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Interpol issued a Red Notice against the founder of Terraform Labs, Do Kwon, in the early hours of Monday, September 26, 2022. This red notice results from Do Kwon losing more than $45 billion in investors\u2019 funds.<\/p>\n\n\n\n

• Earlier this year, the Terra LUNA ecosystem collapsed<\/a>, losing more than $45 billion in investors\u2019 funds. The crash affected the crypto market, with other financial markets feeling the effects of Terra\u2019s collapse. He became a person of interest when Terra\u2019s algorithmic stablecoin<\/a> ($USTC formerly $UST) dropped to almost $0 within weeks.<\/li><\/ul>\n\n\n\n
  • After the crash, he relocated Terraform Labs HQ from South Korea to Singapore due to being under investigation for tax evasion charges. The Terra founder said he would cooperate with investigative agencies in the Terra crash and as nothing to hide. Further, Do Kwon posted on Twitter<\/a> describing himself with an \u201cextremely high bar of integrity.\u201d  <\/li><\/ul>\n\n\n\n
    • However, South Korean prosecutors stated that Do Kwon was not cooperating, and he is on the run. As a result, Interpol has issued<\/a> a Red Notice on the Terra founder, thereby declaring him wanted in over 196 countries.<\/li><\/ul>\n\n\n\n
      • Despite being a wanted man, Do Kwon remains active on social media, with his current location in Singapore. In turn, governmental authorities are working on a new bill<\/a> to place a two-year ban on algorithmic stablecoin to prevent another Terra collapse.<\/li><\/ul>\n\n\n\n

        See Related: <\/em><\/strong>Terra\u2019s Do Kwon Wanted For Arrest By Seoul Court<\/a><\/p>\n","post_title":"Interpol Issues Red Notice On Terraform Labs Founder Do Kwon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"interpol-issues-red-notice-on-terraform-labs-founder-do-kwon","to_ping":"","pinged":"","post_modified":"2023-04-30 21:29:51","post_modified_gmt":"2023-04-30 11:29:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7439","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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        \n

        While Terraform Labs contests the verdict, Do Kwon faces additional criminal charges in the US and South Korea related to the Terra ecosystem's collapse. His extradition status remains uncertain as multiple countries vie for jurisdiction.<\/p>\n","post_title":"Terraform Labs And Do Kwon Found Liable In SEC Fraud Case","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terraform-labs-and-do-kwon-found-liable-in-sec-fraud-case","to_ping":"","pinged":"","post_modified":"2024-04-09 18:57:14","post_modified_gmt":"2024-04-09 08:57:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7439,"post_author":"7","post_date":"2022-09-28 21:16:09","post_date_gmt":"2022-09-28 11:16:09","post_content":"\n

        Interpol issued a Red Notice against the founder of Terraform Labs, Do Kwon, in the early hours of Monday, September 26, 2022. This red notice results from Do Kwon losing more than $45 billion in investors\u2019 funds.<\/p>\n\n\n\n

        • Earlier this year, the Terra LUNA ecosystem collapsed<\/a>, losing more than $45 billion in investors\u2019 funds. The crash affected the crypto market, with other financial markets feeling the effects of Terra\u2019s collapse. He became a person of interest when Terra\u2019s algorithmic stablecoin<\/a> ($USTC formerly $UST) dropped to almost $0 within weeks.<\/li><\/ul>\n\n\n\n
          • After the crash, he relocated Terraform Labs HQ from South Korea to Singapore due to being under investigation for tax evasion charges. The Terra founder said he would cooperate with investigative agencies in the Terra crash and as nothing to hide. Further, Do Kwon posted on Twitter<\/a> describing himself with an \u201cextremely high bar of integrity.\u201d  <\/li><\/ul>\n\n\n\n
            • However, South Korean prosecutors stated that Do Kwon was not cooperating, and he is on the run. As a result, Interpol has issued<\/a> a Red Notice on the Terra founder, thereby declaring him wanted in over 196 countries.<\/li><\/ul>\n\n\n\n
              • Despite being a wanted man, Do Kwon remains active on social media, with his current location in Singapore. In turn, governmental authorities are working on a new bill<\/a> to place a two-year ban on algorithmic stablecoin to prevent another Terra collapse.<\/li><\/ul>\n\n\n\n

                See Related: <\/em><\/strong>Terra\u2019s Do Kwon Wanted For Arrest By Seoul Court<\/a><\/p>\n","post_title":"Interpol Issues Red Notice On Terraform Labs Founder Do Kwon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"interpol-issues-red-notice-on-terraform-labs-founder-do-kwon","to_ping":"","pinged":"","post_modified":"2023-04-30 21:29:51","post_modified_gmt":"2023-04-30 11:29:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7439","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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                ADVERTISEMENT
                \n

                Despite attempts by Terraform Labs and Do Kwon's legal team to downplay Jump Trading's involvement, arguing it was standard market activity, the jury found their defense unconvincing, highlighting the extent of the deception, Coindesk<\/em> reported.<\/p>\n\n\n\n

                While Terraform Labs contests the verdict, Do Kwon faces additional criminal charges in the US and South Korea related to the Terra ecosystem's collapse. His extradition status remains uncertain as multiple countries vie for jurisdiction.<\/p>\n","post_title":"Terraform Labs And Do Kwon Found Liable In SEC Fraud Case","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terraform-labs-and-do-kwon-found-liable-in-sec-fraud-case","to_ping":"","pinged":"","post_modified":"2024-04-09 18:57:14","post_modified_gmt":"2024-04-09 08:57:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7439,"post_author":"7","post_date":"2022-09-28 21:16:09","post_date_gmt":"2022-09-28 11:16:09","post_content":"\n

                Interpol issued a Red Notice against the founder of Terraform Labs, Do Kwon, in the early hours of Monday, September 26, 2022. This red notice results from Do Kwon losing more than $45 billion in investors\u2019 funds.<\/p>\n\n\n\n

                • Earlier this year, the Terra LUNA ecosystem collapsed<\/a>, losing more than $45 billion in investors\u2019 funds. The crash affected the crypto market, with other financial markets feeling the effects of Terra\u2019s collapse. He became a person of interest when Terra\u2019s algorithmic stablecoin<\/a> ($USTC formerly $UST) dropped to almost $0 within weeks.<\/li><\/ul>\n\n\n\n
                  • After the crash, he relocated Terraform Labs HQ from South Korea to Singapore due to being under investigation for tax evasion charges. The Terra founder said he would cooperate with investigative agencies in the Terra crash and as nothing to hide. Further, Do Kwon posted on Twitter<\/a> describing himself with an \u201cextremely high bar of integrity.\u201d  <\/li><\/ul>\n\n\n\n
                    • However, South Korean prosecutors stated that Do Kwon was not cooperating, and he is on the run. As a result, Interpol has issued<\/a> a Red Notice on the Terra founder, thereby declaring him wanted in over 196 countries.<\/li><\/ul>\n\n\n\n
                      • Despite being a wanted man, Do Kwon remains active on social media, with his current location in Singapore. In turn, governmental authorities are working on a new bill<\/a> to place a two-year ban on algorithmic stablecoin to prevent another Terra collapse.<\/li><\/ul>\n\n\n\n

                        See Related: <\/em><\/strong>Terra\u2019s Do Kwon Wanted For Arrest By Seoul Court<\/a><\/p>\n","post_title":"Interpol Issues Red Notice On Terraform Labs Founder Do Kwon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"interpol-issues-red-notice-on-terraform-labs-founder-do-kwon","to_ping":"","pinged":"","post_modified":"2023-04-30 21:29:51","post_modified_gmt":"2023-04-30 11:29:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7439","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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                        By subscribing, you agree with our privacy and terms.

