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šš¤Æ Terraform Labs is closing downā¦
ā«ļøYesterday, Terraform Labs agreed to pay a $4,470,000,000 fine to the SEC.
ā«ļøThe company Terraform Labs will be closed, and the projects in the Terra ecosystem will be sold (Pulsar Finance, Station Wallet and Enterprise DAO).
ā«ļøCEO invites the community to take control of Terra Network.
šAnthony Sassano āIf Terraform Labs has that much money to pay the SEC fine, it's better to use it to compensate users affected by the crash.
ā«ļøYesterday, Terraform Labs agreed to pay a $4,470,000,000 fine to the SEC.
ā«ļøThe company Terraform Labs will be closed, and the projects in the Terra ecosystem will be sold (Pulsar Finance, Station Wallet and Enterprise DAO).
ā«ļøCEO invites the community to take control of Terra Network.
šAnthony Sassano āIf Terraform Labs has that much money to pay the SEC fine, it's better to use it to compensate users affected by the crash.
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šØ Breaking News: Do Kwon Pleads Not Guilty in US Court to Fraud Charges šØ
In a dramatic development, Terraform Labs co-founder Do Kwon has pleaded not guilty to fraud charges in a US court today. āļø
Kwon, once hailed as a visionary in the cryptocurrency space, is now facing serious allegations related to the collapse of TerraUSD and LUNA. These crypto tokens lost billions of dollars in value, devastating thousands of investors. ššø
The charges against him include wire fraud, conspiracy, and market manipulation, all related to his role at Terraform Labs. The collapse rocked the crypto community š, shaking investor confidence and leaving many asking: Could this be the end of an era for the unregulated crypto world? š„š
Kwon, once hailed as a visionary in the cryptocurrency space, is now facing serious allegations related to the collapse of TerraUSD and LUNA. These crypto tokens lost billions of dollars in value, devastating thousands of investors. ššø
The charges against him include wire fraud, conspiracy, and market manipulation, all related to his role at Terraform Labs. The collapse rocked the crypto community š, shaking investor confidence and leaving many asking: Could this be the end of an era for the unregulated crypto world? š„š
South Koreaās Supreme Court has ruled that Terraās UST and LUNA are not securities, rejecting prosecutorsā attempts to seize assets from Terraform Labs executives.
ā TFL continues to resolve legal issues one by one. $LUNC $USTC
#LUNC #TerraformLabs $LUNC
ā TFL continues to resolve legal issues one by one. $LUNC $USTC
#LUNC #TerraformLabs $LUNC
Terraform Labs Declares Bankruptcy 20 Months After Terra LUNA Collapse
1. Terraform Labs Chapter 11 Bankruptcy Overview:
- Filed under Chapter 11 by CEO Chris Amani, with the approval of the Board of Directors.
2. Financial Snapshot:
- Assets valued at $100 million, while liabilities amount to $500 million.
3. Founder's Legal Situation:
- Founder Do Kwon remains incarcerated in Montenegro for alleged involvement with falsified documents.
4. USTC Stablecoin Status:
- Despite the company's financial challenges, USTC, Terraform Labs' stablecoin, still holds the 9th position in market cap among stablecoins.
After engaging in an intricate game of cat and mouse with various agencies for nearly 20 months, Do Kwon and Terraform Labs have, at last, sought refuge in Chapter 11 Bankruptcy, officially filing with Delaware authorities on January 21, 2024. This strategic move comes after the company's notorious USTC and LUNA projects collapsed in 2022, causing a global loss of over $64 billion in assets.
Terraform Labs, the orchestrator of this financial drama, has made its bankruptcy filings under the United States Chapter 11 Bankruptcy, attributing the decision to a significant disparity between its assets and liabilities. According to the filed documents, the company's assets total $100 million, while liabilities soar to nearly $500 million, with a creditor count ranging between 100 and 199.
Legal proceedings were executed under the guidance of Chris Amani, Terraform Labs' CEO, with the approval of the company's board of directors. In an unexpected twist, despite the financial turmoil, Terraform Labs recently acquired Pulsar Finance, a cross-chain portfolio management company.
Meanwhile, founder Do-Kwon finds himself in custody in Montenegro, facing charges of falsifying travel documents. The uncertainty looms over his extradition.
