Class action complaint was filed by Bragar Eagel & Squire PC against the defendants. South Korean authorities raided 15 crypto firms and exchanges. Multiple cases have been filed against TerraForm Labs and its founder Do Kwon, the head of research Nicholas Platias, and linked companies that defrauded billions of dollars
Exchanges, including Upbit, Bithumb, and Coinone, were the targets of raids. Around 200,000 South Korean investors are thought to have invested in TerraUSD and Luna. Shocking revelations from South Korea have been pouring in after the fall of Terra-Luna. On Wednesday, Korean prosecutors raided seven cryptocurrency exchanges to see whether
Terraform Labs gained $94 M in the year 2019. Investigation happening over DoKwon regarding the TerraUSD collapse. A raid on the Seoul residence of TerraUSD co-founder Daniel Shin, according to a Bloomberg story quoting local media, has extended an investigation into alleged unlawful conduct around the algorithmic stablecoin TerraUSD (UST)
Other NFT projects have benefited from OnePlanet’s assistance in switching to Polygon. The play-to-earn game Derby Stars is moving to Polygon. Nearly half of Terra-based crypto projects have found new life on Polygon after the unsuccessful Terra ecosystem was abandoned. CEO of Polygon Studios Ryan Wyatt took to Twitter on
Several regulatory authorities from across the globe launched official investigations. Know Your Customer and Anti-Money Laundering rules are demanded. Several charges were brought against Terraform Labs and its co-founder, Do Kwon, after the collapse of the Terra ecosystem in May. As a result of the scandal, several regulatory authorities from
The market cap has increased by $600 M for LUNC and $900 M for USTC. The price also skyrocketed from their ATL in May and is soon to reach ATH. The crypto projects, LUNC and USTC which everyone assumed to be out of the market are gaining their place again.
Anonymous is digging deep into his past, including his time before joining the industry. Anonymous is a decentralized multinational renowned activist group. Anonymous has vowed to bring Do Kwon to justice as soon as feasible in the wake of the May collapse of the Terra (LUNA) and TerraUSD (UST) ecosystems,
The Do Kwon fraudulent investigation began. Kwon was discovered to have stolen revenue by avoiding 50 billion won ($39 million) in taxes. Do Kwon is being investigated for tax fraud by the Seoul Southern District Prosecutor’s Office’s Joint Financial and Securities Crime Investigation Team. The National Tax Service discovered that
The matter is apparently being handled by Roche Freedman LLP. Binance is accused of misleading investors about Terra in a 72-page complaint. UST and LUNA, two of Terra’s assets, went bust last month, causing major market harm. Cryptocurrency exchanges have to pay the price for monitoring and investigating everyone involved
Kwon could repurchase stablecoins by lending them back to himself. Do Kwon didn’t care that Anchor’s long-term survival was in jeopardy. According to the definition of Terra’s UST, it should have always been redeemable for one dollar. UST used an algorithm to maintain its peg instead of using a central
