terraform
136,727 views
51 Discussing
Hot
Latest
đ¨đĽâĄď¸DO KWON EXPECTED TO PLEAD GUILTY IN $40B TERRAUSD COLLAPSE CASE
- Terraform Labs co-founder Do Kwon is expected to plead guilty Tuesday in Manhattan federal court to U.S. fraud charges over the 2022 TerraUSD collapse that erased $40B in value, court records show.
- According to Reuters, Judge Paul Engelmayer scheduled a change-of-plea hearing for 10:30 a.m. EDT and ordered Kwon to detail how he broke the law.
- The 33-year-old had pleaded not guilty in January after a yearlong extradition battle between the U.S. and South Korea.
- TerraUSD, an algorithmic stablecoin tied to sister token Luna, lost its $1 peg in May 2022, triggering a market crash that also helped topple FTX.
- Kwon was arrested in Montenegro in March 2023 while using fake passports.
- In April, a U.S. jury found Kwon and Terraform misled investors and falsely claimed Korean payments app Chai used its blockchain. They agreed to a $4.47B civil settlement and to wind down operations.
- Kwon faces a nine-count criminal indictment, including securities fraud, commodities fraud, wire fraud, and money laundering conspiracy.
- A guilty plea could resolve U.S. proceedings and impact his separate prosecution in South Korea.
- If accepted, it would mark one of the highest-profile guilty pleas in crypto history, setting precedent for cross-border fraud enforcement.
Image: Bloomberg
#DoKwon #terraform
$LUNA
- Terraform Labs co-founder Do Kwon is expected to plead guilty Tuesday in Manhattan federal court to U.S. fraud charges over the 2022 TerraUSD collapse that erased $40B in value, court records show.
- According to Reuters, Judge Paul Engelmayer scheduled a change-of-plea hearing for 10:30 a.m. EDT and ordered Kwon to detail how he broke the law.
- The 33-year-old had pleaded not guilty in January after a yearlong extradition battle between the U.S. and South Korea.
- TerraUSD, an algorithmic stablecoin tied to sister token Luna, lost its $1 peg in May 2022, triggering a market crash that also helped topple FTX.
- Kwon was arrested in Montenegro in March 2023 while using fake passports.
- In April, a U.S. jury found Kwon and Terraform misled investors and falsely claimed Korean payments app Chai used its blockchain. They agreed to a $4.47B civil settlement and to wind down operations.
- Kwon faces a nine-count criminal indictment, including securities fraud, commodities fraud, wire fraud, and money laundering conspiracy.
- A guilty plea could resolve U.S. proceedings and impact his separate prosecution in South Korea.
- If accepted, it would mark one of the highest-profile guilty pleas in crypto history, setting precedent for cross-border fraud enforcement.
Image: Bloomberg
#DoKwon #terraform
$LUNA
Feed-Creator-3d0abc1f6:
this is the endđĽ˛đ
đ¨ #DoKwon Admits Guilt in $40B #Terra Collapse $LUNA
#terraform Labs founder Do Kwon pled guilty to fraud in New York, admitting he lied about #TerraUSD âs stability and staged a fake recovery.
âď¸ Faces up to 12 years in prison (max 25)
đ¸ $19M forfeited + $80M SEC fine
đ Still wanted in South Korea
This marks the first major DeFi founder conviction, signaling tougher crackdowns on crypto fraud ahead.
#Write2Earn
#terraform Labs founder Do Kwon pled guilty to fraud in New York, admitting he lied about #TerraUSD âs stability and staged a fake recovery.
âď¸ Faces up to 12 years in prison (max 25)
đ¸ $19M forfeited + $80M SEC fine
đ Still wanted in South Korea
This marks the first major DeFi founder conviction, signaling tougher crackdowns on crypto fraud ahead.
#Write2Earn
See original
đ˘ Do Kwon changes tone: he will plead guilty in the Terraform case đâď¸
A twist in the crypto universe! đĽ Do Kwon, the co-founder of Terraform Labs, surprised the community by announcing his intention to plead guilty in the case related to the collapse of the Terra (LUNA/UST) ecosystem. đŞđ
Recall that in May 2022, UST, an algorithmic stablecoin, abruptly lost its peg to the dollar, leading to a staggering drop in LUNA and the loss of billions of dollars for investors worldwide. đ Thousands of people saw their savings disappear, and the case became one of the biggest scandals in crypto history.
