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Terraform Labs co-founder Do Kwon will face fraud charges in the US | TechCrunch

TechCrunch · 8m ago

Terraform Labs co-founder Do Kwon will face fraud charges in the US | TechCrunch

Terraform Labs' co-founder Do Kwon will be extradited to the U.S. from Montenegro to face fraud charges. Kwon and Terraform Labs were found liable for fraud after the collapse of their cryptocurrencies, TerraUSD and Luna, leading to significant investor losses. Terraform agreed to a $4.5 billion settlement with the U.S. SEC. Kwon was arrested in Montenegro while attempting to travel to Dubai. It's uncertain when he will be extradited.

Related News

Crypto mogul Do Kwon pleads not guilty in first US court appearance

Economic Times

Economic Times · 7m ago

Crypto mogul Do Kwon pleads not guilty in first US court appearance

South Korean cryptocurrency mogul Do Hyeong Kwon pleaded not guilty to charges in a US court after being extradited from Montenegro. The charges involve conspiracy and fraud related to deceiving investors into investing in Terraform Labs, which he co-founded. Despite claims of offering reliable financial technologies, authorities allege a $40 billion crash of the company's cryptocurrency harmed investors worldwide. Kwon's plea addresses multiple fraud charges, including commodities and securities fraud, with a money laundering charge added.

Terraform Labs founder Do Kwon pleads guilty to US fraud charges in $40 billion crypto collapse - The Economic Times

Economic Times

Economic Times · 16d ago

Terraform Labs founder Do Kwon pleads guilty to US fraud charges in $40 billion crypto collapse - The Economic Times

Do Kwon, the founder of Terraform Labs, pleaded guilty to U.S. charges of conspiracy to defraud and wire fraud related to the collapse of TerraUSD and Luna currencies, which lost $40 billion in value. Initially pleading not guilty to nine counts, including securities fraud and money laundering, Kwon admitted to misleading investors about TerraUSD's value restoration. He faces up to 25 years in prison, with a likely sentence of no more than 12 years.

Terraform Labs files for bankruptcy protection in US

Economic Times

Economic Times · 1y ago

Terraform Labs files for bankruptcy protection in US

Terraform Labs, the firm behind the troubled stablecoin TerraUSD, has filed for Chapter 11 bankruptcy in the U.S., citing assets and liabilities in the range of $100-$500 million. The move comes amid a postponed SEC trial over an alleged $40 billion cryptocurrency fraud involving TerraUSD's collapse in 2022. Terraform Labs and co-founder Do Kwon face responsibility for the turmoil in crypto markets caused by the collapse of TerraUSD and its associated token, Luna. Both cryptocurrencies lost an estimated $40 billion when TerraUSD failed to maintain its $1 peg in May 2022.

Crypto Magnate Do Kwon Found Liable for Multi-Billion-Dollar Fraud

Wired · 1y ago

Crypto Magnate Do Kwon Found Liable for Multi-Billion-Dollar Fraud

South Korean crypto magnate Do Kwon and his company Terraform Labs have been found liable for defrauding investors who lost billions of dollars in cryptocurrency investments. The civil complaint, filed by the Securities and Exchange Commission, alleged that Kwon and Terraform lied to investors about the prospects and stability of the cryptoassets they issued. Kwon is also facing criminal charges in the US and South Korea. The resolution of this case and other similar cases will have an impact on the regulation and classification of cryptocurrencies in the US.

The other crypto bosses in US authorities' crosshairs

Economic Times

Economic Times · 1y ago

The other crypto bosses in US authorities' crosshairs

Several crypto industry moguls who are currently under investigation by US authorities. Sam Bankman-Fried, the founder of FTX crypto exchange, was recently found guilty of defrauding customers. Binance and its CEO, Changpeng Zhao, are facing lawsuits by the SEC and the CFTC for alleged deception and operating an illegal exchange. Do Kwon, co-founder of Terraform Labs, is charged with fraud and was arrested for forging documents. Celsius Network's founder, Alex Mashinsky, has pleaded not guilty to fraud charges. Barry Silbert of Digital Currency Group and Stephen Ehrlich of Voyager Digital are also facing legal action. Finally, Chinese entrepreneur Justin Sun and his companies, including Tron Foundation, were charged with fraud by the SEC.

Judge sides with US SEC, says Terraform Labs crypto founder Do Kwon violated law

Economic Times

Economic Times · 1y ago

Judge sides with US SEC, says Terraform Labs crypto founder Do Kwon violated law

A federal judge has ruled that Do Kwon and his company, Terraform Labs, violated US law by failing to register two collapsed digital currencies. The judge supported the Securities and Exchange Commission's case against the implosion of the TerraUSD and Luna currencies. Both sides were denied summary judgment on fraud claims, and the case is scheduled for trial in January 2024. Kwon, who has been charged with fraud, is currently fighting extradition to the US. The collapse of the cryptocurrencies resulted in an estimated loss of $40 billion and affected the value of other cryptocurrencies.

FTX Founder Sam Bankman-Fried Has Been Found Guilty of Fraud

Wired · 1y ago

FTX Founder Sam Bankman-Fried Has Been Found Guilty of Fraud

Sam Bankman-Fried, the founder of bankrupt crypto exchange FTX, has been found guilty of fraud by a jury in New York. He was convicted on all seven counts, including overseeing a multi-billion-dollar fraud whereby money from FTX customers was used for high-risk trades, debt repayments, personal loans, and political donations. The US Department of Justice views this conviction as a significant victory and a message to the crypto industry that fraud will not be tolerated. Bankman-Fried awaits sentencing and will face a second trial on additional charges in 2024.

Company behind Terra crypto collapse files for US bankruptcy protection

Financial Express

Financial Express · 1y ago

Terraform Labs, responsible for the notorious TerraUSD stablecoin crash, has filed for Chapter 11 bankruptcy protection in the US. This comes two years after the dramatic downfall of TerraUSD and its associated cryptocurrency, Luna, which caused a ripple effect in the global crypto market and erased billions of dollars in investor value. The bankruptcy filing aims to help Terraform Labs "navigate ongoing legal proceedings" while maintaining operations, fulfilling financial obligations to employees and vendors, and even expanding their Web3 offerings.

Adani ‘bribery’ case: Can Adani be arrested from India? Allegations, charges and possible penalties explained | Company Business News

Livemint

Livemint · 9m ago

Adani ‘bribery’ case: Can Adani be arrested from India? Allegations, charges and possible penalties explained | Company Business News

Gautam Adani, the Chairperson of Adani Group, is facing criminal charges in the United States over alleged fraud and bribery. The charges include conspiring to pay bribes to Indian government officials to obtain contracts and develop a solar power plant project. Adani is accused of securities fraud, securities fraud conspiracy, and wire fraud conspiracy. If convicted, he could face decades in prison and significant monetary penalties. The extradition process and legal proceedings are expected to be lengthy. Adani Group has denied all allegations and charges.

Zuckerberg says people without AI glasses will be at a disadvantage in the future | TechCrunch

TechCrunch · 29d ago

Zuckerberg says people without AI glasses will be at a disadvantage in the future | TechCrunch

Meta CEO Mark Zuckerberg predicts that AI glasses will be essential in the future, suggesting those without them will face a cognitive disadvantage. During Meta's earnings call, Zuckerberg emphasized that AI glasses will enhance daily interactions by seeing and hearing like users do. He highlighted Meta’s achievements with products like Ray-Ban Meta glasses and foresees future enhancements with displays. Despite substantial financial losses in Reality Labs, Zuckerberg stands firm on glasses being pivotal for AI’s integration into everyday life.

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