Tags: Terra (LUNA)

The claims process requires proof of ownership, with on-chain verification preferred over manual submissions to avoid delays or rejections.

Do Kwon faces U.S. criminal charges as prosecutors allege his Terra ecosystem misled investors, causing over $40 billion in losses.

Kwon now faces nine charges, including commodities fraud and money laundering conspiracy, instead of the eight counts he was previously charged with.

Terraform Labs co-founder Do Kwon had been held in Montenegro since his March 2023 arrest at Podgorica airport.

The SEC and Terraform Labs reached a $4.47 billion penalty, thereby settling charges over the collapse of TerraUSD and Luna tokens.

More than half of the SEC’s recoveries came from crypto, mainly the $4.5 billion settlement in the Terraform Labs case.

The approval marks the final step in Terraform’s Chapter 11 bankruptcy proceedings.

Despite fewer cases, the SEC’s enforcement strategy shifted to larger fines, with average penalties jumping to $426 million per action.

The fate of Terraform Labs will be decided at the Chapter 11 bankruptcy hearing scheduled for September 19.

Montenegro’s Prime Minister Milojko Spajić faces renewed controversy over his earlier investment in Do Kwon’s Terraform Labs.

This would mark the largest crypto-related fraud settlement in history.

The SEC wants Terra and its owner to pay one of the largest crypto fines in history. Do Kwon argues he owes less than $1 million.

Do Kwon’s legal team have three days to appeal the ruling.

The legal tussle between the US and South Korea continues as well.

Terra’s co-founder may now be sent to South Korea after his United States extradition was called back.

The SEC has raised concerns that this transaction might have been designed to avoid resolving an impending judgment in the SEC’s lawsuit.

Kwon’s US SEC fraud case is scheduled for March 25. However, his lawyer doubts he will be extradited before the end of that month.

The appellate court concluded that the initial decision to extradite Kwon was influenced by substantial violations.

Lee testified that Terra executives were aware of regulatory constraints on using TerraUSD as a payment method.

Embattled cryptocurrency company Terraform Labs has filed for bankruptcy in the United States.

SEC agreed to postpone trial date as requested by Do Kwon’s legal team, but opposed severing his case from Terraform’s.

Kwon’s legal representatives expect slower extradition proceedings in Montenegro, delaying their arrival in the U.S. until Feb/Mar.

A U.S. Court has ruled mostly in favour of the SEC in its case against the bankrupt crypto platform.

According to a Montenegrin official, the U.S. won the tug-of-war regarding Do Kwon’s fate.