Adding to the legal tangle, a US court has deemed the MIR and LUNA cryptocurrencies issued by Terraform Labs as securities, intensifying regulatory scrutiny. Additionally, a class action lawsuit in Singapore, filed by Julius Moreno Beltran and Douglas Gan, seeks justice for a consortium claiming a $57 million loss, further complicating Terraform Labs' legal landscape.
This is not the first time Terraform Labs has been under investigation; South Korean authorities probed the company after the collapse of LUNA and USTC, but no conclusive evidence was found. In February 2023, the SEC charged Terraform Labs and former CEO Do Kwon with criminal charges, alleging a multi-billion dollar scam between April 2018 and May 2022, branded as "crypto schemes."
The Terra LUNA fiasco, triggered by a fatal design flaw, saw both LUNA and USTC crumble in May 2022. Panic ensued as holders withdrew en masse, leading to a cascading collapse of the entire ecosystem. Despite this, USTC still holds the 9th position among stablecoins, boasting a market cap of approximately $220 million, though its value plummeted by 98%.
It is crucial to note that while this narrative aims to provide accurate and timely information, readers are advised to conduct their research due to the volatile nature of cryptocurrencies. Voice of Crypto disclaims responsibility for any missing facts or inaccuracies, emphasizing the need for independent financial decision-making in the realm of highly volatile crypto assets.
#terraformlabs #Crypto2024 #cryptocurrency #bankrupt #BinanceSquare
- Filed under Chapter 11 by CEO Chris Amani, with the approval of the Board of Directors.
2. Financial Snapshot:
- Assets valued at $100 million, while liabilities amount to $500 million.
3. Founder's Legal Situation:
- Founder Do Kwon remains incarcerated in Montenegro for alleged involvement with falsified documents.
4. USTC Stablecoin Status:
- Despite the company's financial challenges, USTC, Terraform Labs' stablecoin, still holds the 9th position in market cap among stablecoins.
After engaging in an intricate game of cat and mouse with various agencies for nearly 20 months, Do Kwon and Terraform Labs have, at last, sought refuge in Chapter 11 Bankruptcy, officially filing with Delaware authorities on January 21, 2024. This strategic move comes after the company's notorious USTC and LUNA projects collapsed in 2022, causing a global loss of over $64 billion in assets.
Terraform Labs, the orchestrator of this financial drama, has made its bankruptcy filings under the United States Chapter 11 Bankruptcy, attributing the decision to a significant disparity between its assets and liabilities. According to the filed documents, the company's assets total $100 million, while liabilities soar to nearly $500 million, with a creditor count ranging between 100 and 199.
Legal proceedings were executed under the guidance of Chris Amani, Terraform Labs' CEO, with the approval of the company's board of directors. In an unexpected twist, despite the financial turmoil, Terraform Labs recently acquired Pulsar Finance, a cross-chain portfolio management company.
Meanwhile, founder Do-Kwon finds himself in custody in Montenegro, facing charges of falsifying travel documents. The uncertainty looms over his extradition.
Adding to the legal tangle, a US court has deemed the MIR and LUNA cryptocurrencies issued by Terraform Labs as securities, intensifying regulatory scrutiny. Additionally, a class action lawsuit in Singapore, filed by Julius Moreno Beltran and Douglas Gan, seeks justice for a consortium claiming a $57 million loss, further complicating Terraform Labs' legal landscape.
This is not the first time Terraform Labs has been under investigation; South Korean authorities probed the company after the collapse of LUNA and USTC, but no conclusive evidence was found. In February 2023, the SEC charged Terraform Labs and former CEO Do Kwon with criminal charges, alleging a multi-billion dollar scam between April 2018 and May 2022, branded as "crypto schemes."
The Terra LUNA fiasco, triggered by a fatal design flaw, saw both LUNA and USTC crumble in May 2022. Panic ensued as holders withdrew en masse, leading to a cascading collapse of the entire ecosystem. Despite this, USTC still holds the 9th position among stablecoins, boasting a market cap of approximately $220 million, though its value plummeted by 98%.
It is crucial to note that while this narrative aims to provide accurate and timely information, readers are advised to conduct their research due to the volatile nature of cryptocurrencies. Voice of Crypto disclaims responsibility for any missing facts or inaccuracies, emphasizing the need for independent financial decision-making in the realm of highly volatile crypto assets.
