Terraform Labs co-founder Do Kwon has faced a new legal setback after Montenegro’s Supreme Court once again approved the extradition. With this decision, the previous extradition ruling by the High Court has been reversed, thereby resetting the whole process. The final decision now rests in the hands of the Minister of Justice, Andrej Milovic, who...Read More
Although the US has yet to win the extradition victory against South Korea for Do Kwon, a New York court has already ruled against the fallen former crypto mogul in a legal case launched by the Securities and Exchange Commission. Do Kwon and his crypto brainchild – Terraform Labs – were found guilty of misleading...Read More
The National Police Agency of South Korea is calling for help with extraditing Do Kwon shortly after a Montenegro court refused to send him to the United States. Per a report from local outlet Newsis, the agency sent a telegram to the Secretariat of the International Criminal Police Organization (Interpol) on Thursday. “We hope for...Read More
In a recent filing, the U.S. Securities and Exchange Commission (SEC) has urged the Delaware bankruptcy court to reject Terraform Labs’ proposal to retain Dentons U.S. LLC as its special counsel. The SEC has raised concerns about the amount paid to Dentons, describing it as “suspicious.” SEC Raises Concerns Over TFL’s $166M Transfer The SEC...Read More
Terraform Labs co-founder Do Kwon has won a second appeal against the Montenegro High Court’s decision to uphold extradition requests from both the U.S. and South Korea. The case will now head to the first-instance court for reconsideration based on the new ruling. Court of Appeals Overturns Extradition Decision Initially, Kwon had won an appeal...Read More
A former developer at Terraform Labs, known only as “Lee,” reportedly took the stand on Monday at the 14th Criminal Division of the Seoul Southern District Court, testifying against the company’s co-founders, Kwon Do-hyeong and Shin Hyun-seung. The witness, formerly a leader within the Terra development team, provided crucial testimony against Terra founder Do Kwon...Read More
The Singapore-based firm, which was behind the collapse of the TerraUSD stablecoin ecosystem in 2022, listed assets and liabilities in the range of $100 million to $500 million, according to a Jan. 21 filing with a bankruptcy court in Delaware. Moreover, the number of creditors is between 100 and 199, according to the filing. The...Read More
The U.S. Securities and Exchange Commission (SEC) has expressed a lack of opposition to postponing the Terraform co-founder Do Kwon’s crypto fraud trial and, instead, is open to waiting until he is extradited. Two court filings were submitted by federal prosecutors, outlining the case against Kwon and Terraform Labs concerning the $40 billion collapse of...Read More
The legal counsel for Do Kwon, the former CEO of Terra, has requested a postponement of the Securities and Exchange (SEC) trial in the U.S. due to the uncertainty surrounding the timing of his extradition from Montenegro. At the beginning of the year, the SEC brought charges against Kwon, accusing him of leading a fraudulent...Read More
Earlier this year, the SEC’s crusade against cryptocurrencies seemed to be coming to a head after Judge Analisa Torres sided mostly in favor of Ripple, who ruled that XRP is, broadly speaking, not a security and that its purchase could only be considered an investment contract in certain circumstances. The two parties, however, are still...Read More
After being at the center of the debacle that sent Terra and Luna spiralling to near absolute zero, former Terraform Labs CEO Do Kwon fled his home country of South Korea and disappeared off the map for a good several months. He did not, however, disappear off of Twitter, where he continued posting diatribes blaming...Read More
Tether (USDT) – the largest stablecoin globally, has experienced continuous growth in its market capitalization, reaching an all-time high of $90 billion on December 6th before retreating слигхтлъ to $89.9 billion. This surge suggests a renewed trust in the crypto market despite facing regulatory hostilities. Over the last month, the market cap has increased by...Read More
The U.S. Securities and Exchange Commission (SEC) is calling for a conclusion to its legal battle with Terraform Labs and its co-founder Do Kwon, calling on a Manhattan judge to deliver summary judgment in the case. In the agency’s view, the evidence “is clear, undisputed and overwhelming,” that the crypto mogul violated securities laws in...Read More
Do Kwon, the co-founder of Terraform Labs, is at the center of a legal storm as new revelations regarding the terraUSD (UST) stablecoin collapse in 2022 come to light. Kwon is under investigation, with recent developments indicating that the involvement of market maker Jump Trading could be crucial in the legal proceedings. Jump Trading’s Profits...Read More
In the latest twist, Terraform Labs, a defunct crypto network, is accusing Citadel Securities of participating in intentional efforts to destabilize its stablecoin TerraUSD classic (USTC) in 2022, eventually leading to its demise. This comes as both Terraform Labs and its founder, Do Kwon, continue to face legal troubles. Terraform Labs Accusing Citadel In a...Read More
