Do Kwon – the co-founder of Terraform Labs – will reportedly appeal against the Montenegrin court’s decision to extend his detention for up to one month. The 31-year-old developer has supposedly been on the run for several months after the native token of the project – LUNA – and its algorithmic stablecoin – UST –...Read More
US prosecutors have reportedly accused the notorious Co-Founder of Terraform Labs – Do Kwon – of orchestrating a cryptocurrency scam that drained at least $40 billion from investors. The authorities of Montenegro arrested the 31-year-old developer earlier this week after he was on the run for several months, hiding in numerous countries and falsifying his...Read More
The United States Department of Justice (DOJ) reportedly launched an investigation against Terraform Labs and its former employees to explore what led to the collapse of the project’s native token – LUNA – and its algorithmic stablecoin – UST. The US SEC recently accused the entity and its co-founder – Do Kwon – of orchestrating...Read More
Singapore’s law enforcement agencies have reportedly begun a probe against Terraform Labs – the infamous blockchain project co-founded by crypto fugitive Do Kwon. The authorities also estimated that the 31-year-old developer is not hiding in the city-state. The Latest to Point the Finger at Terraform Labs In an emailed announcement seen by Bloomberg, Singapore’s police stated,...Read More
Hodlnaut was one of many firms severely impacted by the collapse of FTX last November, even as the first signs of crack date back to at least as early as May when it lost nearly $190 million in the crash of the Terra ecosystem. Despite previously downplaying its exposure, Hodlnaut was forced to halt withdrawals...Read More
The implosion of Terra last summer still haunts the crypto industry. Numerous post-mortem reports have gone into detail about the wallets that contributed to the collapse while simultaneously adding curiosity to a certain “Wallet A.” Wintermute’s researcher, Igor Igamberdiev, believes that “there is a good chance” one of the wallets linked to the UST depeg...Read More
A recent report by the Bank of International Settlements (BIS) revealed that the crypto industry lost over $650 billion after two major scandals that rocked the market last year. The report titled “Crypto Shocks and Retail Losses” explained investors’ trading behavior during and after the scandals, their profits and losses, and the effects of the...Read More
Despite the market turbulence brought about by collapses and scams, Coinshares’ Chief Executive Officer Jean-Marie Mognetti asserted that the group’s “financial health remained solid.” Its earnings did take a severe beating, though. CoinShares released the fourth-quarter report for 2022 in which it recorded £14.5 million in combined revenue, gains, and other income. This was a...Read More
Shortly after legally going after Do Kwon and Terraform Labs, the US Securities and Exchange Commission asserted that the former cashed out 10,000 bitcoin after his brainchild collapsed. Kwon has been on the run ever since the crash last year, reportedly currently hiding in Serbia. As reported by Bloomberg, the latest allegations from the US...Read More
On February 16th, the US Securities and Exchange Commission (SEC) accused Terraform Labs, the Singapore-based company behind the creation of LUNA and UST – native tokens of the Terra ecosystem – and its co-founder Do Kwon of promoting a multi-billion dollar fraud by offering and selling unregistered securities through the use of crypto assets. The...Read More
The South Korean authorities reportedly issued an arrest warrant to a former Chief Executive Officer of the e-commerce giant TMON. He supposedly accepted bribes in Terra (LUNA) worth billions of won to promote the infamous blockchain project. Terra Keeps Splashing the Water As reported by a local media outlet, an ex-boss of the Korean e-commerce company...Read More
A group of South Korean officials reportedly arrived in Serbia last week to look for the infamous Do Kwon. The 31-year-old has been on the run since the collapse of his blockchain protocol Terra. The latter’s native token – LUNA – and algorithmic stablecoin – UST – plunged to essentially zero last year, affecting numerous...Read More
Stablecoins have been one of the most controversial areas of the cryptocurrency industry. But this has not deterred industry leaders to bring about new pegged tokens built on a secure foundation. The much-awaited Djed – which happens to be Cardano’s native overcollateralized stablecoin – is set to launch this week. Developed jointly by the layer...Read More
It’s been more than half a year since the first major player in the crypto space went under, with the decidedly unstable “stablecoin” UST losing its peg and taking its creator, Terraform Labs, down with it. The founder of TFL, Do Kwon, has been on the run ever since and is reportedly in hiding in...Read More
Three Arrows Capital (3AC), a Singapore-based crypto hedge fund, became one of the many industry participants that went bankrupt in the bear market. At its peak, 3AC managed more than $10 billion worth of assets. Its undoing was disastrous but wasn’t purely a market-driven phenomenon. In the latest Twitter thread, Zhu Su said the parent...Read More