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                        ADVERTISEMENT
                        \n

                        During the trial, the SEC's attorney, Laura Meehan, disclosed a secret agreement between Terraform Labs, Do Kwon, and institutional investor Jump Trading to salvage UST's value during a de-pegging incident in May 2021. This intervention was concealed from the public to bolster the illusion of the algorithm's efficacy.<\/p>\n\n\n\n

                        Despite attempts by Terraform Labs and Do Kwon's legal team to downplay Jump Trading's involvement, arguing it was standard market activity, the jury found their defense unconvincing, highlighting the extent of the deception, Coindesk<\/em> reported.<\/p>\n\n\n\n

                        While Terraform Labs contests the verdict, Do Kwon faces additional criminal charges in the US and South Korea related to the Terra ecosystem's collapse. His extradition status remains uncertain as multiple countries vie for jurisdiction.<\/p>\n","post_title":"Terraform Labs And Do Kwon Found Liable In SEC Fraud Case","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terraform-labs-and-do-kwon-found-liable-in-sec-fraud-case","to_ping":"","pinged":"","post_modified":"2024-04-09 18:57:14","post_modified_gmt":"2024-04-09 08:57:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7439,"post_author":"7","post_date":"2022-09-28 21:16:09","post_date_gmt":"2022-09-28 11:16:09","post_content":"\n

                        Interpol issued a Red Notice against the founder of Terraform Labs, Do Kwon, in the early hours of Monday, September 26, 2022. This red notice results from Do Kwon losing more than $45 billion in investors\u2019 funds.<\/p>\n\n\n\n

                        • Earlier this year, the Terra LUNA ecosystem collapsed<\/a>, losing more than $45 billion in investors\u2019 funds. The crash affected the crypto market, with other financial markets feeling the effects of Terra\u2019s collapse. He became a person of interest when Terra\u2019s algorithmic stablecoin<\/a> ($USTC formerly $UST) dropped to almost $0 within weeks.<\/li><\/ul>\n\n\n\n
                          • After the crash, he relocated Terraform Labs HQ from South Korea to Singapore due to being under investigation for tax evasion charges. The Terra founder said he would cooperate with investigative agencies in the Terra crash and as nothing to hide. Further, Do Kwon posted on Twitter<\/a> describing himself with an \u201cextremely high bar of integrity.\u201d  <\/li><\/ul>\n\n\n\n
                            • However, South Korean prosecutors stated that Do Kwon was not cooperating, and he is on the run. As a result, Interpol has issued<\/a> a Red Notice on the Terra founder, thereby declaring him wanted in over 196 countries.<\/li><\/ul>\n\n\n\n
                              • Despite being a wanted man, Do Kwon remains active on social media, with his current location in Singapore. In turn, governmental authorities are working on a new bill<\/a> to place a two-year ban on algorithmic stablecoin to prevent another Terra collapse.<\/li><\/ul>\n\n\n\n

                                See Related: <\/em><\/strong>Terra\u2019s Do Kwon Wanted For Arrest By Seoul Court<\/a><\/p>\n","post_title":"Interpol Issues Red Notice On Terraform Labs Founder Do Kwon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"interpol-issues-red-notice-on-terraform-labs-founder-do-kwon","to_ping":"","pinged":"","post_modified":"2023-04-30 21:29:51","post_modified_gmt":"2023-04-30 11:29:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7439","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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                                By subscribing, you agree with our privacy and terms.

                                Type your email here

                                >

                                Follow The Distributed

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                                ADVERTISEMENT
                                \n

                                Critical Verdict By SEC's Attorney<\/h2>\n\n\n\n

                                During the trial, the SEC's attorney, Laura Meehan, disclosed a secret agreement between Terraform Labs, Do Kwon, and institutional investor Jump Trading to salvage UST's value during a de-pegging incident in May 2021. This intervention was concealed from the public to bolster the illusion of the algorithm's efficacy.<\/p>\n\n\n\n

                                Despite attempts by Terraform Labs and Do Kwon's legal team to downplay Jump Trading's involvement, arguing it was standard market activity, the jury found their defense unconvincing, highlighting the extent of the deception, Coindesk<\/em> reported.<\/p>\n\n\n\n

                                While Terraform Labs contests the verdict, Do Kwon faces additional criminal charges in the US and South Korea related to the Terra ecosystem's collapse. His extradition status remains uncertain as multiple countries vie for jurisdiction.<\/p>\n","post_title":"Terraform Labs And Do Kwon Found Liable In SEC Fraud Case","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terraform-labs-and-do-kwon-found-liable-in-sec-fraud-case","to_ping":"","pinged":"","post_modified":"2024-04-09 18:57:14","post_modified_gmt":"2024-04-09 08:57:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7439,"post_author":"7","post_date":"2022-09-28 21:16:09","post_date_gmt":"2022-09-28 11:16:09","post_content":"\n

                                Interpol issued a Red Notice against the founder of Terraform Labs, Do Kwon, in the early hours of Monday, September 26, 2022. This red notice results from Do Kwon losing more than $45 billion in investors\u2019 funds.<\/p>\n\n\n\n

                                • Earlier this year, the Terra LUNA ecosystem collapsed<\/a>, losing more than $45 billion in investors\u2019 funds. The crash affected the crypto market, with other financial markets feeling the effects of Terra\u2019s collapse. He became a person of interest when Terra\u2019s algorithmic stablecoin<\/a> ($USTC formerly $UST) dropped to almost $0 within weeks.<\/li><\/ul>\n\n\n\n
                                  • After the crash, he relocated Terraform Labs HQ from South Korea to Singapore due to being under investigation for tax evasion charges. The Terra founder said he would cooperate with investigative agencies in the Terra crash and as nothing to hide. Further, Do Kwon posted on Twitter<\/a> describing himself with an \u201cextremely high bar of integrity.\u201d  <\/li><\/ul>\n\n\n\n
                                    • However, South Korean prosecutors stated that Do Kwon was not cooperating, and he is on the run. As a result, Interpol has issued<\/a> a Red Notice on the Terra founder, thereby declaring him wanted in over 196 countries.<\/li><\/ul>\n\n\n\n
                                      • Despite being a wanted man, Do Kwon remains active on social media, with his current location in Singapore. In turn, governmental authorities are working on a new bill<\/a> to place a two-year ban on algorithmic stablecoin to prevent another Terra collapse.<\/li><\/ul>\n\n\n\n

                                        See Related: <\/em><\/strong>Terra\u2019s Do Kwon Wanted For Arrest By Seoul Court<\/a><\/p>\n","post_title":"Interpol Issues Red Notice On Terraform Labs Founder Do Kwon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"interpol-issues-red-notice-on-terraform-labs-founder-do-kwon","to_ping":"","pinged":"","post_modified":"2023-04-30 21:29:51","post_modified_gmt":"2023-04-30 11:29:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7439","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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                                        Subscribe To Our Newsletter

                                        By subscribing, you agree with our privacy and terms.

                                        Type your email here

                                        >

                                        Follow The Distributed

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                                        ADVERTISEMENT
                                        \n

                                        \nhttps:\/\/twitter.com\/SECGov\/status\/1776354285132902411\n<\/div><\/figure>\n\n\n\n

                                        Critical Verdict By SEC's Attorney<\/h2>\n\n\n\n

                                        During the trial, the SEC's attorney, Laura Meehan, disclosed a secret agreement between Terraform Labs, Do Kwon, and institutional investor Jump Trading to salvage UST's value during a de-pegging incident in May 2021. This intervention was concealed from the public to bolster the illusion of the algorithm's efficacy.<\/p>\n\n\n\n

                                        Despite attempts by Terraform Labs and Do Kwon's legal team to downplay Jump Trading's involvement, arguing it was standard market activity, the jury found their defense unconvincing, highlighting the extent of the deception, Coindesk<\/em> reported.<\/p>\n\n\n\n

                                        While Terraform Labs contests the verdict, Do Kwon faces additional criminal charges in the US and South Korea related to the Terra ecosystem's collapse. His extradition status remains uncertain as multiple countries vie for jurisdiction.<\/p>\n","post_title":"Terraform Labs And Do Kwon Found Liable In SEC Fraud Case","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terraform-labs-and-do-kwon-found-liable-in-sec-fraud-case","to_ping":"","pinged":"","post_modified":"2024-04-09 18:57:14","post_modified_gmt":"2024-04-09 08:57:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7439,"post_author":"7","post_date":"2022-09-28 21:16:09","post_date_gmt":"2022-09-28 11:16:09","post_content":"\n

