Cointime

Download App
iOS & Android

Cryptocurrency firm Terraform Labs and its founder Do Kwon committed fraud

  • Wechat scan to share

The US Securities and Exchange Commission (SEC) ruled that the actions of cryptocurrency company Terraform Labs and its founder Do Kwon constitute fraud. The company's bankruptcy in 2022 resulted in a loss of $40 billion in investor funds.

Comments

All Comments

There are no comments yet, why not be the first?

Recommended for you

  • USD/CNH breaks through 7.3000 yuan mark

    US dollar against the offshore RMB just broke through the 7.3000 yuan mark, with the latest report of 7.2999 yuan, up 0.03% on the day; the US dollar against the onshore RMB is now reported at 7.2990 yuan, up 0.01% on the day.
  • Spot gold breaks through $3,330/ounce, setting a new record high

    spot gold continued to rise, breaking through $3330 per ounce, hitting a new historical high, rebounding about $100 from the daily low, and rising more than 3% within the day.
  • Spot gold breaks through $3,320/ounce, setting a new record high

    spot gold broke through $3320 per ounce, hitting a new all-time high and rising 2.9% intraday.
  • BTC breaks through $85,000

    the market shows BTC breaking through $85,000, now trading at $85,022, with a 24-hour decrease narrowed to 0.41%. The market fluctuates greatly, so please be prepared for risk control.
  • Grayscale transfers 6,576 ETH to Coinbase Prime hot wallet address

    according to Arkham monitoring data, Grayscale transferred a total of 6576 ETH worth $10.38 million to Coinbase Prime's hot wallet address seven minutes ago.
  • DWF Labs spends $25 million to buy WLFI tokens

    DWF Labs posted on social media platform that they have established a new office in New York and strategically purchased 25 million US dollars worth of WLFI tokens.
  • Italian Finance Minister Warns US Stablecoin Policy Threat Exceeds Tariffs

    according to Cointelegraph, Italian Finance Minister Giancarlo Giorgetti warned that US stablecoin policy poses a greater threat to European financial stability than Trump's tariffs, potentially weakening the euro's dominant position in cross-border payments. He urged the EU to strengthen the international status of the euro, emphasizing the importance of a digital euro.
  • Do Kwon will go on trial in Manhattan on Monday

    Terraform Labs and its founder Do Kwon will face trial in Manhattan on Monday, accused by regulators of lying to investors about the collapse of the company's two cryptocurrencies, LUNA and UST, which disrupted the market in 2022. Regulators also accuse them of falsely claiming that Terraform's blockchain was used for a popular mobile payment app in Korea. Do Kwon will not attend the trial. He was arrested in Montenegro last March and is awaiting extradition back to his home country of South Korea, where he faces criminal charges. A court in Montenegro postponed his extradition on Friday, citing concerns from the country's prosecutor's office about the extradition process.
  • Do Kwon will be released from Montenegro prison but will not be allowed to leave the country

    Do Kwon, co-founder of Terraform, will be released from prison in Montenegro, but due to several criminal charges brought by national authorities, he will remain in the Balkans. The High Court of Montenegro ordered the confiscation of Kwon's passport on Friday to prevent him from leaving the country. According to the court's order, Kwon will leave Spuž prison on Saturday. The prosecutor opposes extraditing Kwon to South Korea and would prefer him to be sent to the United States, where he could face a longer sentence if convicted.
  • Terra co-founder Do Kwon released, awaiting Supreme Court extradition decision

    Market news: Terra co-founder Do Kwon has been released and is awaiting the extradition decision of the Supreme Court.