#terraformlabs #Crypto2024 #cryptocurrency #bankrupt #BinanceSquare
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So the CEO tells us wait and buy these shitcoins that will be worth nothing in a while.... buy them when they drop to 0.001 $LUNA š¤”š¤”š¤”š¤” I wonder why they don't delist it from the most important platform???? #LUNA #terraformlabs
BSCDaily
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šØCEO Terraform Labs invite take over as the company ceases operations šØ
š
ā«ļø CEO Chris Amani invites the community to take over Terraform Labs as the company ceases operations.
ā«ļø Plans to sell Terra ecosystem projects like Pulsar Finance, Station Wallet, and Enterprise DAO.
ā«ļø All unvested Luna tokens to be burned.
ā«ļø Terraform settled with the SEC for $4.47B over the 2022 UST collapse.
ā«ļø Community to lead Terra and Terra Classic blockchains.
#LUNC #TFL #USTC
š
ā«ļø CEO Chris Amani invites the community to take over Terraform Labs as the company ceases operations.
ā«ļø Plans to sell Terra ecosystem projects like Pulsar Finance, Station Wallet, and Enterprise DAO.
ā«ļø All unvested Luna tokens to be burned.
ā«ļø Terraform settled with the SEC for $4.47B over the 2022 UST collapse.
ā«ļø Community to lead Terra and Terra Classic blockchains.
#LUNC #TFL #USTC
Terraform Labs opens Crypto Loss Claims Portal for creditors
#TerraformLabs has launched a #CryptoLossClaimsPortal to allow creditors to file claims for losses related to the collapse of Terra #USD and other impacted cryptocurrencies. The portal, managed by Kroll Restructuring Administration, will open on March 31, 2025, at claims.terra.money. Creditors must submit claims by April 30, 2025, at 11:59 p.m. ET to be eligible for potential recovery.
#TerraformLabs has launched a #CryptoLossClaimsPortal to allow creditors to file claims for losses related to the collapse of Terra #USD and other impacted cryptocurrencies. The portal, managed by Kroll Restructuring Administration, will open on March 31, 2025, at claims.terra.money. Creditors must submit claims by April 30, 2025, at 11:59 p.m. ET to be eligible for potential recovery.
š Terra Luna Classic's v3.3.0 Upgrade Could Spark a Breakout!
The #LUNC community is voting on a pivotal chain upgrade to v3.3.0, designed to simplify tax handling, improve utility, and attract more projects from the Cosmos ecosystem. With validator support overwhelming, the upgrade is set to launch on Dec 17, 2024, at block height 21163600.
š Key Developments:
*/ Simplified Tax Handling: Boosts developer and dApp
integration.
*/ Community Support: All 39 validators, including Burrito
Node and TerraCVita, back the proposal.
š„ Price Action Mirrors XRP Patterns:
*/ Current Price: $0.0001613, up 90% monthly but down 6% in 24 hours.
*/ Breakout Potential: A close above $0.00018 could push
LUNC to $0.0005.
š” Ecosystem Momentum:
*/ $USTC surges 20% this week to $0.030.
*/ Terra (LUNA) rallies 52%, hitting $0.79.
With Binance burns and market excitement building, could $LUNC achieve a breakout like $XRP ?
#TerraformLabs #Lunc2TheMoonSoon #Write2Earn!
The #LUNC community is voting on a pivotal chain upgrade to v3.3.0, designed to simplify tax handling, improve utility, and attract more projects from the Cosmos ecosystem. With validator support overwhelming, the upgrade is set to launch on Dec 17, 2024, at block height 21163600.
š Key Developments:
*/ Simplified Tax Handling: Boosts developer and dApp
integration.
*/ Community Support: All 39 validators, including Burrito
Node and TerraCVita, back the proposal.
š„ Price Action Mirrors XRP Patterns:
*/ Current Price: $0.0001613, up 90% monthly but down 6% in 24 hours.
*/ Breakout Potential: A close above $0.00018 could push
LUNC to $0.0005.
š” Ecosystem Momentum:
*/ $USTC surges 20% this week to $0.030.
*/ Terra (LUNA) rallies 52%, hitting $0.79.
With Binance burns and market excitement building, could $LUNC achieve a breakout like $XRP ?
