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Join the Securities Litigation and Enforcement Group on LinkedInDo Kwon TerraUSD Creator Arrested in Montenegro, Charged With Fraud – Bloomberg
Terraform Labs co-founder Do Kwon, who presided over a more than $40 billion cryptocurrency implosion last year, was arrested in Montenegro and charged with fraud by US prosecutors. The developments came just over a month after the US Securities and Exchange Commission sued the 31-year-old as well as Terraform Labs. It is unclear whether his […]
Do Kwon’s Crypto Empire Fell in a $40 Billion Crash. He’s Got a New Coin for You. – WSJ
So far it hasn’t gone well: The new Luna began trading at $18.87 on May 28, tumbled right away and was recently trading at $1.97, according to data provider CoinGecko. “I don’t understand why anybody in their right mind would want to invest in Luna 2 after watching Luna 1 blow up so dramatically,” said […]
SEC Investigating UST Stablecoin Blowup in Fresh Threat to Terra – Bloomberg
The US Securities and Exchange Commission is investigating whether the marketing of the TerraUSD stablecoin before it crashed last month violated federal investor-protection regulations, according to a person familiar with the matter. SEC enforcement attorneys are looking into whether Terraform Labs, the firm behind the coin also known as UST, broke rules for securities and […]
How a Trash-Talking Crypto Bro Caused a $40 Billion Crash – The New York Times
Mr. Kwon dismissed concerns with a taunt: “I don’t debate the poor.” But last week, Luna and another currency that Mr. Kwon developed, TerraUSD, suffered a spectacular collapse. Their meltdowns had a domino effect on the rest of the cryptocurrency market, tanking the price of Bitcoin and accelerating the loss of $300 billion in value […]