                                        Interpol issued a Red Notice against the founder of Terraform Labs, Do Kwon, in the early hours of Monday, September 26, 2022. This red notice results from Do Kwon losing more than $45 billion in investors\u2019 funds.<\/p>\n\n\n\n

                                        • Earlier this year, the Terra LUNA ecosystem collapsed<\/a>, losing more than $45 billion in investors\u2019 funds. The crash affected the crypto market, with other financial markets feeling the effects of Terra\u2019s collapse. He became a person of interest when Terra\u2019s algorithmic stablecoin<\/a> ($USTC formerly $UST) dropped to almost $0 within weeks.<\/li><\/ul>\n\n\n\n
                                          • After the crash, he relocated Terraform Labs HQ from South Korea to Singapore due to being under investigation for tax evasion charges. The Terra founder said he would cooperate with investigative agencies in the Terra crash and as nothing to hide. Further, Do Kwon posted on Twitter<\/a> describing himself with an \u201cextremely high bar of integrity.\u201d  <\/li><\/ul>\n\n\n\n
                                            • However, South Korean prosecutors stated that Do Kwon was not cooperating, and he is on the run. As a result, Interpol has issued<\/a> a Red Notice on the Terra founder, thereby declaring him wanted in over 196 countries.<\/li><\/ul>\n\n\n\n
                                              • Despite being a wanted man, Do Kwon remains active on social media, with his current location in Singapore. In turn, governmental authorities are working on a new bill<\/a> to place a two-year ban on algorithmic stablecoin to prevent another Terra collapse.<\/li><\/ul>\n\n\n\n

                                                See Related: <\/em><\/strong>Terra\u2019s Do Kwon Wanted For Arrest By Seoul Court<\/a><\/p>\n","post_title":"Interpol Issues Red Notice On Terraform Labs Founder Do Kwon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"interpol-issues-red-notice-on-terraform-labs-founder-do-kwon","to_ping":"","pinged":"","post_modified":"2023-04-30 21:29:51","post_modified_gmt":"2023-04-30 11:29:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7439","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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                                        Subscribe To Our Newsletter

                                        By subscribing, you agree with our privacy and terms.

                                        Type your email here

                                        >

                                        Follow The Distributed

                                        Twitter Instagram Youtube LinkedIn Facebook RSS

                                        

                                        ADVERTISEMENT

                                        \n

                                        \"Terraform Labs and Kwon, its former CEO, deceived investors about the stability of the crypto asset security and so-called algorithmic stablecoin Terra USD, and they further misled investors about whether a popular payment application used Terraform's blockchain to process and settle payments.\"<\/em><\/p>\n\n\n\n

                                        \nhttps:\/\/twitter.com\/SECGov\/status\/1776354285132902411\n<\/div><\/figure>\n\n\n\n

                                        Critical Verdict By SEC's Attorney<\/h2>\n\n\n\n

                                        During the trial, the SEC's attorney, Laura Meehan, disclosed a secret agreement between Terraform Labs, Do Kwon, and institutional investor Jump Trading to salvage UST's value during a de-pegging incident in May 2021. This intervention was concealed from the public to bolster the illusion of the algorithm's efficacy.<\/p>\n\n\n\n

                                        Despite attempts by Terraform Labs and Do Kwon's legal team to downplay Jump Trading's involvement, arguing it was standard market activity, the jury found their defense unconvincing, highlighting the extent of the deception, Coindesk<\/em> reported.<\/p>\n\n\n\n

                                        While Terraform Labs contests the verdict, Do Kwon faces additional criminal charges in the US and South Korea related to the Terra ecosystem's collapse. His extradition status remains uncertain as multiple countries vie for jurisdiction.<\/p>\n","post_title":"Terraform Labs And Do Kwon Found Liable In SEC Fraud Case","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terraform-labs-and-do-kwon-found-liable-in-sec-fraud-case","to_ping":"","pinged":"","post_modified":"2024-04-09 18:57:14","post_modified_gmt":"2024-04-09 08:57:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7439,"post_author":"7","post_date":"2022-09-28 21:16:09","post_date_gmt":"2022-09-28 11:16:09","post_content":"\n

                                        Interpol issued a Red Notice against the founder of Terraform Labs, Do Kwon, in the early hours of Monday, September 26, 2022. This red notice results from Do Kwon losing more than $45 billion in investors\u2019 funds.<\/p>\n\n\n\n

                                        • Earlier this year, the Terra LUNA ecosystem collapsed<\/a>, losing more than $45 billion in investors\u2019 funds. The crash affected the crypto market, with other financial markets feeling the effects of Terra\u2019s collapse. He became a person of interest when Terra\u2019s algorithmic stablecoin<\/a> ($USTC formerly $UST) dropped to almost $0 within weeks.<\/li><\/ul>\n\n\n\n
                                          • After the crash, he relocated Terraform Labs HQ from South Korea to Singapore due to being under investigation for tax evasion charges. The Terra founder said he would cooperate with investigative agencies in the Terra crash and as nothing to hide. Further, Do Kwon posted on Twitter<\/a> describing himself with an \u201cextremely high bar of integrity.\u201d  <\/li><\/ul>\n\n\n\n
                                            • However, South Korean prosecutors stated that Do Kwon was not cooperating, and he is on the run. As a result, Interpol has issued<\/a> a Red Notice on the Terra founder, thereby declaring him wanted in over 196 countries.<\/li><\/ul>\n\n\n\n
                                              • Despite being a wanted man, Do Kwon remains active on social media, with his current location in Singapore. In turn, governmental authorities are working on a new bill<\/a> to place a two-year ban on algorithmic stablecoin to prevent another Terra collapse.<\/li><\/ul>\n\n\n\n

                                                See Related: <\/em><\/strong>Terra\u2019s Do Kwon Wanted For Arrest By Seoul Court<\/a><\/p>\n","post_title":"Interpol Issues Red Notice On Terraform Labs Founder Do Kwon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"interpol-issues-red-notice-on-terraform-labs-founder-do-kwon","to_ping":"","pinged":"","post_modified":"2023-04-30 21:29:51","post_modified_gmt":"2023-04-30 11:29:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7439","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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                                        Terraform Labs And Do Kwon Found Liable In SEC Fraud Case

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                                        By subscribing, you agree with our privacy and terms.

                                        Type your email here

                                        >

                                        Follow The Distributed

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                                        ADVERTISEMENT

                                        \n

                                        SEC's Director of Division of Enforcement Gurbir Grewal mentioned<\/a>: \"We are pleased with today's jury verdict holding Terraform Labs and Do Kwon liable for a massive crypto fraud.\"<\/em><\/p>\n\n\n\n

                                        \"Terraform Labs and Kwon, its former CEO, deceived investors about the stability of the crypto asset security and so-called algorithmic stablecoin Terra USD, and they further misled investors about whether a popular payment application used Terraform's blockchain to process and settle payments.\"<\/em><\/p>\n\n\n\n

                                        \nhttps:\/\/twitter.com\/SECGov\/status\/1776354285132902411\n<\/div><\/figure>\n\n\n\n

                                        Critical Verdict By SEC's Attorney<\/h2>\n\n\n\n

                                        During the trial, the SEC's attorney, Laura Meehan, disclosed a secret agreement between Terraform Labs, Do Kwon, and institutional investor Jump Trading to salvage UST's value during a de-pegging incident in May 2021. This intervention was concealed from the public to bolster the illusion of the algorithm's efficacy.<\/p>\n\n\n\n

                                        Despite attempts by Terraform Labs and Do Kwon's legal team to downplay Jump Trading's involvement, arguing it was standard market activity, the jury found their defense unconvincing, highlighting the extent of the deception, Coindesk<\/em> reported.<\/p>\n\n\n\n