#TerraformLabs #Lunc2TheMoonSoon #Write2Earn!
āļø Steady lads, deploying...to the U.S.
Montenegro's Justice Minister has approved the extradition of Do Kwon to the U.S.
The #TerraformLabs founder will face charges over the $40B crypto collapse.
#DoKwon
Montenegro's Justice Minister has approved the extradition of Do Kwon to the U.S.
The #TerraformLabs founder will face charges over the $40B crypto collapse.
#DoKwon
#DoKwon , the co-founder of #TerraformLabs , has been extradited from Montenegro to the United States to face fraud charges. Accused of orchestrating schemes to mislead investors, he allegedly inflated the value of Terraform's cryptocurrencies through manipulation and misrepresentations, causing over $40 billion in losses after the crash of #TerraUSD and #LUNAā
in May 2022. The charges include commodities fraud, securities fraud, wire fraud, and money laundering, carrying a maximum sentence of 130 years. Kwon allegedly laundered proceeds, misrepresented products, and used fraudulent tactics to avoid detection. His initial court appearance in New York is scheduled for January 8, 2025.
$LUNA
$LUNC
$LUNA
$LUNC
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#Terra #LUNA , last opportunity
Terraform Labs opens claims portal
#TerraformLabs the company behind #TerraUSD y LUNA, will open its claims portal for cryptocurrency creditors on March 31, after declaring bankruptcy under Chapter 11 in January 2024.
The bankruptcy occurred following the collapse of its $40 billion ecosystem in 2022. Eligible creditors must register on the "Cryptocurrency Loss Claims Portal" before April 30, 2025, for their claims to be considered, the company reported. Claims submitted after the deadline will be dismissed.
To file a claim, creditors must provide proof of ownership of their cryptocurrency holdings, including wallet addresses for natively stored assets and read-only API keys for cryptocurrencies held on centralized exchanges.
Terraform will also consider transaction records and account statements as "manual evidence," but claims backed by these documents may face longer review times.
Terraform stated that it could reimburse its creditors between $185 million and $442 million as part of a reorganization plan approved by U.S. bankruptcy judge Brendan Shannon.
$LUNA
$LUNC
Terraform Labs opens claims portal
#TerraformLabs the company behind #TerraUSD y LUNA, will open its claims portal for cryptocurrency creditors on March 31, after declaring bankruptcy under Chapter 11 in January 2024.
The bankruptcy occurred following the collapse of its $40 billion ecosystem in 2022. Eligible creditors must register on the "Cryptocurrency Loss Claims Portal" before April 30, 2025, for their claims to be considered, the company reported. Claims submitted after the deadline will be dismissed.
To file a claim, creditors must provide proof of ownership of their cryptocurrency holdings, including wallet addresses for natively stored assets and read-only API keys for cryptocurrencies held on centralized exchanges.
Terraform will also consider transaction records and account statements as "manual evidence," but claims backed by these documents may face longer review times.
Terraform stated that it could reimburse its creditors between $185 million and $442 million as part of a reorganization plan approved by U.S. bankruptcy judge Brendan Shannon.
$LUNA
$LUNC
š§š²šæšæš® ššæš®šš± š š®š·š¼šæ šØš½š±š®šš²: šØ
Do Kwon, the co-founder of #TerraformLabs , has entered a plea of *not guilty* to fraud charges in a U.S. court.
He faces allegations of deceiving investors amid the $40 billion collapse of Terra.
The charges against him encompass fraud and money laundering.
Speculation regarding his potential release has led to an increase in the value of #LUNC and associated cryptocurrencies.
Is there a possibility for $LUNA to stage a resurgence?
Do Kwon, the co-founder of #TerraformLabs , has entered a plea of *not guilty* to fraud charges in a U.S. court.
He faces allegations of deceiving investors amid the $40 billion collapse of Terra.
The charges against him encompass fraud and money laundering.
Speculation regarding his potential release has led to an increase in the value of #LUNC and associated cryptocurrencies.
Is there a possibility for $LUNA to stage a resurgence?
$LUNC Burn Update 2024 š„
As of November 2024, the Terra Classic (LUNC) community has made significant strides in reducing the token's supply, with a total burn of nearly 137 billion $LUNC tokens.
