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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInElsewhere in tweeting through it – Bloomberg
Do Kwon’s Twitter account remains really good? Kwon is the founder of Terra, the crypto blockchain that blew up in a stablecoin meltdown in May. He is now wanted by South Korean prosecutors, and depending on who you believe he is either “not on the run” (his view) or “obviously on the run” (prosecutors’ view). […]
Crypto Fugitive Terra’s Do Kwon Says He Isn’t Hiding After Interpol Red Notice – Bloomberg
Terraform Labs co-founder Do Kwon, who faces South Korean charges over a $60 billion cryptocurrency wipeout, denied he’s in hiding after authorities said Interpol had issued a red notice for his arrest. Kwon took to Twitter on Monday to say that he’s “making zero effort to hide,” adding “I go on walks and malls.” Prosecutors […]
Terra Founder Shin’s Home Raided as Korea Widens TerraUSD Crypto Probe – Bloomberg
South Korean prosecutors raided the home of Terraform Labs co-founder Daniel Shin, deepening a probe into allegations of illegal activity behind the collapsed stablecoin TerraUSD. A series of raids on crypto-exchanges and offices on Wednesday also included Shin’s home and his payment app Chai Corp., the Seoul Southern District Prosecutors Office said via a text […]
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 […]
UST debacle will ‘probably be the end’ of algorithmic stablecoins
“It’s unfortunate that the money … was lost, however, it’s not a surprise. It’s an algorithmic-backed, stablecoin. So it’s just a bunch of smart people trying to figure out how to peg something to the dollar,” Reeve Collins, the co-founder of digital token company BLOCKv, told CNBC at the World Economic Forum in Davos, Switzerland, […]
Terra and Luna creators relaunch cryptocurrrencies, and critics are furious – The Washington Post
When two cryptocurrencies crashed roughly three weeks ago, the effects were devastating. Their collapse sparked over $500 billion in losses in the broader crypto market. Numerous investors saw their life savings evaporate. Others contemplated suicide. People called for criminal investigations into the company behind it all and government regulation for the larger market. But now […]
The Terra/Luna hall of shame | Financial Times
It’s hard not to poke fun at a decentralised, trustless, permissionless, hard-money utopian future of finance unsuccessfully turning to quantitative easing (read: Kwontitative easing) for survival. But as is becoming distressingly clear, some investors have lost most of their life savings from the collapse of terra and its twin coin luna. This begs the question: […]
The Washington Nationals loved Terra. Then the cryptocurrency struck out. – The Washington Post
Fans quickly expressed anger with their favorite team pushing a plummeting cryptocurrency to its Twitter following of more than 780,000. The tweet was scheduled in advance, according to multiple people inside the organization, who also said that Terra’s collapse is stirring tension about how to proceed with the partnership. The Nationals signed a five-year, $38.15 […]
Galaxy CEO Mike Novogratz Preaches ‘Humility’ Expresses Confidence In Crypto’s Future Despite LUNA/TerraUSD Crash
“There is no good news in what happened in markets or to the Terra ecosystem. In Luna and UST alone, $40bn of market value was destroyed in a very short amount of time. Both large and small investors saw profits and wealth vanish. The collapse dented confidence in crypto and DeFi,” said Novogratz in a […]
Joe Weisenthal on Terra- Bloomberg
Here’s the thing though, just because it may be a crucial component of the future DeFi vision doesn’t mean it’s necessarily going to be possible. The question remains how can you just create an asset and set the price unless you have an infinite amount of money, or some other persistent source of cash flow, to back it? Source: […]