                                        While Terraform Labs contests the verdict, Do Kwon faces additional criminal charges in the US and South Korea related to the Terra ecosystem's collapse. His extradition status remains uncertain as multiple countries vie for jurisdiction.<\/p>\n","post_title":"Terraform Labs And Do Kwon Found Liable In SEC Fraud Case","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terraform-labs-and-do-kwon-found-liable-in-sec-fraud-case","to_ping":"","pinged":"","post_modified":"2024-04-09 18:57:14","post_modified_gmt":"2024-04-09 08:57:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7439,"post_author":"7","post_date":"2022-09-28 21:16:09","post_date_gmt":"2022-09-28 11:16:09","post_content":"\n

                                        Interpol issued a Red Notice against the founder of Terraform Labs, Do Kwon, in the early hours of Monday, September 26, 2022. This red notice results from Do Kwon losing more than $45 billion in investors\u2019 funds.<\/p>\n\n\n\n

                                        • Earlier this year, the Terra LUNA ecosystem collapsed<\/a>, losing more than $45 billion in investors\u2019 funds. The crash affected the crypto market, with other financial markets feeling the effects of Terra\u2019s collapse. He became a person of interest when Terra\u2019s algorithmic stablecoin<\/a> ($USTC formerly $UST) dropped to almost $0 within weeks.<\/li><\/ul>\n\n\n\n
                                          • After the crash, he relocated Terraform Labs HQ from South Korea to Singapore due to being under investigation for tax evasion charges. The Terra founder said he would cooperate with investigative agencies in the Terra crash and as nothing to hide. Further, Do Kwon posted on Twitter<\/a> describing himself with an \u201cextremely high bar of integrity.\u201d  <\/li><\/ul>\n\n\n\n
                                            • However, South Korean prosecutors stated that Do Kwon was not cooperating, and he is on the run. As a result, Interpol has issued<\/a> a Red Notice on the Terra founder, thereby declaring him wanted in over 196 countries.<\/li><\/ul>\n\n\n\n
                                              • Despite being a wanted man, Do Kwon remains active on social media, with his current location in Singapore. In turn, governmental authorities are working on a new bill<\/a> to place a two-year ban on algorithmic stablecoin to prevent another Terra collapse.<\/li><\/ul>\n\n\n\n

                                                See Related: <\/em><\/strong>Terra\u2019s Do Kwon Wanted For Arrest By Seoul Court<\/a><\/p>\n","post_title":"Interpol Issues Red Notice On Terraform Labs Founder Do Kwon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"interpol-issues-red-notice-on-terraform-labs-founder-do-kwon","to_ping":"","pinged":"","post_modified":"2023-04-30 21:29:51","post_modified_gmt":"2023-04-30 11:29:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7439","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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                                        By subscribing, you agree with our privacy and terms.

                                        Type your email here

                                        >

                                        Follow The Distributed

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                                        ADVERTISEMENT

                                        \n

                                        See Related: <\/em><\/strong>SEC Sues Terraform Labs And Founder Do Kwon For Fraud And Sale Of Unregistered Securities<\/a><\/p>\n\n\n\n

                                        SEC's Director of Division of Enforcement Gurbir Grewal mentioned<\/a>: \"We are pleased with today's jury verdict holding Terraform Labs and Do Kwon liable for a massive crypto fraud.\"<\/em><\/p>\n\n\n\n

                                        \"Terraform Labs and Kwon, its former CEO, deceived investors about the stability of the crypto asset security and so-called algorithmic stablecoin Terra USD, and they further misled investors about whether a popular payment application used Terraform's blockchain to process and settle payments.\"<\/em><\/p>\n\n\n\n

                                        \nhttps:\/\/twitter.com\/SECGov\/status\/1776354285132902411\n<\/div><\/figure>\n\n\n\n

                                        Critical Verdict By SEC's Attorney<\/h2>\n\n\n\n

                                        During the trial, the SEC's attorney, Laura Meehan, disclosed a secret agreement between Terraform Labs, Do Kwon, and institutional investor Jump Trading to salvage UST's value during a de-pegging incident in May 2021. This intervention was concealed from the public to bolster the illusion of the algorithm's efficacy.<\/p>\n\n\n\n

                                        Despite attempts by Terraform Labs and Do Kwon's legal team to downplay Jump Trading's involvement, arguing it was standard market activity, the jury found their defense unconvincing, highlighting the extent of the deception, Coindesk<\/em> reported.<\/p>\n\n\n\n

                                        While Terraform Labs contests the verdict, Do Kwon faces additional criminal charges in the US and South Korea related to the Terra ecosystem's collapse. His extradition status remains uncertain as multiple countries vie for jurisdiction.<\/p>\n","post_title":"Terraform Labs And Do Kwon Found Liable In SEC Fraud Case","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terraform-labs-and-do-kwon-found-liable-in-sec-fraud-case","to_ping":"","pinged":"","post_modified":"2024-04-09 18:57:14","post_modified_gmt":"2024-04-09 08:57:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7439,"post_author":"7","post_date":"2022-09-28 21:16:09","post_date_gmt":"2022-09-28 11:16:09","post_content":"\n

                                        Interpol issued a Red Notice against the founder of Terraform Labs, Do Kwon, in the early hours of Monday, September 26, 2022. This red notice results from Do Kwon losing more than $45 billion in investors\u2019 funds.<\/p>\n\n\n\n

                                        • Earlier this year, the Terra LUNA ecosystem collapsed<\/a>, losing more than $45 billion in investors\u2019 funds. The crash affected the crypto market, with other financial markets feeling the effects of Terra\u2019s collapse. He became a person of interest when Terra\u2019s algorithmic stablecoin<\/a> ($USTC formerly $UST) dropped to almost $0 within weeks.<\/li><\/ul>\n\n\n\n
                                          • After the crash, he relocated Terraform Labs HQ from South Korea to Singapore due to being under investigation for tax evasion charges. The Terra founder said he would cooperate with investigative agencies in the Terra crash and as nothing to hide. Further, Do Kwon posted on Twitter<\/a> describing himself with an \u201cextremely high bar of integrity.\u201d  <\/li><\/ul>\n\n\n\n
                                            • However, South Korean prosecutors stated that Do Kwon was not cooperating, and he is on the run. As a result, Interpol has issued<\/a> a Red Notice on the Terra founder, thereby declaring him wanted in over 196 countries.<\/li><\/ul>\n\n\n\n
                                              • Despite being a wanted man, Do Kwon remains active on social media, with his current location in Singapore. In turn, governmental authorities are working on a new bill<\/a> to place a two-year ban on algorithmic stablecoin to prevent another Terra collapse.<\/li><\/ul>\n\n\n\n

                                                See Related: <\/em><\/strong>Terra\u2019s Do Kwon Wanted For Arrest By Seoul Court<\/a><\/p>\n","post_title":"Interpol Issues Red Notice On Terraform Labs Founder Do Kwon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"interpol-issues-red-notice-on-terraform-labs-founder-do-kwon","to_ping":"","pinged":"","post_modified":"2023-04-30 21:29:51","post_modified_gmt":"2023-04-30 11:29:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7439","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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                                        Terraform Labs And Do Kwon Found Liable In SEC Fraud Case

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                                        Subscribe To Our Newsletter

                                        By subscribing, you agree with our privacy and terms.