#TerraformLabs #TerraClassicRevival
Key Highlights:
Binance burned over 1 billion LUNC tokens in a single transaction.Terraform Labs executed a large-scale burn of 251 billion LUNC tokens.The overall supply has been reduced to approximately 6.81 trillion LUNC.Binance's next monthly burn is expected in December 2024, burning 50% of trading fees from LUNC spot and margin trading.
The community's consistent efforts to reduce supply and increase value are paying off. Terra to is for sure going bullish and holders are gonna enjoy the ride!
Are you a $LUNC buyer/hodler, or not?
#ShahjeeCreates #TokenBurn #LUNC
#TerraformLabs #TerraClassicRevival
Key Highlights:
Binance burned over 1 billion LUNC tokens in a single transaction.Terraform Labs executed a large-scale burn of 251 billion LUNC tokens.The overall supply has been reduced to approximately 6.81 trillion LUNC.Binance's next monthly burn is expected in December 2024, burning 50% of trading fees from LUNC spot and margin trading.
The community's consistent efforts to reduce supply and increase value are paying off. Terra to is for sure going bullish and holders are gonna enjoy the ride!
Are you a $LUNC buyer/hodler, or not?
#ShahjeeCreates #TokenBurn #LUNC
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š„ Montenegrin authorities agree to hand over Do Kwon to the FBI!
Just before the New Year, Montenegrin authorities announced that they agreed to extradite Terraform Labs co-founder Do Kwon to the United States. This means that the long struggle between the United States and South Korea to try the cryptocurrency giant has finally come to fruition.
On December 31, Do Kwon was sent to the United States to face trial for his role in the collapse of Terraform Labs in 2022. According to The Korea Herald, the Montenegrin Ministry of Internal Affairs announced the end of the extradition case on Tuesday.
The report also mentioned that Do Kwon faces criminal prosecution in the United States for "conspiracy to commit fraud." Montenegrin Justice Minister Bojan BožoviÄ rejected South Korea's request last week and decided to send Do Kwon to the United States for trial.
The extradition battle has lasted for more than a year, and now Do Kwon, a once-powerful figure in the cryptocurrency world, is finally facing legal trial.
The South Korean Ministry of Justice decided to allow Do Kwon's extradition to the United States, while rejecting the request for extradition to South Korea, considering that the US extradition request met most of the criteria set out in the law.
Do Kwon's Montenegrin lawyers criticized the decision of the Minister of Justice and announced that they would appeal to the Constitutional Court of Montenegro and the European Court of Human Rights.
The South Korean entrepreneur was detained in Montenegro for more than a year and a half. In March 2023, he was detained at Podgorica Airport with the former financial officer of Terraform Lab for trying to leave the country using a forged travel document.
Before his arrest, he was on the run for months, evading pursuit in South Korea and Singapore until Terraform Labs went bankrupt. The collapse was one of the largest crashes in the history of cryptocurrencies, which wiped out about $50 billion worth of crypto assets in a week.
Later, Do Kwon was sentenced to four months in prison in Montenegro, which was later extended by two months at the request of the United States and South Korea. After his release, he was sent to an immigration center to await the Montenegrin High Court's decision on the extradition request.
šWhat do you think Do Kwon's extradition means for the cryptocurrency community? Will his trial in the US trigger a new round of turmoil? Leave your opinions and views in the comments section!
#DoKwonå¼ęø” #TerraformLabs #å åÆ蓧åøå®”å¤
Just before the New Year, Montenegrin authorities announced that they agreed to extradite Terraform Labs co-founder Do Kwon to the United States. This means that the long struggle between the United States and South Korea to try the cryptocurrency giant has finally come to fruition.
On December 31, Do Kwon was sent to the United States to face trial for his role in the collapse of Terraform Labs in 2022. According to The Korea Herald, the Montenegrin Ministry of Internal Affairs announced the end of the extradition case on Tuesday.
The report also mentioned that Do Kwon faces criminal prosecution in the United States for "conspiracy to commit fraud." Montenegrin Justice Minister Bojan BožoviÄ rejected South Korea's request last week and decided to send Do Kwon to the United States for trial.
The extradition battle has lasted for more than a year, and now Do Kwon, a once-powerful figure in the cryptocurrency world, is finally facing legal trial.
