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Tag: Terraform Labs

Do Kwon to Face Charges in South Korea After Extradition Battle
Blockchain

Do Kwon to Face Charges in South Korea After Extradition Battle

Do Kwon, the founder of TerraForm Labs, is set to be extradited to South Korea to face charges related to the 2022 collapse of the Terra ecosystem. This comes after a Montenegrin appeals court rejected Kwon's attempt to overturn a lower court decision favouring South Korea's extradition request. Read Also: Terra Luna Classic (LUNC) Burns Over 31 Million Tokens in a Single Day Dueling Extradition Requests The United States and South Korea sought Kwon's extradition following his March arrest in Montenegro. Initially, a Montenegrin court sided with the U.S. However, Kwon's lawyers successfully appealed, leading the court to name South Korea as the receiving country. South Korea argued their case was stronger due to the alleged crimes primarily occurring within their jurisdiction. Final ...
Luna Classic Labs Announces Departure from Terraform Labs (TFL) Over Wallet Issues
Blockchain

Luna Classic Labs Announces Departure from Terraform Labs (TFL) Over Wallet Issues

In a significant move within the Luna Classic (LUNC) community, Luna Classic Labs has announced its decision to sever ties with Terraform Labs (TFL) due to ongoing issues with TFL's Terra Station v3 wallet. Mike P., a prominent figure within the community, took to social media to express his frustration and outline the steps Luna Classic Labs will take to distance itself from TFL. Terra Classic To Part Way With Terraform Labs The announcement comes after a prolonged period of dissatisfaction with TFL's handling of the Luna Classic network, particularly evident in the latest release of Terra Station v3. Users reported numerous broken elements when interacting with the Terra Classic network, including governance functions, swaps, and sending transactions. Read Also: Shiba Inu Partner K9...
Terraform Labs Founder Do Kwon Fights Extradition, Delays US Trial
Blockchain

Terraform Labs Founder Do Kwon Fights Extradition, Delays US Trial

Kwon's legal team cites uncertainties in Montenegro proceedings, requesting a trial postponement. Do Kwon, the embattled founder of Terraform Labs, is facing another hurdle in his legal saga as his extradition from Montenegro remains entangled in legal technicalities. This has prompted his lawyers to request a postponement of his upcoming US trial, initially scheduled for late January. Read Also: Terra Classic (LUNC) Eyes Bullish Breakout as Key Indicators Blink Green: Analyst Derek Sounds Alarm https://twitter.com/innercitypress/status/1745659357897867369 Uncertain Extradition Timeline Leads to Trial Delay Request Legal documents filed on January 11th reveal delays in Kwon's extradition, with his team estimating his arrival in the US could be pushed back to February or Marc...
SEC’s Reliance on Terra Case Sparks Debate in Binance and Coinbase Lawsuits
Blockchain

SEC’s Reliance on Terra Case Sparks Debate in Binance and Coinbase Lawsuits

The ongoing legal battle between the US Securities and Exchange Commission (SEC) and major crypto exchanges Binance and Coinbase has taken an intriguing turn as the SEC filed a notice of the supplemental authority, citing the judgment in SEC v. Terraform Labs as a significant precedent. However, legal experts, including prominent figure Bill Morgan, have raised questions about the direct relevance and applicability of the Terra ruling to the SEC's cases against Binance and Coinbase. Read Also: Shiba Inu Ignites Crypto Frenzy: Surges in Token Burn Rate Propel Bullish Run and Price Gains The SEC's strategic move to leverage the Terra ruling The SEC's strategic move to leverage the Terra ruling in its case against Binance, Binance.US, and former CEO Changpeng 'CZ' Zhao aims to influence ...
Terraform Labs Faces SEC Setback as Judge Rules Luna and MIR Tokens as Securities
Blockchain

Terraform Labs Faces SEC Setback as Judge Rules Luna and MIR Tokens as Securities

In a significant development in the ongoing legal battle between Terraform Labs and the U.S. Securities and Exchange Commission (SEC), a pivotal ruling was delivered on December 28 by United States Federal Judge Jed Rakoff. The judge declared that tokens associated with Terraform Labs, including Luna and MIR, are to be classified as securities. This ruling marks a crucial turning point in the lawsuit initiated in February and is expected to have far-reaching implications for Terraform Labs and the involved cryptocurrencies. Read Also: Nigeria's Policy Shift Unleashes Potential for XRP Surge as Banks Reconnect with Crypto Exchanges https://twitter.com/LogllNews/status/1740608042041798966 Key Points from the Latest Ruling Securities Violation: Judge Jed Rakoff's summary judgment ...
Terraform Labs’ CEO Chris Amani Announces Game-Changing Infrastructure Support for Cosmos Ecosystem
Terra Classic (LUNC)