                                        Type your email here

                                        >

                                        Follow The Distributed

                                        Twitter Instagram Youtube LinkedIn Facebook RSS

                                        

                                        ADVERTISEMENT

                                        \n

                                        The SEC accused Terraform Labs and Do Kwon of deceiving investors about UST's functionality and the Terra blockchain's potential applications. The nine-day trial concluded swiftly, with the jury siding with the SEC's claims.<\/p>\n\n\n\n

                                        See Related: <\/em><\/strong>SEC Sues Terraform Labs And Founder Do Kwon For Fraud And Sale Of Unregistered Securities<\/a><\/p>\n\n\n\n

                                        SEC's Director of Division of Enforcement Gurbir Grewal mentioned<\/a>: \"We are pleased with today's jury verdict holding Terraform Labs and Do Kwon liable for a massive crypto fraud.\"<\/em><\/p>\n\n\n\n

                                        \"Terraform Labs and Kwon, its former CEO, deceived investors about the stability of the crypto asset security and so-called algorithmic stablecoin Terra USD, and they further misled investors about whether a popular payment application used Terraform's blockchain to process and settle payments.\"<\/em><\/p>\n\n\n\n

                                        \nhttps:\/\/twitter.com\/SECGov\/status\/1776354285132902411\n<\/div><\/figure>\n\n\n\n

                                        Critical Verdict By SEC's Attorney<\/h2>\n\n\n\n

                                        During the trial, the SEC's attorney, Laura Meehan, disclosed a secret agreement between Terraform Labs, Do Kwon, and institutional investor Jump Trading to salvage UST's value during a de-pegging incident in May 2021. This intervention was concealed from the public to bolster the illusion of the algorithm's efficacy.<\/p>\n\n\n\n

                                        Despite attempts by Terraform Labs and Do Kwon's legal team to downplay Jump Trading's involvement, arguing it was standard market activity, the jury found their defense unconvincing, highlighting the extent of the deception, Coindesk<\/em> reported.<\/p>\n\n\n\n

                                        While Terraform Labs contests the verdict, Do Kwon faces additional criminal charges in the US and South Korea related to the Terra ecosystem's collapse. His extradition status remains uncertain as multiple countries vie for jurisdiction.<\/p>\n","post_title":"Terraform Labs And Do Kwon Found Liable In SEC Fraud Case","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terraform-labs-and-do-kwon-found-liable-in-sec-fraud-case","to_ping":"","pinged":"","post_modified":"2024-04-09 18:57:14","post_modified_gmt":"2024-04-09 08:57:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7439,"post_author":"7","post_date":"2022-09-28 21:16:09","post_date_gmt":"2022-09-28 11:16:09","post_content":"\n

                                        Interpol issued a Red Notice against the founder of Terraform Labs, Do Kwon, in the early hours of Monday, September 26, 2022. This red notice results from Do Kwon losing more than $45 billion in investors\u2019 funds.<\/p>\n\n\n\n

                                        • Earlier this year, the Terra LUNA ecosystem collapsed<\/a>, losing more than $45 billion in investors\u2019 funds. The crash affected the crypto market, with other financial markets feeling the effects of Terra\u2019s collapse. He became a person of interest when Terra\u2019s algorithmic stablecoin<\/a> ($USTC formerly $UST) dropped to almost $0 within weeks.<\/li><\/ul>\n\n\n\n
                                          • After the crash, he relocated Terraform Labs HQ from South Korea to Singapore due to being under investigation for tax evasion charges. The Terra founder said he would cooperate with investigative agencies in the Terra crash and as nothing to hide. Further, Do Kwon posted on Twitter<\/a> describing himself with an \u201cextremely high bar of integrity.\u201d  <\/li><\/ul>\n\n\n\n
                                            • However, South Korean prosecutors stated that Do Kwon was not cooperating, and he is on the run. As a result, Interpol has issued<\/a> a Red Notice on the Terra founder, thereby declaring him wanted in over 196 countries.<\/li><\/ul>\n\n\n\n
                                              • Despite being a wanted man, Do Kwon remains active on social media, with his current location in Singapore. In turn, governmental authorities are working on a new bill<\/a> to place a two-year ban on algorithmic stablecoin to prevent another Terra collapse.<\/li><\/ul>\n\n\n\n

                                                See Related: <\/em><\/strong>Terra\u2019s Do Kwon Wanted For Arrest By Seoul Court<\/a><\/p>\n","post_title":"Interpol Issues Red Notice On Terraform Labs Founder Do Kwon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"interpol-issues-red-notice-on-terraform-labs-founder-do-kwon","to_ping":"","pinged":"","post_modified":"2023-04-30 21:29:51","post_modified_gmt":"2023-04-30 11:29:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7439","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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                                        Terraform Labs And Do Kwon Found Liable In SEC Fraud Case

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                                        Subscribe To Our Newsletter

                                        By subscribing, you agree with our privacy and terms.

                                        Type your email here

                                        >

                                        Follow The Distributed

                                        Twitter Instagram Youtube LinkedIn Facebook RSS

                                        

                                        ADVERTISEMENT

                                        \n

                                        The verdict followed accusations of misleading investors regarding the stability of Terra USD (UST), an algorithmic stablecoin, and the purported capabilities of the Terra blockchain.<\/p>\n\n\n\n

                                        The SEC accused Terraform Labs and Do Kwon of deceiving investors about UST's functionality and the Terra blockchain's potential applications. The nine-day trial concluded swiftly, with the jury siding with the SEC's claims.<\/p>\n\n\n\n

                                        See Related: <\/em><\/strong>SEC Sues Terraform Labs And Founder Do Kwon For Fraud And Sale Of Unregistered Securities<\/a><\/p>\n\n\n\n

                                        SEC's Director of Division of Enforcement Gurbir Grewal mentioned<\/a>: \"We are pleased with today's jury verdict holding Terraform Labs and Do Kwon liable for a massive crypto fraud.\"<\/em><\/p>\n\n\n\n

                                        \"Terraform Labs and Kwon, its former CEO, deceived investors about the stability of the crypto asset security and so-called algorithmic stablecoin Terra USD, and they further misled investors about whether a popular payment application used Terraform's blockchain to process and settle payments.\"<\/em><\/p>\n\n\n\n

                                        \nhttps:\/\/twitter.com\/SECGov\/status\/1776354285132902411\n<\/div><\/figure>\n\n\n\n

                                        Critical Verdict By SEC's Attorney<\/h2>\n\n\n\n

                                        During the trial, the SEC's attorney, Laura Meehan, disclosed a secret agreement between Terraform Labs, Do Kwon, and institutional investor Jump Trading to salvage UST's value during a de-pegging incident in May 2021. This intervention was concealed from the public to bolster the illusion of the algorithm's efficacy.<\/p>\n\n\n\n

                                        Despite attempts by Terraform Labs and Do Kwon's legal team to downplay Jump Trading's involvement, arguing it was standard market activity, the jury found their defense unconvincing, highlighting the extent of the deception, Coindesk<\/em> reported.<\/p>\n\n\n\n

                                        While Terraform Labs contests the verdict, Do Kwon faces additional criminal charges in the US and South Korea related to the Terra ecosystem's collapse. His extradition status remains uncertain as multiple countries vie for jurisdiction.<\/p>\n","post_title":"Terraform Labs And Do Kwon Found Liable In SEC Fraud Case","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terraform-labs-and-do-kwon-found-liable-in-sec-fraud-case","to_ping":"","pinged":"","post_modified":"2024-04-09 18:57:14","post_modified_gmt":"2024-04-09 08:57:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7439,"post_author":"7","post_date":"2022-09-28 21:16:09","post_date_gmt":"2022-09-28 11:16:09","post_content":"\n

                                        Interpol issued a Red Notice against the founder of Terraform Labs, Do Kwon, in the early hours of Monday, September 26, 2022. This red notice results from Do Kwon losing more than $45 billion in investors\u2019 funds.<\/p>\n\n\n\n

                                        • Earlier this year, the Terra LUNA ecosystem collapsed<\/a>, losing more than $45 billion in investors\u2019 funds. The crash affected the crypto market, with other financial markets feeling the effects of Terra\u2019s collapse. He became a person of interest when Terra\u2019s algorithmic stablecoin<\/a> ($USTC formerly $UST) dropped to almost $0 within weeks.<\/li><\/ul>\n\n\n\n
                                          • After the crash, he relocated Terraform Labs HQ from South Korea to Singapore due to being under investigation for tax evasion charges. The Terra founder said he would cooperate with investigative agencies in the Terra crash and as nothing to hide. Further, Do Kwon posted on Twitter<\/a> describing himself with an \u201cextremely high bar of integrity.\u201d  <\/li><\/ul>\n\n\n\n
                                            • However, South Korean prosecutors stated that Do Kwon was not cooperating, and he is on the run. As a result, Interpol has issued<\/a> a Red Notice on the Terra founder, thereby declaring him wanted in over 196 countries.<\/li><\/ul>\n\n\n\n
                                              • Despite being a wanted man, Do Kwon remains active on social media, with his current location in Singapore. In turn, governmental authorities are working on a new bill<\/a> to place a two-year ban on algorithmic stablecoin to prevent another Terra collapse.<\/li><\/ul>\n\n\n\n

                                                See Related: <\/em><\/strong>Terra\u2019s Do Kwon Wanted For Arrest By Seoul Court<\/a><\/p>\n","post_title":"Interpol Issues Red Notice On Terraform Labs Founder Do Kwon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"interpol-issues-red-notice-on-terraform-labs-founder-do-kwon","to_ping":"","pinged":"","post_modified":"2023-04-30 21:29:51","post_modified_gmt":"2023-04-30 11:29:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7439","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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                                        Terraform Labs And Do Kwon Found Liable In SEC Fraud Case

                                        April 9, 2024

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                                        Subscribe To Our Newsletter

                                        By subscribing, you agree with our privacy and terms.