Until recently, Do Kwon claimed his innocence and denounced a "political trial." But according to the latest information, he has decided to change his legal strategy by pleading guilty, hoping to reduce his sentence and avoid a long and publicized trial. âď¸đď¸
This decision could have major consequences:
In judicial terms: a quicker conviction, but potentially less severe.
In the crypto market: a renewed caution among investors.
In regulation: a strong signal for authorities who want to more strictly regulate the sector.
The question remains: will this case permanently change trust in crypto projects? đ¤
In any case, it's a harsh reminder: in crypto, quick gains can hide enormous risks. đ¨
đĄ Follow my account to stay informed about all crypto news, understand trends, and avoid fatal mistakes in your investments! đđĽ
âĄď¸ Like đ, share đ to not miss anything!
#CryptoNews #DoKwon #terraform #LUNA #UST
A twist in the crypto universe! đĽ Do Kwon, the co-founder of Terraform Labs, surprised the community by announcing his intention to plead guilty in the case related to the collapse of the Terra (LUNA/UST) ecosystem. đŞđ
Recall that in May 2022, UST, an algorithmic stablecoin, abruptly lost its peg to the dollar, leading to a staggering drop in LUNA and the loss of billions of dollars for investors worldwide. đ Thousands of people saw their savings disappear, and the case became one of the biggest scandals in crypto history.
Until recently, Do Kwon claimed his innocence and denounced a "political trial." But according to the latest information, he has decided to change his legal strategy by pleading guilty, hoping to reduce his sentence and avoid a long and publicized trial. âď¸đď¸
This decision could have major consequences:
In judicial terms: a quicker conviction, but potentially less severe.
In the crypto market: a renewed caution among investors.
In regulation: a strong signal for authorities who want to more strictly regulate the sector.
The question remains: will this case permanently change trust in crypto projects? đ¤
In any case, it's a harsh reminder: in crypto, quick gains can hide enormous risks. đ¨
đĄ Follow my account to stay informed about all crypto news, understand trends, and avoid fatal mistakes in your investments! đđĽ
âĄď¸ Like đ, share đ to not miss anything!
#CryptoNews #DoKwon #terraform #LUNA #UST
See original
đšEXPECTATIONS ARE HIGH GOALS ARE FARđš
INVESTOR EXPECTATIONS FOR LUNC AND USTC ARE VERY HIGH BUT THE GOALS ARE STILL VERY FAR AWAY, PRESSURES NEED TO BE LIFTED
WHEN LUNC AND USTC LIFT THEIR PRESSURES, AT LEAST THE EXCITEMENT OF BORED INVESTORS WILL RETURN
THE ONLY GOAL LEFT IS THE RISE IN PRICE
FACES WILL SMILE, GOD WILLING
#LUNCâ
#USTC
#terraform
INVESTOR EXPECTATIONS FOR LUNC AND USTC ARE VERY HIGH BUT THE GOALS ARE STILL VERY FAR AWAY, PRESSURES NEED TO BE LIFTED
WHEN LUNC AND USTC LIFT THEIR PRESSURES, AT LEAST THE EXCITEMENT OF BORED INVESTORS WILL RETURN
THE ONLY GOAL LEFT IS THE RISE IN PRICE
FACES WILL SMILE, GOD WILLING
#LUNCâ
#USTC
#terraform
See original
đšWHO SAID I DON'T KNOW LOVE, PASSIONđš
THE THINGS THAT SHOULD BE IN TERRA CLASSIC CHAIN ARE BEING DONE ONE BY ONE, THE ONLY THING WE NEED TO DO NOW IS
WAIT FOR LUNC AND USTC TIME, LET'S HOPE FOR THE BEST
THE DAYS WE WILL LAUGH ARE NEAR, GOD WILLING
#LUNCâ
#USTC
#TerraLabs
#terraform
THE THINGS THAT SHOULD BE IN TERRA CLASSIC CHAIN ARE BEING DONE ONE BY ONE, THE ONLY THING WE NEED TO DO NOW IS
WAIT FOR LUNC AND USTC TIME, LET'S HOPE FOR THE BEST
THE DAYS WE WILL LAUGH ARE NEAR, GOD WILLING
#LUNCâ
#USTC
#TerraLabs
#terraform
See original
The Terraform hashtag became a trending topic on CoinMarketCap.
