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According to the Montenegro-based newspaper Vijesti, Do Kwon, the co-founder of Terraform Labs, also known as Kwon Do-hyung, is appealing the detention extension ordered by a Montenegrin court. Kwon was arrested on March 23, 2023, after being caught at Podgorica Airport in Montenegro while traveling with fraudulent identification documents. Report Says
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The news has already stirred the crypto ecosystem with many of the affected holders of LUNA yet to recover their losses. Do Kwon, the co-founder of Terraform Labs has been reportedly arrested in Montenegro, months after he vanished after the implosion of Terra (LUNA) and its algorithmic stablecoin UST. The arrest
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A report from the Bank for International Settlements (BIS) suggests that trading activity on major exchanges increased in the days following the collapse of crypto firms FTX and Terraform Labs.In a Feb. 20 bulletin on “crypto shocks and retail losses,” the BIS reports that while the price of Bitcoin (BTC), Ether
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Over $450 billion vanished from the crypto market following the collapse of Terra's coins in May 2022 and another $200 billion was lost following FTX's bankruptcy in November 2022, the report said. Source
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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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Terraform Labs said that UST, Terra’s ill-fated “decentralized” stablecoin, would stay pegged to the price of $1 solely as a result of a state-of-the-art “algorithm.” That algorithm – which was codified in blockchain-based computer code called smart contracts – was supposed to print and burn Luna, UST’s speculative sister token,
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Terraform Labs and its founder Do Kwon being in the sights of the United States Securities and Exchange Commission (SEC) have sparked various reactions from lawyers within the crypto community. On Feb. 16, the SEC accused and charged Kwon and Terraform Labs for allegedly selling a “suite of crypto asset securities.”
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The United States Securities and Exchange Commission’s (SEC's) lawsuit against Terraform Labs and its co-founder Do Kwon could be seen as an SEC “roadmap” to taking down other stablecoins, according to a lawyer.Gabriel Shapiro, general counsel at investment firm Delphi Labs, explained to his 33,800 Twitter followers on Feb. 16
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South Korean prosecutors have requested an arrest warrant for the former CEO of Tmon, a Korean e-commerce platform, after taking billions of won in LUNA (LUNA), now known as LUNA Classic (LUNC), for promoting Terra as a simple payment gateway. Seoul prosecutors requested an arrest warrant on the former CEO of
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The protocol will be available on Osmosis, Cosmos' largest decentralized exchange (DEX) with total value locked (TVL) of $180 million. Users will borrow and lend Cosmos-based tokens, while those that stake the MARS token will receive a portion of fees as a reward. Source
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