Terraform Labs’ CEO Chris Amani Announces Game-Changing Infrastructure Support for Cosmos Ecosystem

In a groundbreaking move, Terraform Labs' newly-appointed CEO, Chris Amani, has unveiled a visionary plan to provide crucial infrastructure support to the Cosmos community. This initiative aims to significantly reduce the infrastructure costs associated with running various chains on the Cosmos network, sparking tremendous excitement within the Cosmos ecosystem. Foundation's Business Model to Support All Cosmos Chains Under this innovative proposal, the Foundation's business model is willing to undertake the responsibility of running the infrastructure for all chains within the Cosmos network. This strategic move seeks to alleviate the massive costs and technical complexities associated with maintaining a robust and efficient infrastructure for Cosmos chains. https://twitter.com/MrDia...
Terraform Labs Founder Do Kwon Released from Detention; Terra Luna Classic (LUNC) Price Surge Anticipated
Terra Classic (LUNC)

Terraform Labs Founder Do Kwon Released from Detention; Terra Luna Classic (LUNC) Price Surge Anticipated

In a significant turn of events, Do Kwon, the founder of Terraform Labs, has been released from detention. This development has sparked anticipation within the cryptocurrency community that his return could contribute to a potential spike in the Terra Luna Classic (LUNC) token's price. https://twitter.com/TotalLunaMoon/status/1719335328371118404 Do Kwon's Release from Detention Do Kwon, a prominent figure in the blockchain and cryptocurrency space, had been in detention for an undisclosed period due to legal matters. While details regarding his arrest and release remain limited, his return to the cryptocurrency scene is generating considerable interest. Read Also: XRP Surges Over 25% in Two Weeks as Whales Return to the Fold Impact on Terra Luna Classic (LUNC) The Terra Luna Clas...
Terra Classic’s L1TF Reveals Ambitious Plans for v2.2.0 Core Upgrade
Terra Classic (LUNC)

Terra Classic’s L1TF Reveals Ambitious Plans for v2.2.0 Core Upgrade

In a recent groundbreaking announcement, the L1 Terra Classic Task Force (L1TF) has unveiled its eagerly awaited plans for the upcoming v2.2.0 core upgrade of the Terra Luna Classic blockchain. This upgrade is poised to usher in a new era of innovation and advancement within the Terra Classic ecosystem, marking a significant milestone for the blockchain community. Terra Classic's L1TF to do another major upgrade The development journey towards the v2.2.0 upgrade has been nothing short of impressive. Vinh Nguyen, a prominent developer from the L1TF, highlighted the successful completion of Sprint 2, spanning from August 8 to 21. This sprint culminated in the release of the first version (rc1) of the core v2.2.0 upgrade. This achievement not only signifies the dedication and expertise of t...
Kwon’s Legal Team Cites Ripple’s Victory in Bid to Dismiss SEC Lawsuit against Terraform Labs
Blockchain

Kwon’s Legal Team Cites Ripple’s Victory in Bid to Dismiss SEC Lawsuit against Terraform Labs

In a significant development,  Do Hyeong Kwon's legal team has turned to the recent victory secured by Ripple and XRP against the U.S. Securities and Exchange Commission (SEC) to bolster their bid to dismiss the regulatory watchdog's lawsuit against their client and Terraform Labs. According to a supplementary document filed on July 18, Kwon's lawyers highlighted the decision made by Judge Analisa Torres in the SEC v. Ripple Labs case, which ruled that the digital asset XRP was not a security. The defendants' legal team asserts that the SEC's claims against the tokens UST, LUNA, wLUNA, and MIR lack merit, drawing parallels to the Ripple ruling. The Ripple decision stated that certain sales of XRP did not meet the criteria to be classified as investment contracts under the Howey test. ...
Dentons Files Additional Documents in Support of Terraform Labs and Do Kwon’s Motion to Dismiss SEC Lawsuit
Blockchain

Dentons Files Additional Documents in Support of Terraform Labs and Do Kwon’s Motion to Dismiss SEC Lawsuit

Top law firm Dentons has filed supplementary documents in defence of Terraform Labs and its co-founder, Do Kwon, in their ongoing legal battle against the U.S. Securities and Exchange Commission (SEC). The court hearing, which took place on Thursday, focused on whether the digital assets created by Terraform Labs should be classified as securities under an "investment contract." Dentons Lawyers Claim UST Is Not A Security Dentons lawyers, representing Terraform Labs and Do Kwon, strongly assert that the algorithmic stablecoin UST (now USTC) does not qualify as a security, as its primary purpose is practical rather than an investment contract. The additional documents submitted by the legal team support their motion to dismiss the SEC lawsuit and include pertinent evidence from various so...