Dr_bycupido
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Bearish
TERRA-LUNA CRISIS: FINAL STAGE OF LEGAL PROCEEDINGS
#BTC #elg
Terraform Labs (TFL) and its CEO Do Kwon are accused of fraud by the U.S. Securities and Exchange Commission (SEC) due to events resulting in the collapse of TerraUSD (UST) and Luna tokens in May 2022. According to the SEC's claim, from April 2018 to May 2022, TFL and Kwon conducted numerous unregistered transactions while raising billions of dollars from investors.
TFL has reached a settlement of $4.4 billion with the SEC, and as part of this settlement, the company’s operations have been approved to be terminated. This agreement aims to resolve claims related to approximately $40 billion in losses experienced by investors as a result of the collapse of TerraUSD and Luna tokens.
Do Kwon faces nine charges in the U.S., including fraud and money laundering, and he has declared his innocence in January 2025 at a federal court in Manhattan. The legal proceedings are ongoing, and in April 2024, a New York jury found Kwon and TFL responsible for defrauding crypto investors.
Following requests for Kwon’s extradition from the U.S. and South Korea, the Montenegrin Ministry of Justice approved his extradition to the U.S. in December 2024. This decision came after Kwon was captured with false travel documents.
Investors associate the pressure on the prices of LUNC and USTC with these legal proceedings. Current prices:
• Terra Luna Classic (LUNC): 0.00005943 USD
• TerraClassicUSD (USTC): 0.01162096 USD
As a result, legal proceedings against TFL and Do Kwon are ongoing, and the impact of these proceedings on cryptocurrency markets and investors is being closely monitored.
#escoin $BNB $LUNC $USTC
#BTC #elg
Terraform Labs (TFL) and its CEO Do Kwon are accused of fraud by the U.S. Securities and Exchange Commission (SEC) due to events resulting in the collapse of TerraUSD (UST) and Luna tokens in May 2022. According to the SEC's claim, from April 2018 to May 2022, TFL and Kwon conducted numerous unregistered transactions while raising billions of dollars from investors.
TFL has reached a settlement of $4.4 billion with the SEC, and as part of this settlement, the company’s operations have been approved to be terminated. This agreement aims to resolve claims related to approximately $40 billion in losses experienced by investors as a result of the collapse of TerraUSD and Luna tokens.
Do Kwon faces nine charges in the U.S., including fraud and money laundering, and he has declared his innocence in January 2025 at a federal court in Manhattan. The legal proceedings are ongoing, and in April 2024, a New York jury found Kwon and TFL responsible for defrauding crypto investors.
Following requests for Kwon’s extradition from the U.S. and South Korea, the Montenegrin Ministry of Justice approved his extradition to the U.S. in December 2024. This decision came after Kwon was captured with false travel documents.
Investors associate the pressure on the prices of LUNC and USTC with these legal proceedings. Current prices:
• Terra Luna Classic (LUNC): 0.00005943 USD
• TerraClassicUSD (USTC): 0.01162096 USD
As a result, legal proceedings against TFL and Do Kwon are ongoing, and the impact of these proceedings on cryptocurrency markets and investors is being closely monitored.
#escoin $BNB $LUNC $USTC
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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