Do Kwon's appearance in court in the US has become a major topic on the crypto agenda.
The LUNA and UST collapses had a major impact and those responsible have now been brought to court. These developments are trending on important sites.
Court proceedings will be important for $LUNC , $LUNA and $USTC.
#Terraform #CoinMarketCap #DoKwon #CryptoReboundStrategy $LUNC
Do Kwon's appearance in court in the US has become a major topic on the crypto agenda.
The LUNA and UST collapses had a major impact and those responsible have now been brought to court. These developments are trending on important sites.
Court proceedings will be important for $LUNC , $LUNA and $USTC.
#Terraform #CoinMarketCap #DoKwon #CryptoReboundStrategy $LUNC
Pessoal da terra labs tem capital para ressuscitar o repag da $USTC não fizeram atÊ hoje por ganância.
concentraram o poder do token em monte de validadores de merda.
vou usar lĂngua mais agressiva sĂŁo uns filha da puta ...
#terraform
$LUNC $LUNA
concentraram o poder do token em monte de validadores de merda.
vou usar lĂngua mais agressiva sĂŁo uns filha da puta ...
#terraform
$LUNC $LUNA
See original
#LUNCâď¸ #BTCďżź
IT WAS SUPPLIED BY BTC FROM THE SAME WAY. BITCON IS VALUABLE TODAY. 8/05/2024. ?
.
$$ $$ #terraform #terraclassic #LUNC
IT WAS SUPPLIED BY BTC FROM THE SAME WAY. BITCON IS VALUABLE TODAY. 8/05/2024. ?
.
$$ $$ #terraform #terraclassic #LUNC
Do Kwon, co-founder of #Terraform Labs Pte., pleaded not guilty to U.S. fraud charges linked to the $40 billion collapse of the TerraUSD stablecoin.Â
Kwon entered his plea before U.S. Magistrate Judge Robert Lehrburger in Manhattan and agreed to remain in custody without bail. The 33-year-old former crypto executive faces nine criminal charges, including wire, securities, and commodities fraud.
The charges stem from allegations that Kwon misled investors about the Terra blockchainâs technology and adoption levels. His court appearance in New York concluded a prolonged legal battle between the U.S. and South Korea over extradition rights. Authorities in Montenegro arrested Kwon in March 2023 for attempting to travel using a falsified passport, triggering extradition requests from both nations.
Legal Drama Spanning Multiple Jurisdictions
Kwon made a U.S. court appearance upon his arrest in Montenegro alongside Terraformâs former chief financial officer, who was also arrested at the same time. Both individuals were apprehended for attempting to board a private jet bound for Dubai using fake documents. After their arrest, Montenegro sentenced them to four months for document forgery.
Meanwhile, New York and Seoul prosecutors filed charges related to Terraformâs collapse in 2022. The implosion of TerraUSD, an algorithmic stablecoin, and its companion token, LUNA, had devastating effects on the crypto market.
LUNAâs value plummeted from over $100 to nearly zero, causing significant investor losses. The downturn contributed to broader market instability.
Kwonâs extradition was finalized on December 28, 2024, when Montenegroâs Minister of Justice approved the U.S. request. Although South Korea sought custody of Kwon, Montenegro opted to send him to the U.S., citing its strong security partnership with the nation. Notably, Kwon had argued for extradition to South Korea.
#CryptoNews
Kwon entered his plea before U.S. Magistrate Judge Robert Lehrburger in Manhattan and agreed to remain in custody without bail. The 33-year-old former crypto executive faces nine criminal charges, including wire, securities, and commodities fraud.
The charges stem from allegations that Kwon misled investors about the Terra blockchainâs technology and adoption levels. His court appearance in New York concluded a prolonged legal battle between the U.S. and South Korea over extradition rights. Authorities in Montenegro arrested Kwon in March 2023 for attempting to travel using a falsified passport, triggering extradition requests from both nations.
Legal Drama Spanning Multiple Jurisdictions
Kwon made a U.S. court appearance upon his arrest in Montenegro alongside Terraformâs former chief financial officer, who was also arrested at the same time. Both individuals were apprehended for attempting to board a private jet bound for Dubai using fake documents. After their arrest, Montenegro sentenced them to four months for document forgery.
