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Jurors agreed with the SEC that Kwon and, under his direction, Terraform Labs deceived everyday investors about the nature of the supposed algorithm that kept UST pegged to the U.S. dollar. Though Kwon insinuated that it could “automatically self-heal” in the event of a de-peg, it actually relied on continuous trading activity, including large-scale trading […]
During her closing arguments on Friday, SEC attorney Laura Meehan told the jury that during a prior de-peg in May 2021, Kwon and Terraform Labs made a “secret agreement” with Jump, a trading shop that acted as a market maker for Terraform Labs, to step in and buy millions of dollars of UST off-chain to […]
The decision effectively puts a time-out on the ongoing tug-of-war over Kwon between South Korea and the United States. Both countries want to try Kwon for criminal charges, including fraud, relating to the $40 billion collapse of the Terra ecosystem in May 2022. Source link
Han was extradited to South Korea in February, and Kwon looked poised to follow. His Montenegrin lawyer, Goran Rodic, told CoinDesk Kwon was likely to be extradited to South Korea after March 23, but that timeline – as well as Kwon’s ultimate destination – is once again hazy. Source link
The eyes of global authorities, including Interpol, have been on Kwon ever since Terra collapsed in mid-2022. Terra’s collapse wiped out billions of dollars of investor funds, and Kwon fled to Montenegro, where he was arrested for possession of falsified official documents. The courts in Montenegro are deciding the destination of his extradition. Source link
Kwon successfully appealed a previous decision by the same court to send him to the U.S. instead. Source link
The U.S. Securities and Exchange Commission (SEC) has raised objections to a $166 million retainer payment to lawyers of Terraform, according to Reuters. Source link
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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. Source link