The U.S. Securities and Exchange Commission (SEC) has announced that it secured $8.2 billion in enforcement actions in 2024. This is the largest amount the commission has ever recovered, with significant contributions coming from the high-profile Terraform Labs case. Terraform Labs Leads SEC Recoveries According to a November 22 report, the SEC’s enforcement actions for...Read More
A lengthy court battle to extradite a disgraced crypto mogul, Do Kwon, has seemingly come to a close following a court ruling Thursday. The Appellate Court of Montenegro ruled that Kwon – founder of the defunct Terra blockchain – will be sent to South Korea for prosecution. Do Kwon Set For South Korea The latest...Read More
According to a recent report, Montenegrin Prime Minister Milojko Spajić has been identified as one of the early investors in Terraform Labs. Court documents released by the U.S. Securities and Exchange Commission (SEC) reveal that Spajić invested $75,000 in April 2018, acquiring 750,000 Luna tokens, which at their peak were valued at $90 million. Spajić...Read More
Terraform Labs has reached a settlement in its lawsuit with the Securities and Exchange Commission (SEC), with the defunct crypto firm agreeing to pay a $4.47 billion fine for its fraudulent activity related to the defunct Terra blockchain. In a Wednesday letter to US District Judge Jed Rakoff, the SEC asked for approval of its...Read More
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
After a series of back-and-forths regarding Do Kwon’s extradition, it appears that the Terraform Labs co-founder and former CEO may finally be handed over to South Korean authorities after the Appellate Court of Montenegro confirmed a previous decision to extradite him to his native country. Terraform Labs’ Chief Executive Officer, who was arrested in March...Read More
The United States government is set to continue its fight for the extradition of Terraform Labs co-founder Do Kwon to the country after a Montenegrin court ordered the deportation of the crypto mogul to his home nation, South Korea. According to a Bloomberg report, prosecutors in the U.S. are hellbent on making Kwon face charges...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
Terraform Labs co-founder Do Kwon may not be leaving for the United States any time soon after the Appellate Court of Montenegro overturned a previous decision by a lower court to extradite the former crypto exec to the US. Do Kwon is facing fraud and other criminal charges in the United States following Terra’s collapse...Read More
Nearly a year after his arrest in Montenegro, Terraform Labs co-founder and former CEO Do Kwon is reportedly set to be extradited to the United States to face criminal charges. Both the United States and South Korea previously submitted extradition requests to Montenegro officials. According to local news outlet Pobjeda, on Feb. 21, the Podgorica...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
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
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
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
The Seoul Southern District Court reportedly honored the prosecutors’ request to freeze 233.3 billion won in assets (approximately $176 million) personally owned by the notorious co-founder of Terraform Labs – Do Kwon. Besides cryptocurrencies, the authorities have blocked his access to his house in Southern Seoul, studio flat in Nonhyun-don, expensive cars, and certain money...Read More