Meanwhile, New York and Seoul prosecutors filed charges related to Terraformâs collapse in 2022. The implosion of TerraUSD, an algorithmic stablecoin, and its companion token, LUNA, had devastating effects on the crypto market.
LUNAâs value plummeted from over $100 to nearly zero, causing significant investor losses. The downturn contributed to broader market instability.
Kwonâs extradition was finalized on December 28, 2024, when Montenegroâs Minister of Justice approved the U.S. request. Although South Korea sought custody of Kwon, Montenegro opted to send him to the U.S., citing its strong security partnership with the nation. Notably, Kwon had argued for extradition to South Korea.
#CryptoNews
See original
The new US president Trump will review SEC cryptocurrency policies and Trump may also suspend SEC sanctions on cryptocurrencies. Trump is also examining lawsuits between the SEC and some crypto firms and applications. (EU News)
đś As you know, a comprehensive lawsuit is ongoing between TFL and SEC. A decision has been made in this case. The implementation phase continues.
The process regarding Do Kwon continues as a criminal trial.
âHowever; since they are somehow related to the SEC, there will be objections due to precedent-setting situations. Trump's arrival will shake the rocks.
In this process, new situations may also arise regarding #FTX. New situations may arise on the TFL side.
There may be an underlying reason for the processes to take so long. There are many possibilities. None of these may happen. We are watching and we will all see what will happen together.
#Terraform #Trump #Ripple #FTT #USTC $XRP
đś As you know, a comprehensive lawsuit is ongoing between TFL and SEC. A decision has been made in this case. The implementation phase continues.
The process regarding Do Kwon continues as a criminal trial.
âHowever; since they are somehow related to the SEC, there will be objections due to precedent-setting situations. Trump's arrival will shake the rocks.
In this process, new situations may also arise regarding #FTX. New situations may arise on the TFL side.
There may be an underlying reason for the processes to take so long. There are many possibilities. None of these may happen. We are watching and we will all see what will happen together.
#Terraform #Trump #Ripple #FTT #USTC $XRP
See original
#LUNC. GO đđ° WHEN MOST ARE SOLD. THEN THEREâS NO USE OF CRYING đŞ. #LUNC YOU CAME UP YOU DANCED. #terraform
Erotic Whale Waves: LUNC Surges 9% in Just 14 Minutes ($32.75 Million Funded)!
In a dramatic turn of events, Terra Classic (LUNC) experienced a notable price surge, jumping by 9% within a mere 14 minutes.
This rapid ascent, attributed to strategic movements by crypto whales, has left the market buzzing.
Price Surge:-
LUNC/USDT shot up from $0.00012558 by 8.30%, a significant hike in such a short time frame.
This surge underscores the volatile nature of the cryptocurrency market, where large players can trigger substantial price movements.
Trading Data and Market Insights:-
According to CoinMarketCap, the current price of LUNC stands at $0.00012558, reflecting an 8.30% increase.
The market cap for Terra Classic is approximately $734.11 million (âš61.16 billion), with a fully diluted market cap of $860.6 million (âš71.7 billion).
LUNCâs market dominance is 0.0288%, with a circulation supply of 5.8 trillion and a total supply of 6.79 trillion LUNC.
Whale Activity and Market Impact:-
Whale activity often plays a crucial role in such sharp price movements.
When these large holders of cryptocurrency make significant trades, the market reacts swiftly.
The recent 9% spike within 14 minutes suggests coordinated buying by these major investors, possibly in anticipation of positive developments or in response to strategic market positioning.
Historical Context:-
Launched on May 28, 2022, Terra Classic has seen its highs and lows.
Its all-time high was an impressive $119.1846 (âš9,929.271) on April 5, 2022, while the all-time low was $0.000016754152692 (âš0.001395788460776) on May 13, 2022.
Conclusion:-
The recent LUNC surge exemplifies the dynamic and unpredictable nature of the crypto market.
Investors should remain vigilant, understanding that such rapid price changes can present both opportunities and risks.
As always, it's crucial to conduct thorough research and consider market trends before making investment decisions.
#MtGox #Megadrop #EarnFreeCrypto2024 #ETHETFsApproved #altcoins $LUNC
In a dramatic turn of events, Terra Classic (LUNC) experienced a notable price surge, jumping by 9% within a mere 14 minutes.
