Browsing:LUNA

Terraform Labs' Do Kwon Converts $2.8 Million in Digital Assets before Montenegro Bail Release
2 weeks ago 1 min read

Terraform Labs’ Co-founder and CEO Do Kwon Cashes Out $2.8 Million Before Montenegro Bail Release

Terraform Labs Co-founder and CEO, Do Kwon, reportedly liquidated $2.8 million worth of cryptocurrency before being released on bail in Montenegro on Friday. Kwon and fellow executive, Han Chong-joon, were arrested in March this year, charged with possession of fake travel documents and attempting to travel with counterfeit papers. The executives were later granted bail and released for a sum of around $436,000. Sources claim that $500,000 worth of Tether (USDT) was withdrawn from a wallet believed to be Kwon’s some seven days ago. Additionally, 2.39 million Terra Luna Classic (LUNC) coins were withdrawn from a Kwon-linked wallet. South Korean

A court in South Korea has ruled that the native token of the LUNA ecosystem, LUNA, is not a security
1 month ago 1 min read

South Korean court rules that LUNA is not a security

A district court in South Korea has ruled that the native token of the LUNA ecosystem, LUNA, is not a security under Korea’s Capital Markets Act. The court dismissed charges of security violations against Hyun-Seong Shin, co-founder of Terraform Labs, stating that it is “difficult to see Luna Coin as a financial investment product regulated by the Capital Markets Act.” This ruling makes the Terra-LUNA saga a case of fraud and breach of trust rather than a violation of securities law. However, the prosecution is still focused on the securities aspect of the native token and has appealed to the

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