                                        Type your email here

                                        >

                                        Follow The Distributed

                                        Twitter Instagram Youtube LinkedIn Facebook RSS

                                        

                                        ADVERTISEMENT

                                        \n

                                        A Manhattan jury has pronounced Terraform Labs and its co-founder, Do Kwon, liable for civil fraud charges brought forth by the US Securities and Exchange Commission (SEC).<\/p>\n\n\n\n

                                        The verdict followed accusations of misleading investors regarding the stability of Terra USD (UST), an algorithmic stablecoin, and the purported capabilities of the Terra blockchain.<\/p>\n\n\n\n

                                        The SEC accused Terraform Labs and Do Kwon of deceiving investors about UST's functionality and the Terra blockchain's potential applications. The nine-day trial concluded swiftly, with the jury siding with the SEC's claims.<\/p>\n\n\n\n

                                        See Related: <\/em><\/strong>SEC Sues Terraform Labs And Founder Do Kwon For Fraud And Sale Of Unregistered Securities<\/a><\/p>\n\n\n\n

                                        SEC's Director of Division of Enforcement Gurbir Grewal mentioned<\/a>: \"We are pleased with today's jury verdict holding Terraform Labs and Do Kwon liable for a massive crypto fraud.\"<\/em><\/p>\n\n\n\n

                                        \"Terraform Labs and Kwon, its former CEO, deceived investors about the stability of the crypto asset security and so-called algorithmic stablecoin Terra USD, and they further misled investors about whether a popular payment application used Terraform's blockchain to process and settle payments.\"<\/em><\/p>\n\n\n\n

                                        \nhttps:\/\/twitter.com\/SECGov\/status\/1776354285132902411\n<\/div><\/figure>\n\n\n\n

                                        Critical Verdict By SEC's Attorney<\/h2>\n\n\n\n

                                        During the trial, the SEC's attorney, Laura Meehan, disclosed a secret agreement between Terraform Labs, Do Kwon, and institutional investor Jump Trading to salvage UST's value during a de-pegging incident in May 2021. This intervention was concealed from the public to bolster the illusion of the algorithm's efficacy.<\/p>\n\n\n\n

                                        Despite attempts by Terraform Labs and Do Kwon's legal team to downplay Jump Trading's involvement, arguing it was standard market activity, the jury found their defense unconvincing, highlighting the extent of the deception, Coindesk<\/em> reported.<\/p>\n\n\n\n

                                        While Terraform Labs contests the verdict, Do Kwon faces additional criminal charges in the US and South Korea related to the Terra ecosystem's collapse. His extradition status remains uncertain as multiple countries vie for jurisdiction.<\/p>\n","post_title":"Terraform Labs And Do Kwon Found Liable In SEC Fraud Case","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terraform-labs-and-do-kwon-found-liable-in-sec-fraud-case","to_ping":"","pinged":"","post_modified":"2024-04-09 18:57:14","post_modified_gmt":"2024-04-09 08:57:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7439,"post_author":"7","post_date":"2022-09-28 21:16:09","post_date_gmt":"2022-09-28 11:16:09","post_content":"\n

                                        Interpol issued a Red Notice against the founder of Terraform Labs, Do Kwon, in the early hours of Monday, September 26, 2022. This red notice results from Do Kwon losing more than $45 billion in investors\u2019 funds.<\/p>\n\n\n\n

                                        • Earlier this year, the Terra LUNA ecosystem collapsed<\/a>, losing more than $45 billion in investors\u2019 funds. The crash affected the crypto market, with other financial markets feeling the effects of Terra\u2019s collapse. He became a person of interest when Terra\u2019s algorithmic stablecoin<\/a> ($USTC formerly $UST) dropped to almost $0 within weeks.<\/li><\/ul>\n\n\n\n
                                          • After the crash, he relocated Terraform Labs HQ from South Korea to Singapore due to being under investigation for tax evasion charges. The Terra founder said he would cooperate with investigative agencies in the Terra crash and as nothing to hide. Further, Do Kwon posted on Twitter<\/a> describing himself with an \u201cextremely high bar of integrity.\u201d  <\/li><\/ul>\n\n\n\n
                                            • However, South Korean prosecutors stated that Do Kwon was not cooperating, and he is on the run. As a result, Interpol has issued<\/a> a Red Notice on the Terra founder, thereby declaring him wanted in over 196 countries.<\/li><\/ul>\n\n\n\n
                                              • Despite being a wanted man, Do Kwon remains active on social media, with his current location in Singapore. In turn, governmental authorities are working on a new bill<\/a> to place a two-year ban on algorithmic stablecoin to prevent another Terra collapse.<\/li><\/ul>\n\n\n\n

                                                See Related: <\/em><\/strong>Terra\u2019s Do Kwon Wanted For Arrest By Seoul Court<\/a><\/p>\n","post_title":"Interpol Issues Red Notice On Terraform Labs Founder Do Kwon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"interpol-issues-red-notice-on-terraform-labs-founder-do-kwon","to_ping":"","pinged":"","post_modified":"2023-04-30 21:29:51","post_modified_gmt":"2023-04-30 11:29:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7439","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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                                        Terraform Labs And Do Kwon Found Liable In SEC Fraud Case

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                                        Type your email here

                                        >

                                        Follow The Distributed

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                                        ADVERTISEMENT

                                        \n

                                        Do Kwon faces additional criminal charges in the US and South Korea.<\/li>\n<\/ul>\n\n\n\n

                                        A Manhattan jury has pronounced Terraform Labs and its co-founder, Do Kwon, liable for civil fraud charges brought forth by the US Securities and Exchange Commission (SEC).<\/p>\n\n\n\n

                                        The verdict followed accusations of misleading investors regarding the stability of Terra USD (UST), an algorithmic stablecoin, and the purported capabilities of the Terra blockchain.<\/p>\n\n\n\n

                                        The SEC accused Terraform Labs and Do Kwon of deceiving investors about UST's functionality and the Terra blockchain's potential applications. The nine-day trial concluded swiftly, with the jury siding with the SEC's claims.<\/p>\n\n\n\n

                                        See Related: <\/em><\/strong>SEC Sues Terraform Labs And Founder Do Kwon For Fraud And Sale Of Unregistered Securities<\/a><\/p>\n\n\n\n

                                        SEC's Director of Division of Enforcement Gurbir Grewal mentioned<\/a>: \"We are pleased with today's jury verdict holding Terraform Labs and Do Kwon liable for a massive crypto fraud.\"<\/em><\/p>\n\n\n\n

                                        \"Terraform Labs and Kwon, its former CEO, deceived investors about the stability of the crypto asset security and so-called algorithmic stablecoin Terra USD, and they further misled investors about whether a popular payment application used Terraform's blockchain to process and settle payments.\"<\/em><\/p>\n\n\n\n