This rapid ascent, attributed to strategic movements by crypto whales, has left the market buzzing.
Price Surge:-
LUNC/USDT shot up from $0.00012558 by 8.30%, a significant hike in such a short time frame.
This surge underscores the volatile nature of the cryptocurrency market, where large players can trigger substantial price movements.
Trading Data and Market Insights:-
According to CoinMarketCap, the current price of LUNC stands at $0.00012558, reflecting an 8.30% increase.
The market cap for Terra Classic is approximately $734.11 million (âš61.16 billion), with a fully diluted market cap of $860.6 million (âš71.7 billion).
LUNCâs market dominance is 0.0288%, with a circulation supply of 5.8 trillion and a total supply of 6.79 trillion LUNC.
Whale Activity and Market Impact:-
Whale activity often plays a crucial role in such sharp price movements.
When these large holders of cryptocurrency make significant trades, the market reacts swiftly.
The recent 9% spike within 14 minutes suggests coordinated buying by these major investors, possibly in anticipation of positive developments or in response to strategic market positioning.
Historical Context:-
Launched on May 28, 2022, Terra Classic has seen its highs and lows.
Its all-time high was an impressive $119.1846 (âš9,929.271) on April 5, 2022, while the all-time low was $0.000016754152692 (âš0.001395788460776) on May 13, 2022.
Conclusion:-
The recent LUNC surge exemplifies the dynamic and unpredictable nature of the crypto market.
Investors should remain vigilant, understanding that such rapid price changes can present both opportunities and risks.
As always, it's crucial to conduct thorough research and consider market trends before making investment decisions.
#MtGox #Megadrop #EarnFreeCrypto2024 #ETHETFsApproved #altcoins $LUNC
đ¨ $LUNC â Will Do Kwon Receive Amnesty? đ¨
đĽ Crypto amnesties are rolling in one after another, and all eyes are on Do Kwon's trial. With no definite sentence yet, the outcome could set a major precedent for Terraform Labs ($LUNA, $LUNC , $USTC).
đ Market Sentiment: Many speculate that Do Kwon could be released after the trial, having already served time and facing compensation obligations. The key questionâCan prosecutors present undeniable fraud evidence?
âď¸ Legal Uncertainty & Market Impact:
If amnesty is granted, $LUNC and $USTC could react positively.
If new evidence surfaces, the case could take an unexpected turn.
đ Crypto traders should stay alert! Legal developments may fuel a new bullish narrative for Terra-related tokens. đ
#DoKwon #LUNC #USTC #LUNA #Terraform
đĽ Crypto amnesties are rolling in one after another, and all eyes are on Do Kwon's trial. With no definite sentence yet, the outcome could set a major precedent for Terraform Labs ($LUNA, $LUNC , $USTC).
đ Market Sentiment: Many speculate that Do Kwon could be released after the trial, having already served time and facing compensation obligations. The key questionâCan prosecutors present undeniable fraud evidence?
âď¸ Legal Uncertainty & Market Impact:
If amnesty is granted, $LUNC and $USTC could react positively.
If new evidence surfaces, the case could take an unexpected turn.
đ Crypto traders should stay alert! Legal developments may fuel a new bullish narrative for Terra-related tokens. đ
#DoKwon #LUNC #USTC #LUNA #Terraform
See original
$1.5 billion in cryptocurrency remains in the ruins of companies such as #FTX , #Terraform , #Celsius , and #Blockfi . Over the past few years, a wave of collapses of digital assets has engulfed a number of companies for various reasons â some suffered from earlier disasters, such as the FTX fiasco and Terraform Labs. The collapsed cryptocurrency companies still control assets totaling $1.5 billion on the blockchain. Despite these companies disappearing as a result of collapses and bankruptcies, their wallets, such as those associated with FTX, remain under the management of court-appointed bankruptcy trustees. Terraform Labs collapsed in May 2022 when their algorithmic stablecoin UST lost its peg, wiping out approximately $45 billion and dragging down firms like Three Arrows Capital and Celsius. FTX followed in November 2022, causing a broader shock after the revelations; however, as of June 14, Arkham Intelligence data shows that Terraform Labs still holds $2.45 million on the blockchain. According to Arkham, the bankrupt exchange controls wallets containing $611.93 million in digital assets.
đŞ Terra Classic$LUNC (LUNC) Makes Waves with Todayâs Major Announcement!