The South Korean Ministry of Justice decided to allow Do Kwon's extradition to the United States, while rejecting the request for extradition to South Korea, considering that the US extradition request met most of the criteria set out in the law.
Do Kwon's Montenegrin lawyers criticized the decision of the Minister of Justice and announced that they would appeal to the Constitutional Court of Montenegro and the European Court of Human Rights.
The South Korean entrepreneur was detained in Montenegro for more than a year and a half. In March 2023, he was detained at Podgorica Airport with the former financial officer of Terraform Lab for trying to leave the country using a forged travel document.
Before his arrest, he was on the run for months, evading pursuit in South Korea and Singapore until Terraform Labs went bankrupt. The collapse was one of the largest crashes in the history of cryptocurrencies, which wiped out about $50 billion worth of crypto assets in a week.
Later, Do Kwon was sentenced to four months in prison in Montenegro, which was later extended by two months at the request of the United States and South Korea. After his release, he was sent to an immigration center to await the Montenegrin High Court's decision on the extradition request.
šWhat do you think Do Kwon's extradition means for the cryptocurrency community? Will his trial in the US trigger a new round of turmoil? Leave your opinions and views in the comments section!
#DoKwonå¼ęø” #TerraformLabs #å åÆ蓧åøå®”å¤
Decentralization: Lessons from TerraForm Labs' Downfall and the Rising Value of Luna Classic
The recent filing for bankruptcy protection in the US by TerraForm Labs and its ongoing legal battles bring to light the significance of decentralization in the crypto world. Decentralized systems, lacking a single point of authority or control, can offer increased security and transparency. This situation contributes to the rising value of assets like Luna Classic.
The legal challenges faced by TerraForm Labs and its co-founder Do Kwon, including the alleged $40 billion cryptocurrency fraud case with the SEC, clearly demonstrate the potential risks of centralized structures. These events are heightening interest in decentralized assets among investors and market observers. Luna Classic, as a strong example of a decentralized structure, is potentially less affected by such incidents.
Moreover, decentralized structures facilitate a more democratic and user-centric ecosystem through direct participation and control by users. This aligns with the community-driven and developed nature of cryptocurrencies like Luna Classic. Decentralization also offers protection against regulatory interventions and single points of failure.
In conclusion, the difficulties encountered by TerraForm Labs underscore the value and importance of decentralization in the crypto sector. Luna Classic emerges as an asset representing the potential benefits of decentralization, attracting investor interest.
#Decentralization #LUNC #Cryptocurrency
#terraformlabs #luna
$LUNA $LUNC $BTC
The recent filing for bankruptcy protection in the US by TerraForm Labs and its ongoing legal battles bring to light the significance of decentralization in the crypto world. Decentralized systems, lacking a single point of authority or control, can offer increased security and transparency. This situation contributes to the rising value of assets like Luna Classic.
The legal challenges faced by TerraForm Labs and its co-founder Do Kwon, including the alleged $40 billion cryptocurrency fraud case with the SEC, clearly demonstrate the potential risks of centralized structures. These events are heightening interest in decentralized assets among investors and market observers. Luna Classic, as a strong example of a decentralized structure, is potentially less affected by such incidents.
Moreover, decentralized structures facilitate a more democratic and user-centric ecosystem through direct participation and control by users. This aligns with the community-driven and developed nature of cryptocurrencies like Luna Classic. Decentralization also offers protection against regulatory interventions and single points of failure.
In conclusion, the difficulties encountered by TerraForm Labs underscore the value and importance of decentralization in the crypto sector. Luna Classic emerges as an asset representing the potential benefits of decentralization, attracting investor interest.
#Decentralization #LUNC #Cryptocurrency
#terraformlabs #luna
$LUNA $LUNC $BTC
To #terraformlabs and #terralunaclassic community and all validators
The future proposal to help and make $LUNC strong again is:
1) Repeg with $USTC
2) Considering #halving of #lunc
3) Increase #burning process
If you agree, please put like and share
#hold
The future proposal to help and make $LUNC strong again is:
1) Repeg with $USTC
2) Considering #halving of #lunc
3) Increase #burning process
If you agree, please put like and share
#hold
Do Kwonās Criminal Trial Set for 2026 Amid Challenges with Evidence Review
The highly anticipated criminal fraud trial of Do Kwon, co-founder and former CEO of Terraform Labs, has been tentatively scheduled to begin in January 2026. This timeline allows ample time for both prosecutors and Kwonās defense team to thoroughly examine the extensive six-terabyte volume of evidence expected to emerge during the discovery phase.
