Browsing:Terra Classic

The US SEC seeks a record $5.3 billion fine against Terra founder Do Kwon for fraud
1 week ago 1 min read

The US SEC seeks a record $5.3 billion fine against Terra founder Do Kwon for fraud

Following his recent conviction for fraud, the Securities and Exchange Commission (SEC) is reportedly proposing a historic fine of $5.3 billion against Do Kwon, the founder of the Terra ecosystem. This penalty has the potential to become the most substantial in the history of bitcoin. According to Bloomberg, the Securities and Exchange Commission (SEC) responded to a court ruling that determined Kwon and Terraform Labs had unlawfully obtained around $4 billion through the sale of unregistered securities. The illicit profits will be confiscated, amounting to a disgorgement of $4.2 billion. Additionally, there will be an interest payment of $545 million,

Terraform Labs has decided to file for bankruptcy, claiming that this will improve its ability to appeal the SEC's charges.
3 months ago 1 min read

Terraform Labs says it filed for bankruptcy to strengthen appeal against SEC lawsuit

Terraform Labs, the crypto firm in a lawsuit with the US Securities and Exchange Commission (SEC), has filed for bankruptcy, claiming that this will improve its ability to appeal the SEC’s charges. In a filing with the Delaware Bankruptcy Court on January 30, Terraform Labs‘ CEO, Chris Amani, reiterated the importance of Chapter 11 bankruptcy in mounting a successful appeal against the SEC’s allegations. Terraform Labs, the creator of the now-defunct stablecoin TerraClassicUSD (USTC), declared bankruptcy on January 21. Typically, an appeal against the SEC would require Terraform Labs to provide a “supersedeas bond,” equal to 110% of the total

Do Kwon
5 months ago 1 min read

Terraform Labs Co-Founder Faces Extradition to the US

Do Kwon, Terraform Labs’ co-founder, is reportedly on the verge of being extradited to the United States to face criminal charges rather than South Korea. According to sources close to the situation, the extradition request made by US authorities is expected to be approved by Montenegro’s Justice Minister Andrej Milovi. Kwon, sentenced to four months in Montenegro for using false travel documents, is implicated in Terraform Labs’ demise, prompting charges in both the United States and South Korea. According to the Wall Street Journal on December 7th, Montenegro’s Justice Minister Andrej Milovi is inclined to approve the US extradition request.

A group of developers working on the Terra Classic blockchain
11 months ago 1 min read

Terra Classic Developers Push Back V2.1.0 Upgrade

The L1 Joint Task Force (L1JTF), a group of developers working on the Terra Classic blockchain, has announced that the v2.1.0 upgrade will be delayed from May 31 to June 14. The delay is due to the need for additional testing. The v2.1.0 upgrade is a major update that will introduce a number of new features to Terra Classic, including: The L1JTF team has been working hard on the v2.1.0 upgrade and is confident that it will be a major improvement for Terra Classic. However, the team also wants to make sure that the upgrade is thoroughly tested before it

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