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business5 months ago

Crypto Mogul Do Kwon Pleads Guilty to $40 Billion Fraud in TerraUSD Collapse

Do Kwon, former CEO of Terraform Labs, pleaded guilty to fraud charges related to the collapse of TerraUSD and Luna cryptocurrencies in 2022, which caused over $40 billion in investor losses. He admitted to making false statements and orchestrating schemes to artificially maintain the stablecoin’s value, leading to a plea deal that limits his potential sentence to 12 years, though he still faces additional charges in South Korea.

via BBC|
#business#crypto-crash#cryptocurrency
cryptocurrency-bankruptcy2 years ago

"Terraform Labs Declares Chapter 11 Bankruptcy in the U.S."

Terraform Labs, the company behind the collapsed stablecoin TerraUSD, has filed for Chapter 11 bankruptcy in the U.S., listing assets and liabilities in the range of $100-$500 million. The company plans to meet financial obligations without additional financing and continue Web3 offerings expansion. The filing aims to navigate ongoing legal proceedings, including litigation with the SEC, linked to the collapse of TerraUSD and the more traditional token Luna. The founder, Do Kwon, faces extradition for his alleged participation in a $40 billion cryptocurrency fraud.

via CNBC|
#bankruptcy#cryptocurrency#cryptocurrency-bankruptcy
cryptocurrency2 years ago

Crypto's Most Wanted: The Elusive Fugitive on the Run

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.

via Mint|
#cryptocurrency#cryptocurrency-crash#do-kwon
cryptocurrency2 years ago

Crypto Chaos: Sam Bankman-Fried's Incarceration, Tornado Cash Turmoil, and $3B BTC

This week's Hodler's Digest highlights the charges pressed against the co-founders of Tornado Cash for money laundering and sanctions violations, with one co-founder arrested and another added to the U.S. list of Specially Designated Nationals and Blocked Persons. FTX founder Sam Bankman-Fried is reportedly struggling in prison, relying on a vegan diet of bread with peanut butter and running low on prescription medication. The identity of the mysterious Bitcoin wallet holding $3 billion has been revealed as Robinhood: Jump Trading Custody. The parent company of Prime Trust, a crypto custodian, reported losing $8 million in client and treasury funds through TerraUSD investments. Additionally, a Pepe holder seized the opportunity to buy $529,000 worth of tokens after a price drop.

via Cointelegraph|
#bitcoin-whale#cryptocurrency#pepe
cryptocurrency2 years ago

TerraUSD Creator Do Kwon Jailed for Document Forgery.

Do Kwon, the cryptocurrency boss behind the $40bn collapse of the TerraUSD and Luna tokens, has been sentenced to four months in jail in Montenegro for forging official documents. Kwon also faces charges in the US and South Korea over the collapse of the two digital tokens last year. The former finance officer of Kwon's company Terraform Labs, Han Chang-joon, was also sentenced to four months in prison after being found guilty of the same charges.

via BBC|
#cryptocurrency#do-kwon#fraud
cryptocurrency2 years ago

Terra Co-Founder Daniel Shin Indicted for Fraud in South Korea

South Korean prosecutors have charged Daniel Shin, co-founder of the company behind the failed TerraUSD and Luna cryptocurrencies, with violating capital-markets laws. The charges are part of the latest legal action following a crash that wiped out some $40 billion in value from digital-currency markets last year. The prosecutors have charged 10 people, including Shin, saying individuals involved with Terraform Labs Pte. Ltd. had reaped at least 462.9 billion won, equivalent to around $346 million, in profits by selling off their cryptocurrencies before the crash.

via The Wall Street Journal|
#cryptocurrency#daniel-shin#legal-action
cryptocurrency2 years ago

Terraform Labs Co-Founder Do Kwon Arrested in Montenegro for Crypto Fraud

Do Kwon, the founder of TerraUSD and Luna cryptocurrencies, has been arrested in Montenegro on charges of document forgery. Kwon had been sought by South Korean authorities since September 2020. Kwon's arrest comes as the cryptocurrency market remains battered, with regulatory pressure mounting on firms and crypto boosters. Investors have accused Kwon of defrauding them in promoting the coins.

via The Washington Post|
#cryptocurrency#cryptocurrency-market#do-kwon