                                        \nhttps:\/\/twitter.com\/SECGov\/status\/1776354285132902411\n<\/div><\/figure>\n\n\n\n

                                        Critical Verdict By SEC's Attorney<\/h2>\n\n\n\n

                                        During the trial, the SEC's attorney, Laura Meehan, disclosed a secret agreement between Terraform Labs, Do Kwon, and institutional investor Jump Trading to salvage UST's value during a de-pegging incident in May 2021. This intervention was concealed from the public to bolster the illusion of the algorithm's efficacy.<\/p>\n\n\n\n

                                        Despite attempts by Terraform Labs and Do Kwon's legal team to downplay Jump Trading's involvement, arguing it was standard market activity, the jury found their defense unconvincing, highlighting the extent of the deception, Coindesk<\/em> reported.<\/p>\n\n\n\n

                                        While Terraform Labs contests the verdict, Do Kwon faces additional criminal charges in the US and South Korea related to the Terra ecosystem's collapse. His extradition status remains uncertain as multiple countries vie for jurisdiction.<\/p>\n","post_title":"Terraform Labs And Do Kwon Found Liable In SEC Fraud Case","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terraform-labs-and-do-kwon-found-liable-in-sec-fraud-case","to_ping":"","pinged":"","post_modified":"2024-04-09 18:57:14","post_modified_gmt":"2024-04-09 08:57:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7439,"post_author":"7","post_date":"2022-09-28 21:16:09","post_date_gmt":"2022-09-28 11:16:09","post_content":"\n

                                        Interpol issued a Red Notice against the founder of Terraform Labs, Do Kwon, in the early hours of Monday, September 26, 2022. This red notice results from Do Kwon losing more than $45 billion in investors\u2019 funds.<\/p>\n\n\n\n

                                        • Earlier this year, the Terra LUNA ecosystem collapsed<\/a>, losing more than $45 billion in investors\u2019 funds. The crash affected the crypto market, with other financial markets feeling the effects of Terra\u2019s collapse. He became a person of interest when Terra\u2019s algorithmic stablecoin<\/a> ($USTC formerly $UST) dropped to almost $0 within weeks.<\/li><\/ul>\n\n\n\n
                                          • After the crash, he relocated Terraform Labs HQ from South Korea to Singapore due to being under investigation for tax evasion charges. The Terra founder said he would cooperate with investigative agencies in the Terra crash and as nothing to hide. Further, Do Kwon posted on Twitter<\/a> describing himself with an \u201cextremely high bar of integrity.\u201d  <\/li><\/ul>\n\n\n\n
                                            • However, South Korean prosecutors stated that Do Kwon was not cooperating, and he is on the run. As a result, Interpol has issued<\/a> a Red Notice on the Terra founder, thereby declaring him wanted in over 196 countries.<\/li><\/ul>\n\n\n\n
                                              • Despite being a wanted man, Do Kwon remains active on social media, with his current location in Singapore. In turn, governmental authorities are working on a new bill<\/a> to place a two-year ban on algorithmic stablecoin to prevent another Terra collapse.<\/li><\/ul>\n\n\n\n

                                                See Related: <\/em><\/strong>Terra\u2019s Do Kwon Wanted For Arrest By Seoul Court<\/a><\/p>\n","post_title":"Interpol Issues Red Notice On Terraform Labs Founder Do Kwon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"interpol-issues-red-notice-on-terraform-labs-founder-do-kwon","to_ping":"","pinged":"","post_modified":"2023-04-30 21:29:51","post_modified_gmt":"2023-04-30 11:29:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7439","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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                                        Terraform Labs And Do Kwon Found Liable In SEC Fraud Case

                                        April 9, 2024

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                                        Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

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                                        December 5, 2024

                                        Subscribe To Our Newsletter

                                        By subscribing, you agree with our privacy and terms.

                                        Type your email here

                                        >

                                        Follow The Distributed

                                        Twitter Instagram Youtube LinkedIn Facebook RSS

                                        

                                        ADVERTISEMENT

                                        \n

                                        The SEC accused Terraform Labs and Do Kwon of deceiving investors regarding the functionality of Terra USD.<\/li>\n\n\n\n

                                        Do Kwon faces additional criminal charges in the US and South Korea.<\/li>\n<\/ul>\n\n\n\n

                                        A Manhattan jury has pronounced Terraform Labs and its co-founder, Do Kwon, liable for civil fraud charges brought forth by the US Securities and Exchange Commission (SEC).<\/p>\n\n\n\n

                                        The verdict followed accusations of misleading investors regarding the stability of Terra USD (UST), an algorithmic stablecoin, and the purported capabilities of the Terra blockchain.<\/p>\n\n\n\n

                                        The SEC accused Terraform Labs and Do Kwon of deceiving investors about UST's functionality and the Terra blockchain's potential applications. The nine-day trial concluded swiftly, with the jury siding with the SEC's claims.<\/p>\n\n\n\n

                                        See Related: <\/em><\/strong>SEC Sues Terraform Labs And Founder Do Kwon For Fraud And Sale Of Unregistered Securities<\/a><\/p>\n\n\n\n

                                        SEC's Director of Division of Enforcement Gurbir Grewal mentioned<\/a>: \"We are pleased with today's jury verdict holding Terraform Labs and Do Kwon liable for a massive crypto fraud.\"<\/em><\/p>\n\n\n\n

                                        \"Terraform Labs and Kwon, its former CEO, deceived investors about the stability of the crypto asset security and so-called algorithmic stablecoin Terra USD, and they further misled investors about whether a popular payment application used Terraform's blockchain to process and settle payments.\"<\/em><\/p>\n\n\n\n

                                        \nhttps:\/\/twitter.com\/SECGov\/status\/1776354285132902411\n<\/div><\/figure>\n\n\n\n

                                        Critical Verdict By SEC's Attorney<\/h2>\n\n\n\n

                                        During the trial, the SEC's attorney, Laura Meehan, disclosed a secret agreement between Terraform Labs, Do Kwon, and institutional investor Jump Trading to salvage UST's value during a de-pegging incident in May 2021. This intervention was concealed from the public to bolster the illusion of the algorithm's efficacy.<\/p>\n\n\n\n

                                        Despite attempts by Terraform Labs and Do Kwon's legal team to downplay Jump Trading's involvement, arguing it was standard market activity, the jury found their defense unconvincing, highlighting the extent of the deception, Coindesk<\/em> reported.<\/p>\n\n\n\n

                                        While Terraform Labs contests the verdict, Do Kwon faces additional criminal charges in the US and South Korea related to the Terra ecosystem's collapse. His extradition status remains uncertain as multiple countries vie for jurisdiction.<\/p>\n","post_title":"Terraform Labs And Do Kwon Found Liable In SEC Fraud Case","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terraform-labs-and-do-kwon-found-liable-in-sec-fraud-case","to_ping":"","pinged":"","post_modified":"2024-04-09 18:57:14","post_modified_gmt":"2024-04-09 08:57:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7439,"post_author":"7","post_date":"2022-09-28 21:16:09","post_date_gmt":"2022-09-28 11:16:09","post_content":"\n

                                        Interpol issued a Red Notice against the founder of Terraform Labs, Do Kwon, in the early hours of Monday, September 26, 2022. This red notice results from Do Kwon losing more than $45 billion in investors\u2019 funds.<\/p>\n\n\n\n

                                        • Earlier this year, the Terra LUNA ecosystem collapsed<\/a>, losing more than $45 billion in investors\u2019 funds. The crash affected the crypto market, with other financial markets feeling the effects of Terra\u2019s collapse. He became a person of interest when Terra\u2019s algorithmic stablecoin<\/a> ($USTC formerly $UST) dropped to almost $0 within weeks.<\/li><\/ul>\n\n\n\n
                                          • After the crash, he relocated Terraform Labs HQ from South Korea to Singapore due to being under investigation for tax evasion charges. The Terra founder said he would cooperate with investigative agencies in the Terra crash and as nothing to hide. Further, Do Kwon posted on Twitter<\/a> describing himself with an \u201cextremely high bar of integrity.\u201d  <\/li><\/ul>\n\n\n\n
                                            • However, South Korean prosecutors stated that Do Kwon was not cooperating, and he is on the run. As a result, Interpol has issued<\/a> a Red Notice on the Terra founder, thereby declaring him wanted in over 196 countries.<\/li><\/ul>\n\n\n\n
                                              • Despite being a wanted man, Do Kwon remains active on social media, with his current location in Singapore. In turn, governmental authorities are working on a new bill<\/a> to place a two-year ban on algorithmic stablecoin to prevent another Terra collapse.<\/li><\/ul>\n\n\n\n