Leading cryptocurrency exchange Binance has announced that it is changing the burning mechanism for Terra Classic (LUNC) trading fees. According to the exchange, the changes are in response to two controversial proposals – Proposal 10983 and 11111 – where LUNC burn is being re-minted as a development fund. Binance Makes Changes to LUNC Burn Mechanism...Read More
The South Korean court has reportedly frozen 120 billion won (over $93 million) in assets belonging to executives of blockchain consultancy firm Kernel Labs. The entity is speculated to have had a hand in Terra’s collapse earlier this year while its CEO – Kim Hyun-Joong – served as Vice President of Engineering at Terraform Labs. ...Read More
Do Kwon – CEO and Co-Founder of Terraform Labs – has reportedly moved to Serbia. The 31-year-old crypto developer fled South Korea shortly after his project’s native token – LUNA – and algorithmic stablecoin – UST – plunged to virtually zero, causing colossal investor losses and turmoil in the entire market. According to a South...Read More
It has been a tough year for algorithmic stablecoins. Historically, these pegged tokens have failed to maintain a grip on $1, especially under extreme selling pressure. But the Terra collapse has been disastrous, and the ripple effects have had a decisive impact on the rest of the market. Seven months later, another algorithmic stablecoin is...Read More
The former CEO of the bankrupt crypto exchange FTX – Sam Bankman-Fried (SBF) – might also be involved in Terra’s crash. Federal prosecutors have launched an investigation to determine whether he manipulated trades that led to the collapse of UST and LUNA earlier this year. Orchestrating Terra’s Catastrophe, too? According to a recent New York...Read More
The Seoul Southern District Prosecutors Office reportedly sought arrest warrants for one of Terraform Labs’ Co-Founders – Shin Hyun-seung (Daniel Shin), claiming he gained illegal profits before the colossal crash of LUNA/UST. The Korean authorities previously issued an arrest warrant against Terraform’s CEO – Do Kwon. His whereabouts remain unknown, while recent sources hinted he...Read More
Law enforcement agents in Singapore have reportedly opened an investigation against the troubled crypto lender Hodlnaut. The police suspect the company’s executives might have cheated users over the years and committed other crimes. Hodlnaut Takes Another Punch According to a Bloomberg coverage, Singapore’s police force started probing Hodlnaut for its alleged involvement in cheating and fraud...Read More
On the heels of the Terra LUNA meltdown and the bankruptcy of FTX, authorities from South Korea are proposing new amendments to the Digital Assets Bill seeking greater control over cryptocurrency exchanges. Congressman Yoon Chang-Hyun is preparing an amendment to expand financial authorities’ control capabilities to prevent the repetition of events such as the FTX...Read More
South Korean prosecutors have seized more than $100 million worth of assets belonging to Shin Hyun-Seong (Daniel Shin), the co-founder of Terraform Labs, for his role in the collapse of the Terra ecosystem in May. According to reports from local publication YTN, the court approved the prosecutor’s request to freeze 140 billion won ($104 million)...Read More
A new audit report revealed that the two entities behind the Terra ecosystem, LFG and TFL – collectively spent more than $3.4 billion between May 8th-12th, 2022, to defend the peg of the fallen stablecoin. The main objective of the audit was to bring “transparency” into the peg defense activity and dispel reports of fund...Read More
The notorious Co-Founder of Terraform Labs – Do Kwon – is said to be in Europe. He vowed to organize a conference soon and lift the curtain on his mysterious location. The South Korean, who is a primary target for Interpool, even invited law enforcement agents to participate in the event. Terra’s colossal crash in...Read More
Huobi’s native stablecoin – HUSD – lost its parity with the American dollar and tumbled by nearly 70% after the exchange delisted the asset last week. At one point, its valuation dropped to $0.28, the lowest level in its three-year existence. The leading cryptocurrency platform Huobi announced last week it will no longer support trades...Read More
Hashed CEO and an early backer of the ill-fated LUNC token, Kim Seo-joon, failed to appear before a South Korean congressional inquiry into the crash. He cited “mental conditions” as the reason for his absence from South Korea’s National Assembly’s Political Affairs Committee, which he supposedly developed since the spectacular $40 billion wipeout in May...Read More
Terra creator Do Kwon, who is facing severe scrutiny, recently slammed “misinformation” floating in the media and downplayed serious charges by South Korean authorities as well as Interpol. The famed Terra whistleblower, FatMan, has now weighed in on the controversial figure’s statements made a few days prior on Laura Shin’s Unchained podcast. Kwon said he...Read More
South Korean Prosecutors have confirmed that Do Kwon might have fled Singapore as he was believed to be in hiding there. In a text message on Thursday, reported by Bloomberg, they said reports suggesting that Kown flew to Dubai for a possible stopover before escaping to an unknown destination are “not false.” Hunt for Do...Read More
