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A complaint filed by the United States Securities and Exchange Commission said Terra co-founder Do Kwon and Terraform Labs laundered more than $100 million worth of Bitcoin from the platform following its collapse in May 2022.According to the SEC complaint filed in the U.S. District Court for the Southern District
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Timothy Massad, now a research fellow at Harvard’s Kennedy School of Government, says the government was right in issuing the complaint, adding that while stablecoins present risks, they also open the door to opportunities. Source
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But the SEC details far more proactive, in some cases incredibly elaborate, efforts to misrepresent the Chai-Terra relationship. Above all, it describes the use of a server, known internally at Terraform as the “LP Server,” which “replicated the real transactions that Chai was processing in Korean won.” In reality, according
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"On a periodic basis since May 2022, Terraform and Kwon have transferred – and continue to transfer – Bitcoin from this wallet to a financial institution based in Switzerland and have converted the Bitcoin to cash," the filing said, adding that since June 2022, more than $100 million was withdrawn
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The latest price moves in bitcoin (BTC) and crypto markets in context for Feb. 17, 2023. First Mover is CryptoX’s daily newsletter that contextualizes the latest actions in the crypto markets. Source
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The U.S. Securities and Exchange Commission (SEC) has charged Terraform Labs and its CEO, Do Hyeong Kwon, with fraud, alleging that Kwon and his company orchestrated “a multibillion-dollar crypto-asset securities fraud.” The securities watchdog insists that Kwon raised billions from investors by creating an “interconnected suite of crypto-asset securities,” many
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"Terraform and Kwon also misled investors about one of the most important aspects of Terraform's offering – the stability of UST, the algorithmic 'stablecoin' purportedly pegged to the U.S. dollar," the suit said. "UST's price falling below its $1.00 'peg' and not quickly being restored by the algorithm would spell
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The United States Securities and Exchange Commission (SEC) has filed a lawsuit against Terraform Labs and its founder Do Kwon for "orchestrating a multi-billion dollar crypto asset securities fraud."In a Feb. 16 statement, the SEC said Kwon and Terraform offered and sold an "inter-connected suite of crypto asset securities, many
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The hunt for the controversial founder of the now-collapsed Terra ecosystem, Do Kwon, has intensified with South Korean officials reportedly confirming they sent at least two people to Serbia to track him down.According to a Feb. 7 Bloomberg report, the prosecutor’s office in Seoul said the reports “aren’t false” regarding
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Albright Capital has dropped its lawsuit against Terraform Labs and its founder Do Kwon, according to a Notice of Voluntary Dismissal filed in U.S. District Court on January 9. Before its dismissal, the lawsuit had alleged that the company had violated the Racketeer Influenced and Corrupt Organizations Act (“RICO”) by
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