During a recent court hearing in Manhattan, lead prosecutor Jared Lenow highlighted significant hurdles in accessing encrypted data and unlocking four cell phones provided by Montenegrin authorities following Kwon's extradition to the U.S. on December 31st. Additionally, the government will need to translate data extracted from Kwonās native Korean, further complicating the process. District Judge Paul Engelmayer humorously acknowledged the magnitude of the task, joking that they would be "backing up a U-Haul" to handle the evidence.
In response to the delayed timeline, Judge Engelmayer also addressed Kwonās defense team, asking whether they preferred an earlier trial date in 2025, offering them a one-week window to request a faster proceeding. Currently held without bail in a U.S. correctional facility, Kwon has been in custody for 22 months after his detention in Montenegro. He has pleaded not guilty to the charges brought against him, which include securities fraud, wire fraud, and money laundering conspiracy, all linked to the catastrophic collapse of the Terra/LUNA ecosystem in 2022.
Beyond the criminal trial, Kwon and Terraform Labs have already faced civil fraud charges from the U.S. Securities and Exchange Commission (SEC), resulting in a guilty verdict and a staggering $4.5 billion penalty, with Kwon personally ordered to pay $200 million. Terraform Labs filed for bankruptcy shortly thereafter. The next update on the case is slated for a status conference on March 6 at 11 a.m. ET.
#DoKwonTrial #TerraformLabs #FraudTrial #CryptoRegulation
#JusticeInCrypto
During a recent court hearing in Manhattan, lead prosecutor Jared Lenow highlighted significant hurdles in accessing encrypted data and unlocking four cell phones provided by Montenegrin authorities following Kwon's extradition to the U.S. on December 31st. Additionally, the government will need to translate data extracted from Kwonās native Korean, further complicating the process. District Judge Paul Engelmayer humorously acknowledged the magnitude of the task, joking that they would be "backing up a U-Haul" to handle the evidence.
In response to the delayed timeline, Judge Engelmayer also addressed Kwonās defense team, asking whether they preferred an earlier trial date in 2025, offering them a one-week window to request a faster proceeding. Currently held without bail in a U.S. correctional facility, Kwon has been in custody for 22 months after his detention in Montenegro. He has pleaded not guilty to the charges brought against him, which include securities fraud, wire fraud, and money laundering conspiracy, all linked to the catastrophic collapse of the Terra/LUNA ecosystem in 2022.
Beyond the criminal trial, Kwon and Terraform Labs have already faced civil fraud charges from the U.S. Securities and Exchange Commission (SEC), resulting in a guilty verdict and a staggering $4.5 billion penalty, with Kwon personally ordered to pay $200 million. Terraform Labs filed for bankruptcy shortly thereafter. The next update on the case is slated for a status conference on March 6 at 11 a.m. ET.
#DoKwonTrial #TerraformLabs #FraudTrial #CryptoRegulation
#JusticeInCrypto
šØ #terraform Labs Opens Claims Portal for Creditors šØ
#TerraformLabs is launching a claims portal on March 31, 2025, allowing creditors to seek compensation for losses from the Terra collapse. Deadline: April 30, 2025 ā late claims wonāt be accepted!
š¹ Key Details:
ā Submit claims at "claims.terra.money"
ā Proof of holdings required (wallet address, API key, or transaction history)
ā Not all assets qualify ā check eligibility on the portal
š° Payouts & Timeline:
šø Initial claim review within 90 days
šø First payouts expected after August 2025
šø Total payout pool: $185Mā$442M (pro-rata distribution)
If youāre affected, file your claim ASAP to increase approval chances! ā³šø #Write2Earn #LUNA #LUNC
$LUNC $LUNA
#TerraformLabs is launching a claims portal on March 31, 2025, allowing creditors to seek compensation for losses from the Terra collapse. Deadline: April 30, 2025 ā late claims wonāt be accepted!
