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Tag: Terraform Labs

January 19, 2024

SEC vs. Coinbase: The Ongoing Legal Battle Over Security Tokens and Crypto Staking

The ongoing lawsuit between the SEC and Coinbase has garnered significant attention due to its implications for defining security tokens and regulating crypto staking. The SEC alleges that Coinbase, by offering certain tokens and a staking-as-a-service program, has been operating as an unregistered national securities exchange, broker, and clearing agency. The Judge has been closely scrutinizing the SEC's definitions and claims, indicating the complexity and potential broad impact of the case.

January 14, 2024

Terraform Labs Founder Do Kwon Requests Trial Delay Amid Extradition Procedures!

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.

December 29, 2023

SEC Scores Major Victory: Court Brands Terraform’s Crypto Assets as Securities, Sparking Industry-Wide Regulatory Shockwave!

A recent court decision has once again brought to the forefront the regulatory challenges surrounding Security Tokens in the crypto industry. On Thursday, a U.S. District Judge in Manhattan ruled against crypto entrepreneur Do Kwon and his company, Terraform Labs, for failing to comply with U.S. securities laws. This ruling is particularly significant considering the collapse of TerraUSD and Luna currencies in May 2022.

November 17, 2023

Fallen Crypto Heroes: Appeal Of Convicted Terra/Luna Founder Do Kwon In Montenegro Denied!

He is one of the fallen crypto heroes: Do Kwon, co-founder and CEO of Terraform Labs, was arrested in Montenegro in March 2023 amidst charges of orchestrating a multi-billion dollar crypto asset securities fraud. By June, he received a four-month jail sentence from a Basic Court in Podgorica for forging official documents. His appeal was denied by the Montenegro High Court, affirming the "adequate" punishment for his crime.

June 20, 2023

Former Terra-Luna Executives Do Kwon And Han Chang-joon Sentenced for Forgery In Montenegro!

Do Kwon, the CEO and co-founder of the collapsed $40 billion Terra-Luna stablecoin scheme, along with Han Chang-joon, the scheme's CFO, have been sentenced to four months in jail in Montenegro. The court found them guilty of forging official documents. Kwon and Han were arrested at Podgorica Airport in March as they attempted to board a flight to Dubai using counterfeit documents. Both pleaded not guilty.

March 25, 2023

Arrested Terra-Luna Founder Do Kwon Is A Most Wanted Man Indeed!

Federal prosecutors in New York indicted the South Korean national Do Kwon, 31, on fraud charges Kwon faces eight counts, including conspiracy to defraud and engage in market manipulation, conspiracy to defraud, wire fraud, commodities fraud, and securities fraud. South Korea issued an arrest warrant for the former crypto CEO in September. The country's officials also asked Interpol to circulate a "red notice" Kwon. Law enforcement in Singapore also said they were investigating Kwon.

February 17, 2023

U.S. SEC Files Fraud Complaint Against Terra-Luna Scheme And Its CEO Do Kwon!

In Q2 2022, the TerraUSD (USDT) stablecoin collapsed with an estimated $60 billion wipeout, shaking the global digital currency market. The USDT crash marked the begin of Crypto Winter with the collapse of other major crypto schemes. The U.S. Securities and Exchange Commission (SEC) charged Singapore-based Terraform Labs PTE Ltd and Do Kwon with orchestrating a multi-billion dollar crypto asset securities fraud involving an algorithmic stablecoin and other crypto asset securities.

September 15, 2022

Expected! Arrest Warrant for Terra Co-Founder Do Kwon!

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.

Crypto

July 21, 2022

Coinbase Shares Jump After Announcement Of Non-Exposure To Collapsed Crypto Schemes

Coinbase “had no financing exposure” to collapsed crypto schemes Celsius Network, Three Arrows Capital (3AC), and Voyager Digital, the company said in a blog post. Each firm filed for bankruptcy protection after the Terra-Luna implosion set off a cascade of liquidations in highly leveraged positions. Coinbase shares climbed more than 14% following the statement. The company’s stock has plunged roughly 70% since the start of 2022.

Swiss Billionaire Burned: Arthur Eugster’s CHF 650 Million Loss in Benko’s Collapse And The Austrian-Swiss Connections!

Swiss entrepreneur in Thurgau and coffee king Arthur Eugster has reportedly lost CHF 650 million in the collapse of Rene Benko’s Signa empire—one of the largest individual financial losses in Swiss history. As public prosecutors in Austria probe the inner circle of Benko’s fraudulent network, two familiar names from past scandals resurface: Robert Schimanko and Thomas Limberger. Both men, now linked to Benko’s foundations.

Anne Wojcicki and her 23andMe: The Bankruptcy Explained in a Nutshell

Anne Wojcicki, 52, in Palo Alto, California, is part of the US tech elite and is known for co-founding the personal genomics company 23andMe in 2006. She named the company after the 23 pairs of chromosomes in a human cell. The company experienced significant growth, reaching a peak valuation of over $6 billion after going public in 2021. Over the last weekend, the company filed for bankruptcy.

Financial Intelligence Report: Lykke Exchange Collapse

Swiss crypto exchange Lykke has collapsed following a major security breach in June 2024, resulting in the loss of approximately $22 million in customer funds. The incident led to the suspension of trading activities, bankruptcy proceedings, and significant financial losses for investors. This report analyzes the events leading to Lykke's downfall, the impact on stakeholders, and the ongoing legal actions.

Hunting Down: Background on The Arrest of Garantex Co-Founder Aleksej Bešciokov in India!

On March 13, 2025, Indian authorities arrested Aleksej Bešciokov, a Lithuanian national and alleged co-founder of the sanctioned Russian cryptocurrency exchange Garantex, in Kovalam, Kerala. The arrest followed an international law enforcement action Bešciokov now awaits extradition to Lithuania on charges of money laundering, sanctions evasion, and facilitating ransomware transactions.

Call to Whistleblowers: What Is the World Economic Council (WEC) Really Up To?

The financial world in Europe is still reeling from the collapse of Rene Benko’s Signa Group, one of the largest and most scandalous bankruptcies in European history. Amid the rubble, a curious pattern has emerged: leading figures from the World Economic Council (WEC) — including Robert Schimanko, Thomas Limberger, and their legal advisor and business partner William H. Shawn — have quietly moved into strategic leadership positions within foundations linked to Benko.