                                                See Related: <\/em><\/strong>Terra\u2019s Do Kwon Wanted For Arrest By Seoul Court<\/a><\/p>\n","post_title":"Interpol Issues Red Notice On Terraform Labs Founder Do Kwon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"interpol-issues-red-notice-on-terraform-labs-founder-do-kwon","to_ping":"","pinged":"","post_modified":"2023-04-30 21:29:51","post_modified_gmt":"2023-04-30 11:29:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7439","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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                                        Terraform Labs And Do Kwon Found Liable In SEC Fraud Case

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                                        December 5, 2024

                                        Subscribe To Our Newsletter

                                        By subscribing, you agree with our privacy and terms.

                                        Type your email here

                                        >

                                        Follow The Distributed

                                        Twitter Instagram Youtube LinkedIn Facebook RSS

                                        

                                        ADVERTISEMENT

                                        \n

                                        \n
                                        • The SEC accused Terraform Labs and Do Kwon of deceiving investors regarding the functionality of Terra USD.<\/li>\n\n\n\n
                                        • Do Kwon faces additional criminal charges in the US and South Korea.<\/li>\n<\/ul>\n\n\n\n

                                          A Manhattan jury has pronounced Terraform Labs and its co-founder, Do Kwon, liable for civil fraud charges brought forth by the US Securities and Exchange Commission (SEC).<\/p>\n\n\n\n

                                          The verdict followed accusations of misleading investors regarding the stability of Terra USD (UST), an algorithmic stablecoin, and the purported capabilities of the Terra blockchain.<\/p>\n\n\n\n

                                          The SEC accused Terraform Labs and Do Kwon of deceiving investors about UST's functionality and the Terra blockchain's potential applications. The nine-day trial concluded swiftly, with the jury siding with the SEC's claims.<\/p>\n\n\n\n

                                          See Related: <\/em><\/strong>SEC Sues Terraform Labs And Founder Do Kwon For Fraud And Sale Of Unregistered Securities<\/a><\/p>\n\n\n\n

                                          SEC's Director of Division of Enforcement Gurbir Grewal mentioned<\/a>: \"We are pleased with today's jury verdict holding Terraform Labs and Do Kwon liable for a massive crypto fraud.\"<\/em><\/p>\n\n\n\n

                                          \"Terraform Labs and Kwon, its former CEO, deceived investors about the stability of the crypto asset security and so-called algorithmic stablecoin Terra USD, and they further misled investors about whether a popular payment application used Terraform's blockchain to process and settle payments.\"<\/em><\/p>\n\n\n\n

                                          \nhttps:\/\/twitter.com\/SECGov\/status\/1776354285132902411\n<\/div><\/figure>\n\n\n\n

                                          Critical Verdict By SEC's Attorney<\/h2>\n\n\n\n

                                          During the trial, the SEC's attorney, Laura Meehan, disclosed a secret agreement between Terraform Labs, Do Kwon, and institutional investor Jump Trading to salvage UST's value during a de-pegging incident in May 2021. This intervention was concealed from the public to bolster the illusion of the algorithm's efficacy.<\/p>\n\n\n\n

                                          Despite attempts by Terraform Labs and Do Kwon's legal team to downplay Jump Trading's involvement, arguing it was standard market activity, the jury found their defense unconvincing, highlighting the extent of the deception, Coindesk<\/em> reported.<\/p>\n\n\n\n

                                          While Terraform Labs contests the verdict, Do Kwon faces additional criminal charges in the US and South Korea related to the Terra ecosystem's collapse. His extradition status remains uncertain as multiple countries vie for jurisdiction.<\/p>\n","post_title":"Terraform Labs And Do Kwon Found Liable In SEC Fraud Case","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terraform-labs-and-do-kwon-found-liable-in-sec-fraud-case","to_ping":"","pinged":"","post_modified":"2024-04-09 18:57:14","post_modified_gmt":"2024-04-09 08:57:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7439,"post_author":"7","post_date":"2022-09-28 21:16:09","post_date_gmt":"2022-09-28 11:16:09","post_content":"\n

                                          Interpol issued a Red Notice against the founder of Terraform Labs, Do Kwon, in the early hours of Monday, September 26, 2022. This red notice results from Do Kwon losing more than $45 billion in investors\u2019 funds.<\/p>\n\n\n\n

                                          • Earlier this year, the Terra LUNA ecosystem collapsed<\/a>, losing more than $45 billion in investors\u2019 funds. The crash affected the crypto market, with other financial markets feeling the effects of Terra\u2019s collapse. He became a person of interest when Terra\u2019s algorithmic stablecoin<\/a> ($USTC formerly $UST) dropped to almost $0 within weeks.<\/li><\/ul>\n\n\n\n
                                            • After the crash, he relocated Terraform Labs HQ from South Korea to Singapore due to being under investigation for tax evasion charges. The Terra founder said he would cooperate with investigative agencies in the Terra crash and as nothing to hide. Further, Do Kwon posted on Twitter<\/a> describing himself with an \u201cextremely high bar of integrity.\u201d  <\/li><\/ul>\n\n\n\n
                                              • However, South Korean prosecutors stated that Do Kwon was not cooperating, and he is on the run. As a result, Interpol has issued<\/a> a Red Notice on the Terra founder, thereby declaring him wanted in over 196 countries.<\/li><\/ul>\n\n\n\n
                                                • Despite being a wanted man, Do Kwon remains active on social media, with his current location in Singapore. In turn, governmental authorities are working on a new bill<\/a> to place a two-year ban on algorithmic stablecoin to prevent another Terra collapse.<\/li><\/ul>\n\n\n\n

                                                  See Related: <\/em><\/strong>Terra\u2019s Do Kwon Wanted For Arrest By Seoul Court<\/a><\/p>\n","post_title":"Interpol Issues Red Notice On Terraform Labs Founder Do Kwon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"interpol-issues-red-notice-on-terraform-labs-founder-do-kwon","to_ping":"","pinged":"","post_modified":"2023-04-30 21:29:51","post_modified_gmt":"2023-04-30 11:29:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7439","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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                                          Terraform Labs And Do Kwon Found Liable In SEC Fraud Case

                                          April 9, 2024

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                                          Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

                                          December 19, 2024

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                                          December 5, 2024

                                          Subscribe To Our Newsletter

                                          By subscribing, you agree with our privacy and terms.

                                          Type your email here

                                          >

                                          Follow The Distributed

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                                          ADVERTISEMENT

                                          Terraform Labs

                                          

                                          Cryptocurrencies

                                          Terraform Labs And Do Kwon Found Liable In SEC Fraud Case

                                          The SEC accused Terraform Labs and Do Kwon of deceiving investors regarding the functionality of Terra USD. Do Kwon faces ...

                                          by The Distributed Team

                                          April 9, 2024

                                          

                                          Regulation

                                          Interpol Issues Red Notice On Terraform Labs Founder Do Kwon

                                          Interpol issued a Red Notice against the founder of Terraform Labs, Do Kwon, in the early hours of Monday, September ...

                                          by Olusegun Adesua

                                          September 28, 2022

                                          Most Read

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                                          Terraform Labs And Do Kwon Found Liable In SEC Fraud Case

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                                          December 19, 2024

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                                          December 19, 2024

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                                          Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

                                          December 5, 2024

                                          Subscribe To Our Newsletter

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                                          Type your email here

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                                          Follow The Distributed

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                                          ADVERTISEMENT

                                          

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