On December 28, a U.S. federal judge made a court ruling in favor of the Securities and Exchange Commission (SEC) in a case against Terraform Labs and its founder Do Kwon. The ruling concerned the offering and sale of securities that were not registered.
U.S. District Judge Jed Rakoff in Manhattan issued a ruling in favor of the SEC on security-based swaps, according to a report by Reuters.
U.S. District Judge Jed Rakoff in Manhattan declined to grant summary judgment on the SEC's fraud accusations, indicating that this aspect of the case will proceed to trial. The trial is scheduled for January 29, 2024.
Following the ruling, neither the SEC nor representatives for Terraform and Kwon have provided any comments in response to the decision.
Apart from the legal case, Do Kwon is recognized for his association with cryptocurrencies such as TerraUSD and its counterpart Luna (CRYPTO: LUNA).
These digital currencies experienced a significant loss in 2022, with an estimated value drop of over $40 billion, primarily due to TerraUSD's failure to maintain its peg to the U.S. dollar.
The SEC has charged Terraform and Kwon with deceiving investors about the stability of TerraUSD and making claims about the potential increase in the value of its crypto tokens.
In addition to these charges, Kwon is facing fraud allegations from U.S. prosecutors in Manhattan and is currently contesting extradition to the United States.
The SEC trial against Terraform Labs and Do Kwon is postponed to March 25, allowing for Do Kwon's extradition. Legal and financial implications surround the case, emphasizing the need for cryptocurrency oversight amid allegations of a $40 billion fraud.
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cryptopotatoUpaya sebelumnya untuk menangkap salah satu pendiri Terra, Daniel Shin, gagal karena pengadilan Korea Selatan menolak memberikan surat perintah penangkapan.
CryptoSlateTerraform Labs berkantor pusat dan terdaftar di Singapura dan ini adalah pertama kalinya negara tersebut secara terbuka mengambil tindakan terhadap Do Kwon dan perusahaannya.
CryptoSlateAset digital yang disimpan dalam program Earn Celsius Network adalah milik perusahaan yang bangkrut dan bukan pengguna individu.
decryptKaryawan Terraform Labs dilaporkan telah dilarang keluar dari Korea Selatan karena penyelidikan oleh jaksa terus berlanjut.
Cointelegraph
NulltxOtoritas Korea Selatan saat ini sedang menyelidiki Terraform Labs dan karyawannya atas beberapa tuduhan termasuk penghindaran pajak dan manipulasi pasar.
CointelegraphAda banyak seruan di media sosial untuk tindakan hukum terhadap Do Kwon, dan ada juga spekulasi bahwa kemungkinan kepergian tim hukumnya mungkin dimotivasi oleh masalah uang.
Cointelegraph