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A federal judge heard statements from some of Terraform Labs’ and Do Kwon’s victims for hours before deciding on the co-founder’s sentence. Do Kwon, the co-founder of Terraform Labs, has been sentenced to 15 years in prison after pleading guilty to wire fraud and conspiracy to defraud. In a Thursday hearing in the US District…
In January, the Terraform Labs co-founder pleaded not guilty to several charges, including securities fraud, market manipulation, money laundering and wire fraud. A federal judge overseeing the case against Do Kwon has scheduled a Tuesday conference at which the Terraform Labs co-founder “may enter a change of plea.” In a Monday filing in the US…
In a Wednesday status conference, the judge overseeing the Terraform Labs co-founder’s case reportedly said he was “mindful of the GENIUS Act.” Terraform Labs co-founder Do Kwon, facing criminal charges in US federal court, could see a change in his indictment based on bills currently moving through the US Congress. According to reporting from Inner…
After earning $3 million from NFT sales, Jonathan Mann watched it vanish in a crash, and now he’s turned the ordeal into a painfully honest crypto tax tune. Non-fungible token (NFT) artist Jonathan Mann, the musician behind the “Song A Day” project, has turned his crypto tax ordeal into a cautionary musical tale. In a…
Mantra’s comparison to the Terra Luna collapse is inaccurate despite price chart similarities because the token crashes are fundamentally different, crypto community members said. The recent collapse of the Mantra (OM) token triggered comparisons to the infamous Terra ecosystem crash in May 2022, with some commentators referring to Mantra as the “next Terra.” Still, many…
Anthony Scaramucci called NAYG’s lawsuit against Galaxy Digital “lawfare,” while another crypto executive said the particular law was so unusual he had to look it up on ChatGPT. The New York State Attorney General’s (NAYG) recent legal action against Galaxy Digital over its promotional ties to the now-collapsed cryptocurrency Terra (LUNA) was unfair and an…
The launch of the crypto claims portal comes nearly three years after the Terra ecosystem’s $45 billion collapse in May 2022. Terraform Labs — the company behind LUNA (LUNA) and algorithmic stablecoin TerraUSD (UST) — will launch its crypto loss claims portal on March 31. The portal is aimed at reimbursing individuals who lost at…
Galaxy Digital will pay $200 million to settle allegations of promoting collapsed crypto Terra without disclosure, as the NY AG claimed it spread false information. Michael Novogratz’s crypto investment firm Galaxy Digital agreed to pay $200 million in a settlement related to its alleged promotion of the now-collapsed cryptocurrency Terra (LUNA) According to New York…
Though many filings in the SEC case were made under seal, Judge Jed Rakoff reportedly suggested that nothing would remain confidential should the matter go to trial. <p>Lawyers representing the United States Securities and Exchange Commission and Terraform Labs and co-founder Do Kwon sparred in court over information provided by a whistleblower in the securities…
The stablecoin ecosystem has evolved significantly over the years, with new regulations and models shaping the landscape. The rise of digital currencies, exemplified by Bitcoin (BTC), brought a groundbreaking shift in the financial landscape. However, it also brought to light a critical challenge: price volatility. Bitcoin and many other early cryptocurrencies exhibited extreme price fluctuations,…