The SEC proposed that Do Kwon and Terraform pay roughly $5.3 billion in disgorgement, prejudgment interest and civil penalties, while the firm’s team suggested only $1 million.
Do Kwon’s Huge Fine Shows the SEC Is Ratcheting Up Penalties Against Crypto Firms
Suggested fines the securities watchdog suggested for Terraform Labs and Ripple are out-of-line with what it has collected from crypto firms in the past.
Do Kwon appeals Montenegrin court decision, claiming ‘unfounded and illegal’ interpretation
The question of the Terraform co-founder’s extradition to either the U.S. or South Korea has been bouncing between lower and higher courts in Montenegro for months.
Do Kwon, Terraform Labs Should Get $5.3B Fine, SEC Tells Court
The U.S. Securities and Exchange Commission (SEC) has asked a New York court to impose $5.3 billion in fines on Terraform Labs and co-founder Do Kwon for their role in the $40 billion implosion of the Terra ecosystem in 2022.
South Korea’s April 10 Election: What’s at Stake for the Crypto Universe
On April 10, 2024, South Korea is heading into its legislative polls which will see multiple parties and coalitions battle it out for 300 seats in the national assembly and political analysts say it will be difficult for either party to get a majority, making any group of voters, including crypto enthusiasts, significant.
New York Jury Finds Do Kwon, Terraform Labs Liable for Fraud in SEC Case
The SEC accused Kwon and his company of misleading investors about the stability of their so-called “algorithmic stablecoin” Terra USD.
Jury Begins Deliberations in Civil Fraud Case Against Do Kwon, Terraform Labs
NEW YORK – Lawyers for the U.S. Securities and Exchange Commission (SEC) rested their case against Terraform Labs and its co-founder, Do Kwon, on Friday, releasing a New York jury to decide whether Kwon and his company are liable for allegedly misleading investors about the stability of Terra USD (UST) and its integration with a Korean mobile payments app.
Why Is The Price Of LUNC And USTC Up Today?
The prices of LUNC and USTC have both seen a considerable boost in the past day. But although there has been a bit of a recovery in the crypto market, another reason entirely is behind this surge in price and it has everything to do with the currently incarcerated founder of the Terra blockchain, Do Kwon.
Terra Founder Gets Released
Do Kwon, the founder of the billion-dollar Terra blockchain, which collapsed in 2022, has been in prison in Montenegro for months now after being apprehended with fake travel documents. Since then, there have been numerous efforts by both the United States and South Korean governments to get the founder extradited for prosecution in their respective countries to no avail.
Between the two countries vying for extradition, there have been reports that the Montenegrin court is leaning toward extraditing him to South Korea to face charges for the collapse of the blockchain. Despite this, the founder remains in Montenegro as a final decision on his extradition has yet to be made.
While the courts deliberate on where to send the founder, Do Kwon has finally secured a release from prison in Montenegro. According to the release reports, Do Kwon is expected to remain in the country until the courts decide his fate.
Prison Chief Darko Vukcevic confirmed Do Kwon’s release from prison as he says that the disgraced founder has served the entirety of his sentence for the fake travel documents. He was reportedly released on Saturday, March 23, and is currently under house arrest.
LUNC And USTC React To Do Kwon’s Release
The prices of USTC and LUNC have reacted positively to the news of Do Kwon getting released on Saturday. After the news made the round, the prices of both altcoins saw a significant uptick, turning green despite the crypto market continuing to struggle.
The LUNC price saw an over 10% jump from its Sunday lows of $0.00015, reaching as high as $0.000172 before correcting back downward. In the same vein, the USTC price also recorded a 10% increase during this time, going from $0.028 to peak at $0.031.
So far, both altcoins have been able to maintain their gains in the last day, which could signal a continuation in the uptrend. Right now, there is not much resistance for both assets and if Bitcoin continues to rise, then both USTC and LUNC are expected to follow.
At the time of writing, LUNC is trading at $0.0001672 with a 24-hour gain of 9.4%, and USTC is trading at $0.0303 with a 24-hour gain of 5.39%, according to data from Coinmarketcap.
Do Kwon’s Extradition to South Korea Postponed by Montenegrin Supreme Court
Montenegro’s Supreme Court placed a pause on Terra founder Do Kwon’s pending extradition from the Balkan country, issuing an order on Friday that overturns earlier decisions from two lower courts to extradite Kwon to his native South Korea.
Do Kwon’s South Korea Extradition Uncertain After Challenge from Top Prosecutor
Terraform Labs co-founder Do Kwon’s pending extradition to South Korea has apparently been put on ice following a legal challenge issued Thursday by Montenegro’s top prosecutor.
Do Kwon Appeal of South Korea Extradition Rejected by Montenegro Court
The U.S. is also seeking Kwon’s extradition despite the Montenegrin court’s decision to send him to South Korea.
Terraform Labs Allowed to Hire Law Firm Dentons in Bankruptcy Case by U.S. Court: Reuters
A U.S. court has allowed Terraform Labs to hire law firm Dentons to defend the company in a lawsuit brought against it by the U.S. Securities & Exchange Commission (SEC) in Jan. 2024.
U.S. Will Appeal Do Kwon’s Extradition to South Korea: Report
The U.S. will appeal the ruling of a Montenegro Court to hand Terraform Labs co-founder Do Kwon to South Korea, according to Bloomberg.
Do Kwon Can Be Extradited to South Korea, Montenegrin Court Rules: Reports
Kwon successfully appealed a previous decision by the same court to send him to the U.S. instead.
Terra’s Do Kwon Wins Extradition Appeal in Montenegro
Kwon is facing fraud charges in the U.S. around his role in Terra’s collapse.
SEC Objects to Terraform’s $166M Retainer of Law Firm Dentons: Reuters
The U.S. Securities and Exchange Commission (SEC) has raised objections to a $166 million retainer payment to lawyers of Terraform, according to Reuters.
Do Kwon Wins Second Chance to Appeal Extradition From Montenegro
The appeal is a minor victory for Kwon, who initially won an appeal in November only for it to be subsequently overturned.
Former Terraform Labs CFO Han Chang-joon Extradited to South Korea by Montenegro
Han Chang-joon was charged with carrying falsified travel documents alongside Terra co-founder Do Kwon last year.
Terraform Labs Declares Bankruptcy in Delaware
Terraform Labs recently lost a case when a U.S. judge ruled that LUNA and MIR are securities, and is currently facing a class action lawsuit in Singapore.
Do Kwon Appeals New Montenegro High Court Decision Upholding Extradition Requests, Lawyer Says
Local courts may be facing political pressure regarding Kwon’s extradition to the U.S. or South Korea, his lawyer Goran Rodic told CoinDesk.