User activity on the Terra blockchain came to an abrupt pause following reports of a suspected exploit. The team swiftly executed an emergency halt at block height 11,430,400 to address the illegal breach. During this period, all transactions were suspended, leaving users anxiously awaiting updates. Taking immediate action, the Terra team worked together with validators […]
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Do Kwon: Montenegro Greenlights Extradition
The key figure behind Terraform Labs, Do Kwon, is set to face extradition either to South Korea or the United States following the approval of the court in Montenegro. The High Court in Podgorica has ruled that the Minister of Justice in Montenegro will be tasked with making the ultimate decision on the priority of […]
Terra: Seoul Authorities To Launch First-Ever Crypto Investigation Unit
South Korean authorities, who are presently looking into the $40 billion Terra-Luna scandal, plan to create a special investigation unit for crimes involving digital currencies, as per an announcement by the spokesperson of the Seoul Southern District Prosecutors’ Office on July 11. Sources revealed the team would study legal concerns like the securitization of virtual […]
Terra Co-Accused Daniel Shin Skips First Court Trial
South Korea kicked off the first court trial for Terra co-accused Daniel Shin, along with seven additional former employees of the collapsed crypto project. Shin chose not to appear as it was a preliminary hearing, according to an email statement. The former co-founder was recently charged by South Korean prosecutors with several offenses related to his […]
Terra Creator Faces Prison Time For ‘Not So Obvious’ Reasons
The news about Terra creator Do Kwon was announced on Twitter by Chinese cryptocurrency writer and blogger Colin Wu. About a year ago, Terraform Labs and the Terra ecosystem, which was supported by the LUNA token and the UST stablecoin, failed, sending the cryptocurrency market into a tailspin. The Montenegrin court “granted” Kwon and his […]
Terra’s Do Kwon Might Be Handed Maximum Prison Sentence; Here’s Why
Terra’s Do Kwon may face multiple prison times both in South Korea and the US, a senior South Korean prosecutor who is leading the investigation told Bloomsberg. According to Dan Sunghan, before prosecution, a convict is subject to multiple cross-border sentences for some of the crimes in one of the jurisdictions. The Terra founder may […]
Terra Kingpin Do Kwon Granted Bail By Montenegro Court
The former CEO of the Terra blockchain Do Kwon and his associate Han Chang Joon were granted bail by the Montenegro court for $436,000 each along with being put under house arrest. As per the official notice published by local authorities on May 12, the court has accepted the offered bail of EUR 400k each for […]
Terraform Labs Co-Founder Do Kwon Pleads Not Guilty In Montenegro Forged Documents Case
Terraform Labs Co-Founder Do Kwon, arrested in Montenegro based on an international warrant and accused by local authorities of using fake travel documents, pleaded not guilty during his court appearance, according to a Bloomberg report. Do Kwon, the founder of Terra, who had been evading authorities for some time, was recently apprehended by Montenegro officials. […]
Terra’s Daniel Shin To Make His 1st Formal Court Appearance
Terra’s indicted co-founder Daniel Shin is set to make a court appearance at the Seoul Southern District Court for his first trial on May 26, according to a local report. Shin, a co-accused in the Terra project failure was recently indicted by South Korea on violations of capital-markets law among other charges. He and nine other staff […]
Terraform CEO’s Crypto Billions Discovered In Swiss Bank SEC Pursues Legal Action
Terraform Labs (TFL) CEO Kwon Do-hyung and TFL’s Signum bank accounts are worth billions of won. In February, the SEC filed a lawsuit against Kwon and TFL, alleging an unregistered securities issue and accused the CEO of moving 10,000 BTC (about 300 billion won) to a Swiss bank, Signum. Signum, the world’s first virtual asset […]