All articles tagged with #do kwon
Originally Published 5 months ago — by Reuters
Do Kwon, the South Korean crypto entrepreneur behind the collapse of TerraUSD and Luna, pleaded guilty to conspiracy to defraud and wire fraud in the US, facing up to 25 years in prison for misleading investors and artificially inflating the value of his digital currencies, which resulted in an estimated $40 billion loss in 2022.
Originally Published 5 months ago — by The New York Times
Do Kwon, the creator of the Luna and TerraUSD cryptocurrencies that collapsed in 2022 causing a $300 billion market crash, pleaded guilty to fraud charges in New York, admitting to misleading investors and facing potential up to 12 years in prison as part of a plea deal.
Originally Published 5 months ago — by Financial Times
Do Kwon, the founder of Terraform Labs behind the collapse of TerraUSD, has pleaded guilty to multiple fraud charges in the US, admitting to schemes that misled investors and manipulating the stablecoin’s peg, with a potential sentence of up to 25 years in prison.
Originally Published 5 months ago — by The Verge
Terraform co-founder Do Kwon pleaded guilty to conspiracy and wire fraud in connection with the $40 billion collapse of his cryptocurrency firm, Terra, after being extradited to the US. His plea was part of a deal that reduced charges, and his sentencing is scheduled for December 11th.
Originally Published 1 year ago — by Reuters
A jury in Manhattan found Terraform Labs and its founder Do Kwon liable on civil fraud charges, agreeing with the U.S. Securities and Exchange Commission's allegations that they misled investors about the stability of TerraUSD, a stablecoin, and falsely claimed Terraform's blockchain was used in a popular Korean mobile payment app. The SEC estimated that investors lost over $40 billion when the TerraUSD peg to the dollar could not be maintained in May 2022. The SEC is seeking civil financial penalties and orders barring Kwon and Terraform from the securities industry, and the judge will consider penalties in the coming weeks. Terraform filed for bankruptcy protection in January, and both the United States and South Korea have sought Kwon's extradition on criminal charges.
Originally Published 1 year ago — by New York Post
A jury in Manhattan found Terraform Labs and its founder Do Kwon liable on civil fraud charges brought by the SEC, alleging that they misled investors about the stability of TerraUSD, a stablecoin, and falsely claimed that Terraform’s blockchain was used in a popular Korean mobile payment app. The SEC estimates investors lost over $40 billion when the TerraUSD peg to the dollar could not be maintained in May 2022, leading to wider havoc in the crypto market and several companies filing for bankruptcy. Kwon, who was arrested in Montenegro in March 2023, did not attend the trial, and both the US and South Korea have sought his extradition on criminal charges.
Originally Published 1 year ago — by CoinDesk
The SEC's civil fraud case against Terraform Labs and co-founder Do Kwon is now in the hands of a New York jury, with allegations of misleading investors about the stability of Terra USD (UST) and its integration with a Korean mobile payments app. The SEC argued that Kwon and Terraform Labs deceived investors about the nature of the algorithm behind UST, while the defense emphasized the known risks and market participants' role in maintaining the stablecoin's peg. Kwon, who was absent from court, remains in Montenegro as the country's Supreme Court weighs competing extradition requests from the U.S. and South Korea.
Originally Published 1 year ago — by Bloomberg
South Korean crypto fugitive Do Kwon has been released from prison in Montenegro as the Supreme Court considers extradition requests from the US and South Korea. Kwon was released due to the end of his regular prison term for traveling with fake papers, and his next destination remains unclear as authorities continue to deliberate on his case.
Originally Published 2 years ago — by BBC.com
Cryptocurrency firm Terraform Labs, responsible for the collapsed TerraUSD and Luna tokens, has filed for bankruptcy in the US after losing $40bn of their value in May 2022. Co-founder Do Kwon, currently in jail in Montenegro, faces fraud charges in the US, South Korea, and ongoing legal proceedings in Singapore. The bankruptcy filing allows the company to continue operations, with CEO Chris Amani stating the action is necessary to resolve outstanding legal challenges. Do Kwon's arrest in Montenegro in March 2023 and subsequent guilty verdict for forging documents have led to a pending extradition decision to either South Korea or the US.
Originally Published 2 years ago — by Engadget
Terraform Labs, the company behind the collapse of its TerraUSD and Luna stablecoins, has filed for Chapter 11 bankruptcy protection with estimated assets and liabilities in the range of $100 million to $500 million. Co-founder Do Kwon, currently jailed in Montenegro for using forged passports, faces extradition to the US to face securities fraud charges. Kwon's arrest and the company's downfall add to the list of big names in the crypto industry facing legal issues, while Coinbase continues its battle against SEC accusations.
Originally Published 2 years ago — by Reuters
The U.S. SEC has agreed to delay the civil trial against Terraform Labs and co-founder Do Kwon for their alleged involvement in a $40 billion cryptocurrency fraud, in order to accommodate Kwon's extradition and attendance. The SEC opposed separate trials for Terraform and Kwon, citing the similarity of the cases, and requested a trial date of April 15 to accommodate scheduling conflicts. The case revolves around the collapse of TerraUSD and Luna, with Kwon also facing related U.S. criminal charges and an extradition request from South Korea.
Originally Published 2 years ago — by The Daily Hodl
The court in Montenegro has approved the extradition of Do Kwon, the founder of Terra (LUNA), to the US and South Korea. Kwon, who was arrested in Montenegro in March, has given his consent to be extradited. The authorities in both countries want him to face charges related to the $40 billion crash of the Terra ecosystem in 2022.
Originally Published 2 years ago — by Financial Times
A court in Montenegro has cleared Do Kwon, the co-founder of Terraform Labs, a blockchain firm, for extradition. Kwon was arrested in Montenegro in May 2021 on charges related to a cryptocurrency project called "Mirror Protocol." The court's decision paves the way for Kwon to be extradited to the United States, where he is facing charges of conspiracy to commit wire fraud and conspiracy to commit securities fraud.
Originally Published 2 years ago — by Mint
Do Kwon, a fallen crypto tycoon, is being hunted by U.S. and South Korean authorities for his role in the crash of TerraUSD and Luna, which wiped out $40 billion from the cryptocurrency markets. Kwon, who faces charges of fraud and violations of capital-markets laws, went into hiding after his Singapore home was raided. He was eventually captured in Montenegro, where he had been living under a fake passport. The U.S. and South Korea are now battling for his extradition.
Originally Published 2 years ago — by The Wall Street Journal
Do Kwon, a fallen crypto tycoon, was about to leave Montenegro when he was flagged by an Interpol red notice at the airport. The notice requested his arrest, making him a fugitive sought by authorities worldwide.