Terraform Labs founder Do Kwon has submitted a court filing urging a federal court to dismiss the U.S. Securities Exchange Commission’s (SEC) request to question him in the country regarding the severe crash of his company’s tokens Terra and Luna. According to the filing in the U.S. District Court for the Southern District of New...Read More
A United States judge has ruled that the Securities and Exchange Commission (SEC) can seek assistance from the South Korean government in interviewing Daniel Shin, co-founder of Terraform Labs, along with Do Kwon. US District Judge Jed Rakoff ruled on Thursday that the SEC is permitted to utilize a procedure outlined in a 1970 treaty...Read More
One of the most high-profile cases of total collapse in the crypto industry ever, Terraform Labs’ sudden implosion last year, left government regulators in both South Korea and the USA scrambling to sort out the mess. While Korean authorities continue to probe into the dealings of TFL’s former C-suite and those of the exchange they...Read More
According to local Korean media, the first trial in the court case brought by the authorities against Shin Hyun-Seong – known internationally as Daniel Shin – is now in full swing, with the first hearing due today – July 10. Several Accusations at Stake Following a discovery hearing held in March, Shin was accused of...Read More
Swiss prosecutors have reportedly frozen $26 million in cryptocurrencies and US dollars tied to Terraform Labs’ co-founder – Do Kwon, and some of his associates. The former crypto mogul purportedly stored those assets at Sygnum Bank. According to the US SEC, he used a Swiss banking institution to cash out 10,000 BTC after the LUNA/UST...Read More
Do Kwon, who was recently arrested in Montenegro after evading authorities for months, claimed that he had no idea the Costa Rican passport he was traveling with was fake. He admitted that he received the passport from an agency in Singapore. Ever since the catastrophic collapse of the Terra ecosystem a year ago, Do Kwon,...Read More
The authorities of Montenegro reportedly consider extending Do Kwon’s custody in the country for another six months before taking an official decision on his possible extradition. The homeland of Terraform Labs’ co-founder – South Korea – and the world’s biggest economy – the United States of America – have both requested his deportation. The Montenegrin...Read More
Dan Sunghan – Director of the Financial Crime Investigation Bureau at the Seoul Southern District Prosecution Service – claimed that the former crypto mogul Do Kwon had moved nearly $30 million in digital currencies to an unknown wallet shortly after his arrest in Montenegro. The 31-year-old South Korean has faced huge criticism and was blamed...Read More
A request by Do Kwon, the co-founder of Terraforms Labs and the collapsed Terra-Luna ecosystem, to be released on a bail of $430,000 has received reapproval from the Basic Court of Podgorica. The new development comes less than two weeks after a high court in Podgorica granted prosecutors’ appeal against the lower court’s decision to...Read More
Do Kwon – co-founder of the collapsed Terra (LUNA) blockchain – has been denied bail after receiving initial approval to be released for roughly $430,500. On Wednesday, a court spokesperson told Bloomberg that a high court in Monetegro’s capital overturned a lower court decision to release Kwon on €400,000. The founder remains in jail. Prosecutors...Read More
Do Kwon, founder of Terraform Labs, which operated Terra stablecoin and Luna cryptocurrency, has pleaded not guilty to traveling to Montenegro. In the Basic Court of Montenegro’s capital Podgorica, Kwon and Terraform’s chief financial officer Han Chang-Joon denied document forgery charges. Shortly after, another local report informed that the Court approved the bail worth €400,000...Read More
A South Korean District Court has declared that LUNA, the native token of the Terra ecosystem, is not a security. The court also dismissed prosecutors’ requests to confiscate properties belonging to Singapore-based Terraform Labs co-founder Shin Hyun-Seong, and also arrest him along with other executives of the Singapore-based project. LUNA Is Not a Security Token...Read More
The former crypto mogul – Do Kwon – reportedly sent 9 billion won (approximately $6.9 million) to law firm Kim & Chang before the Terra collapse last spring. The 31-year-old South Korean was detained last month in Montenegro after allegedly changing locations in the past several months. A trial against him will determine whether he...Read More
About two weeks ago, Terraform Labs’ CEO Do Kwon was arrested in Montenegro after trying to fly to another country using fake documents to mask his identity. Once his real identity was confirmed, both the U.S.A. and South Korea requested his extradition. Asset Seizure by Authorities For the moment, it’s unclear which request will be...Read More
One of Terraform Labs’ co-founders – Shin Hyun-seong (better known as Daniel Shin) – reportedly appeared in a South Korean court to be interrogated regarding his potential role in the collapse of the project’s native token – LUNA – and its algorithmic stablecoin – UST – last spring. The crash prompted investor losses worth approximately...Read More
