremely complex and difficult, so it will be interesting to see all of the evidence, from both sides, laid out. The #SEC, under #GaryGensler, has a "checkered" history when it comes to cryptocurrency, regulation, and enforcement, so we must remember that the "evidence" that has been presented to the media thus far, was likely picked to help paint a specific narrative that fit his agenda. Only time will tell how this will case will land, but even hearing the evidence over the next few weeks will give us a much better picture of all that happened #LUNC #LUNA $LUNC $LUNA #TrendingTopic."

The securities fraud trial for #DoKwon and #TFL is expected to last around two weeks.

The opening statements from both sides took place today, and it was a clear statement of how each side will present their evidence.

The #SEC stated that "Terra was a fraud, a house of cards, and when it collapsed, investors lost nearly everything."

On the flip side, lawyers for the defense clearly expressed that while there was a failure within the project, that "failure doesn't equal fraud."

Of note, the #SEC is seeking financial payment as civil penalty, but more importantly, a government order that bars #DK and #TFL from future work in the "securities" industry.

Proving "fraud" can be extremely complex and difficult, so it will be interesting to see all of the evidence, from both sides, laid out.

The #SEC, under #GaryGensler, has a "checkered" history when it comes to cryptocurrency, regulation, and enforcement, so we must remember that the "evidence" that has been presented to the media thus far, was likely picked to help paint a specific narrative that fit his agenda.

Only time will tell how this will case will land, but even hearing the evidence over the next few weeks will give us a much better picture of all that happened

#LUNC #LUNA $LUNC $LUNA #TrendingTopic."

Aviso Legal: inclui opiniões de terceiros. Não se trata de aconselhamento financeiro. Poderá incluir conteúdos patrocinados. Consulta os Termos e Condições.
0
Respostas 1
Fica a saber as últimas notícias sobre criptomoedas
⚡️ Participa nas mais recentes discussões sobre criptomoedas
💬 Interage com os teus criadores preferidos
👍 Desfruta de conteúdos que sejam do teu interesse
E-mail/Número de telefone
Criador Relevante
LIVE
@CRYPTO_DOMINIUM

Explorar Mais do Criador

Terraform Labs to dissolve, CEO asks community to take over following $4.47 billion SEC settlement Chris Amani, CEO of Terraform Labs, the developer of Terra blockchain, asked the community to take the reins as the firm plans to dissolve its operations. The firm, according to Amani, plans to sell its projects in the Terra ecosystem including Pulsar Finance, Station Wallet and Enterprise DAO. This follows Terraform's massive $4.47 billion settlement with the U.S. Securities and Exchange Commission related to the UST algorithmic stablecoin, which dramatically collapsed in 2022. "TFL always intended to dissolve at some point, and that point is now,” Amani stated on X, signaling the end for Terraform Labs. “We will be winding down operations completely.” Amani stated the firm plans for a community proposal that would lead to the burning of all unvested Luna, Terraform’s native token. “Anything that remains vested in our wallets will be burned by TFL,” he affirmed, committing to a decisive end for the company’s direct involvement with the token. He stated that Terra and Terra Classic blockchains could continue under the community’s control. “The community will need to take over ownership of the chain,” Amani stated, suggesting a community-led governance model that could redefine how blockchain projects operate post-crisis. The SEC initially charged Terraform and its co-founder, Do Kwon, in February 2023, accusing them of misleading investors and violating federal securities laws by engaging in fraudulent activities related to the sale of unregistered securities. Terraform’s proposed settlement revealed on Wednesday with SEC includes $3.58 billion in disgorgement and a $420 million civil penalty. It also prohibits Kwon from serving as an officer or director of any public company. Additionally, Do Kwon is required to contribute about $204 million to a bankruptcy estate for Terraform aimed at compensating the investors harmed by the scheme. Amani, Terraform's former COO, took over from Kwon in July 2023. TFL filed Chapter 11 bankruptcy in Jan
--
SEC reaches $4.47 bln settlement with now-bankrupt crypto firm Terraform Labs Terraform Labs reached a $4.47 billion civil settlement with the U.S. Securities and Exchange Commission, after being found liable by a jury for defrauding cryptocurrency investors who lost an estimated $40 billion when the TerraUSD and Luna tokens collapsed in 2022. A proposed final judgment covering Terraform and its founder Do Kwon was filed on Wednesday in Manhattan federal court. It requires approval by U.S. District Judge Jed Rakoff, who oversaw the trial, which ended on April 5. Terraform's judgment includes $4.05 billion of disgorgement plus interest, and a $420 million civil fine. Much is unlikely to be paid because Terraform filed for bankruptcy in January. It will instead be treated as an unsecured claim in the Chapter 11 case, where Terraform is liquidating. The total judgment is $4.55 billion, including an $80 million civil fine for Kwon. He agreed to be banned from crypto transactions, and is required to transfer $204.3 million to Terraform's bankruptcy estate. "Entry of this judgment would ensure the maximal return of funds to harmed investors and put Terraform out of business for good," the SEC said in a court filing. "Thus, this proposed judgment is fair, reasonable, and in the public interest." Terraform and Kwon consented to the judgment. Their lawyers did not immediately respond to requests for comment. The SEC accused Terraform and Kwon of deceiving investors about the stability of TerraUSD, which he designed to maintain a constant $1 price, and falsely claiming that Terraform's blockchain was used in a popular Korean mobile payment app. TerraUSD and the closely-linked Luna, a more traditional token that Kwon also designed, collapsed in May 2022 when TerraUSD was unable to maintain its peg to the dollar. Kwon did not attend the trial after having been detained in Montenegro since March 2023, with the United States and South Korea seeking his extradition to face criminal charges. He has denied wrongdoing. #LUNC✅ $LUNC $LUNA #altcoins
--

Últimas Notícias

Ver Mais
Mapa do sítio
Cookie Preferences
Termos e Condições da Plataforma