š¹ Key Details:
ā Submit claims at "claims.terra.money"
ā Proof of holdings required (wallet address, API key, or transaction history)
ā Not all assets qualify ā check eligibility on the portal
š° Payouts & Timeline:
šø Initial claim review within 90 days
šø First payouts expected after August 2025
šø Total payout pool: $185Mā$442M (pro-rata distribution)
If youāre affected, file your claim ASAP to increase approval chances! ā³šø #Write2Earn #LUNA #LUNC
$LUNC $LUNA
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Terraform Labs opens compensation portal of 442 million USD: The last opportunity for LUNA creditors?
Nearly three years after the historic collapse of the Terra ecosystem (LUNA-UST), Terraform Labs has made a significant move by announcing the opening of the āCryptocurrency Loss Claim Portalā on March 31, 2025. This is part of the Chapter 11 bankruptcy process that the company filed for in January 2024.
The total disbursement value could reach 442 million USD, and creditors have until April 30, 2025, to submit compensation requests. However, for those who miss the deadline, the opportunity for compensation may be completely closed.
The total disbursement value could reach 442 million USD, and creditors have until April 30, 2025, to submit compensation requests. However, for those who miss the deadline, the opportunity for compensation may be completely closed.
#BinanceAlphaAlert šØ Do Kwon Pleads Not Guilty in Terra Fraud Case šØ
Do Kwon, co-founder of #TerraformLabs , has been extradited to the U.S. and is facing charges tied to the $40B Terra ecosystem collapse. Charges include securities fraud, wire fraud, money laundering, and commodities fraud.
š Next Step: A court conference is set for January 8, 2025, to address motions and evidence.
Do Kwon, co-founder of #TerraformLabs , has been extradited to the U.S. and is facing charges tied to the $40B Terra ecosystem collapse. Charges include securities fraud, wire fraud, money laundering, and commodities fraud.
š Next Step: A court conference is set for January 8, 2025, to address motions and evidence.
šØ Breaking News: Do Kwon Pleads Not Guilty in US Court to Fraud Charges šØ
In a dramatic turn of events, Do Kwon, the co-founder of Terraform Labs, has pleaded not guilty to fraud charges in a US court today. āļø
Kwon, who was once hailed as a visionary in the cryptocurrency world, now faces multiple serious allegations related to the collapse of TerraUSD and LUNA. These crypto tokens lost billions of dollars in value, devastating thousands of investors. ššø
The charges against him include wire fraud, conspiracy, and market manipulation, all tied to his role in Terraform Labs. The collapse sent shockwaves through the crypto community š, shaking investor trust and leaving many wondering: Could this be the end of an era for the unregulated world of crypto? š„š
Kwonās legal team argues that the charges are overblown and that his actions were not fraudulent. They assert that the fall of TerraUSD and LUNA was an unfortunate market event, not intentional wrongdoing. But prosecutors are pushing hard for justice, accusing him of misleading investors and inflating the value of his assets. āļøš©āāļø
With his trial now underway, eyes are on Kwon as he faces the battle of his lifeāhis freedom and reputation hanging in the balance. šš¼ Whatās next for the controversial crypto figure? Stay tuned.
#DoKwon #CryptoFraudAlert #TerraformLabs #BTCRebounds95K
In a dramatic turn of events, Do Kwon, the co-founder of Terraform Labs, has pleaded not guilty to fraud charges in a US court today. āļø
Kwon, who was once hailed as a visionary in the cryptocurrency world, now faces multiple serious allegations related to the collapse of TerraUSD and LUNA. These crypto tokens lost billions of dollars in value, devastating thousands of investors. ššø
The charges against him include wire fraud, conspiracy, and market manipulation, all tied to his role in Terraform Labs. The collapse sent shockwaves through the crypto community š, shaking investor trust and leaving many wondering: Could this be the end of an era for the unregulated world of crypto? š„š
Kwonās legal team argues that the charges are overblown and that his actions were not fraudulent. They assert that the fall of TerraUSD and LUNA was an unfortunate market event, not intentional wrongdoing. But prosecutors are pushing hard for justice, accusing him of misleading investors and inflating the value of his assets. āļøš©āāļø
With his trial now underway, eyes are on Kwon as he faces the battle of his lifeāhis freedom and reputation hanging in the balance. šš¼ Whatās next for the controversial crypto figure? Stay tuned.
#DoKwon #CryptoFraudAlert #TerraformLabs #BTCRebounds95K
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