Tag: Luna

Do 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 arrest was at the request…

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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 investment products, said the person…

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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 across the crypto economy. This…

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