Tag: Terra

In an important ruling that reverberates through the corridors of the crypto world, a New York court has decisively sided with the U.S. Securities and Exchange Commission (SEC) in its case against Terraform Labs and its embattled founder, Do Kwon. This legal skirmish forms part of a broader narrative that includes a still-unresolved extradition tiff between the United States and South Korea over Kwon's fate.

The Montenegro Court of Appeals has halted the extradition of Terra's co-founder, Do Kwon, to South Korea and the U.S., marking a pivotal moment in the ongoing legal saga surrounding the crypto entrepreneur. Kwon recently requested a delay of the trial in the fraud lawsuit of the U.S. SEC. While FTX founder Sam Bankman-Fried and Binance founder Changpeng Zhao wait for their sentencing, Kwon's court procedures in the U.S. have not yet started.

Do Kwon, the former CEO of Terraform Labs, is facing a prolonged legal battle, with his legal team now expecting delays in his extradition proceedings from Montenegro. These delays could postpone Kwon's arrival in the U.S. for his trial with the U.S. Securities and Exchange Commission (SEC) until February or March 2024. Terra's collapse in May 2022 led to a severe bear market and the bankruptcy of several large crypto schemes.

A court in South Korea issued an arrest warrant for the Terraform Labs founder Do Kwon. The warrant follows the collapse of the $40 billion Terra ecosystem and its algorithmic stablecoin (UST), which was the first domino to fall in this year's crypto winter. The warrant included five additional individuals, Bloomberg News reported. They are charged with violating the Capital Markets Act, the report said.

On July 6, 2022, crypto broker Voyager Digital filed for Chapter 11 Bankruptcy. With more than 3.5 million app...