The Terra Classic (LUNC)$LUNC community is buzzing with excitement after todayâs official announcement that could reshape the projectâs future. đĽ
đ˘ Key Update: The Terra Classic core team has confirmed a major network upgrade aimed at improving transaction speed and scalability. This move is part of the broader revival roadmap post-LUNA crash, showing strong developer commitment and community resilience.
⨠Highlights:
đ Enhanced chain stability and efficiency
đĄď¸ Strengthened on-chain governance mechanisms
đĄ Proposal to introduce AI-driven analytics to the validator system
With community engagement growing and technical upgrades underway, Terra Classic is proving itâs here to stay â not just as a reminder of the past, but a force for the future.
đ Will this be the spark LUNC needs for a bullish turnaround? Keep watching Binance Square for more breaking crypto updates!
#TerraClassic #LUNC #CryptoNews #BinanceSquare #Altcoins
$LUNC #TerraLunaClassic #TerraClassicRising #TerraUSD #terraform
---
The Terra Classic (LUNC)$LUNC community is buzzing with excitement after todayâs official announcement that could reshape the projectâs future. đĽ
đ˘ Key Update: The Terra Classic core team has confirmed a major network upgrade aimed at improving transaction speed and scalability. This move is part of the broader revival roadmap post-LUNA crash, showing strong developer commitment and community resilience.
⨠Highlights:
đ Enhanced chain stability and efficiency
đĄď¸ Strengthened on-chain governance mechanisms
đĄ Proposal to introduce AI-driven analytics to the validator system
With community engagement growing and technical upgrades underway, Terra Classic is proving itâs here to stay â not just as a reminder of the past, but a force for the future.
đ Will this be the spark LUNC needs for a bullish turnaround? Keep watching Binance Square for more breaking crypto updates!
#TerraClassic #LUNC #CryptoNews #BinanceSquare #Altcoins
$LUNC #TerraLunaClassic #TerraClassicRising #TerraUSD #terraform
---
US Authorities Take #Terraform Labs Founder
Montenegro extradited Do Kwon to the US on December 31 to stand prosecution for Terraform Labs' 2022 failure. On Tuesday morning, the interior ministry concluded the extradition process, according to The Korean Herald.
The report said that Do Kwon was âhanded to the competent law enforcement authorities of the United States of America and agents of the Federal Bureau of Investigation (FBI)â for âcriminal proceedings in the US for crimes of conspiracy to commit fraud.â
Last Monday, Montenegro's Justice Minister Bojan BoĹžoviÄ issued an order for Do Kwon's extradition to the US, rejecting South Korea's plea.
According to local press, âThe Department of Justice has considered all the facts and circumstances and assessed criteriaâ and decided to extradite the Terraform Labs co-founder to the US.
Since most of the law's criteria support the competent authorities of the United States of America's extradition request, the Minister of Justice has issued a decision allowing Kwon Do Hyeong's extradition to the US while refusing extradition to Korea.
Do Kwon's Montenegrin attorneys blasted the Minister of Justice's decision and said they will âappeal to the country's constitutional court and to the European Court of Human Rights.â
Do Kwon's Montenegro Tale
Montenegro held the South Korean entrepreneur for nearly a year and a half. He and #Terraform Lab's former finance officer Han Chang-joon were arrested in March 2023 for trying to use fake travel papers at Podgorica airport.
His arrest followed months of leaving his native country and Singapore before #Terraform Labs went bankrupt. The Federal Reserve Board said that the business lost âaround $50 billion worth of the networkâs two asset offerings, TerraUSD (UST) and Luna ($LUNA ), in the span of a week,â one of the greatest crypto crashes.
Do Kwon was sentenced to four months in Montenegro and given two months at the US and South Korean request.
#TerraLuna #DoKwon $LUNA
Montenegro extradited Do Kwon to the US on December 31 to stand prosecution for Terraform Labs' 2022 failure. On Tuesday morning, the interior ministry concluded the extradition process, according to The Korean Herald.
The report said that Do Kwon was âhanded to the competent law enforcement authorities of the United States of America and agents of the Federal Bureau of Investigation (FBI)â for âcriminal proceedings in the US for crimes of conspiracy to commit fraud.â
Last Monday, Montenegro's Justice Minister Bojan BoĹžoviÄ issued an order for Do Kwon's extradition to the US, rejecting South Korea's plea.
According to local press, âThe Department of Justice has considered all the facts and circumstances and assessed criteriaâ and decided to extradite the Terraform Labs co-founder to the US.
Since most of the law's criteria support the competent authorities of the United States of America's extradition request, the Minister of Justice has issued a decision allowing Kwon Do Hyeong's extradition to the US while refusing extradition to Korea.
Do Kwon's Montenegrin attorneys blasted the Minister of Justice's decision and said they will âappeal to the country's constitutional court and to the European Court of Human Rights.â
Do Kwon's Montenegro Tale
Montenegro held the South Korean entrepreneur for nearly a year and a half. He and #Terraform Lab's former finance officer Han Chang-joon were arrested in March 2023 for trying to use fake travel papers at Podgorica airport.
His arrest followed months of leaving his native country and Singapore before #Terraform Labs went bankrupt. The Federal Reserve Board said that the business lost âaround $50 billion worth of the networkâs two asset offerings, TerraUSD (UST) and Luna ($LUNA ), in the span of a week,â one of the greatest crypto crashes.
Do Kwon was sentenced to four months in Montenegro and given two months at the US and South Korean request.
#TerraLuna #DoKwon $LUNA
See original
Jury Convicts Terraform Labs and Do Kwon of Fraud
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 Montenegroâs 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.â
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 Montenegroâs 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.â
đŚ
BREAKING đŚ
A U.S. judge has sided with the SEC in the
case asserting that Terraform Labs and its
founder, Do Kwon, offered and sold
unregistered securities, according to the court
ruling.
#SEC #terraform #Dokwon
A U.S. judge has sided with the SEC in the
case asserting that Terraform Labs and its
founder, Do Kwon, offered and sold
unregistered securities, according to the court
ruling.
#SEC #terraform #Dokwon
đ¨đ° BREAKING NEWS đ° đ¨
A U.S. judge has sided with the SEC in the
Case asserting that Terraform Labs and its
Founder, Do Kwon, offered and sold
Unregistered securities, according to the court
ruling.
#SEC #terraform #Dokwon
A U.S. judge has sided with the SEC in the
Case asserting that Terraform Labs and its
Founder, Do Kwon, offered and sold
Unregistered securities, according to the court
ruling.
#SEC #terraform #Dokwon
See original
THE U.S. AND IRAN HAVE PASSED THROUGH ISRAEL'S MARKET.
GIANT COMPANIES HAVE OFFICIALLY SURRENDERED TO THE CRYPTO WORLD, THE ENVIRONMENT IS LIKE A FIREPLACE, LET'S SEE IF THE TRANSFORMATION WILL BE MAGNIFICENT?
ALTCOINS ARE OFFICIALLY CRAWLING ON THE GROUND, THOSE WITH MONEY ARE SEEING A BUYING OPPORTUNITY AND EVALUATING IT.
WE HAVE STARTED TO SEE HISTORICAL LOWS.
NEITHER BULL NOR BEAR, ALL PLAYERS ARE THREE PEOPLE
THEY ARE PLAYING FOR THEMSELVES, THEY ARE WINNING FOR THEMSELVES, AND WE ARE WATCHING, I THINK THIS IS THE SUMMARY OF THE DAY, WHAT DO YOU THINK?
#LUNCâ
#USTC
#TerraLabs
#terraform
#Terraport
GIANT COMPANIES HAVE OFFICIALLY SURRENDERED TO THE CRYPTO WORLD, THE ENVIRONMENT IS LIKE A FIREPLACE, LET'S SEE IF THE TRANSFORMATION WILL BE MAGNIFICENT?
ALTCOINS ARE OFFICIALLY CRAWLING ON THE GROUND, THOSE WITH MONEY ARE SEEING A BUYING OPPORTUNITY AND EVALUATING IT.
WE HAVE STARTED TO SEE HISTORICAL LOWS.
NEITHER BULL NOR BEAR, ALL PLAYERS ARE THREE PEOPLE
THEY ARE PLAYING FOR THEMSELVES, THEY ARE WINNING FOR THEMSELVES, AND WE ARE WATCHING, I THINK THIS IS THE SUMMARY OF THE DAY, WHAT DO YOU THINK?
#LUNCâ
#USTC
#TerraLabs
#terraform
#Terraport
Login to explore more contents