Fun

News Feed - 2023-07-21 02:07:52

Ana Paula Pereira6 hours agoTerraform Labs seeks access to FTX wallets in fraud defenseTerraform filed a motion to access information from wallets used by short sellers during the collapse of its algorithmic stablecoin in 2022.917 Total views5 Total sharesListen to article 0:00NewsJoin us on social networksTerraform Labs is seeking permission from a judge to subpoena data from bankrupt crypto exchange FTX, claiming the information could help its defense against a lawsuit brought by the United States Securities and Exchange Commission (SEC) in February, a court filing shows.  


In a search for evidence that could back its defense from fraud charges, Terraform’s lawyers filed a motion on July 19 in FTX’s bankruptcy case to access the company’s information about digital wallets used by short sellers between March 2022 and May 2022. Terraform claims its stablecoin failure was a result of a coordinated attack from short sellers, possibly involving Alameda Research, FTX’s sister company.“To establish these defenses, TFL needs Debtors’ records about wallets, accounts, and assets used to transact on the FTX International and US exchanges and sales/offers of large volumes of cryptocurrencies developed by TFL, if any, by FTX Trading and West Realm Shires Services Inc. d/b/a FTX US."


On Feb. 16, the SEC filed a lawsuit against Terraform Labs and its founder, Do Kwon, for allegedly “orchestrating a multi-billion dollar crypto asset securities fraud.” According to the regulator, Terraform was offering unregistered securities in an operation through its failed algorithmic stablecoin, TerraUSD (UST), and the Terra Luna (LUNA) token. The failure of Terraform in 2022 resulted in a loss of over $40 billion from crypto markets.Screenshot of Terraform"s motion seeking permission to subpoena FTX information. Source: Kroll


The motion also requested information about wallets used by Jump Trading, which the SEC accused of collaborating with Terraform in manipulating the price of the UST stablecoin. Jump Trading has been sued in Illinois on similar grounds for allegedly purchasing millions of UST tokens in 2021 as part of an arrangement with Terraform to restore the stablecoin peg to $1.


“Defendants misrepresented UST’s recovery by claiming that the algorithm was able to restore and maintain the price peg. According to the SEC, UST instead recovered its price peg because Defendants entered an arrangement with a U.S. trading firm, Jump Trading, [...] to purchase substantial amounts of UST to support the price," reads the court filing.


Terraform is also seeking to dismiss a parallel class-action lawsuit in California, arguing that since it"s based in Singapore, the U.S. securities laws referenced are not applicable to its foreign-developed protocols.


Magazine:Best and worst countries for crypto taxes — Plus crypto tax tips# Business# SEC# United States# TerraAdd reactionAdd reactionRelated NewsCan artificial intelligence prevent the next financial crisis?AI opens doors for NFT artist Ellie Pritts at Bitforms gallery in NYCUS law protects institutions and exposes retail investors — Rep. TorresVolatility Shares Trust aims for listing of leveraged Bitcoin futures ETFBinance.US market share drops below 1% amid regulatory lawsuit: ReportFBI searched Kraken co-founder’s home in March: Report

News Feed

Robinhood Lists Shiba Inu and 3 More Cryptocurrencies — SHIB Price Soars
Robinhood Lists Shiba Inu and 3 More Cryptocurrencies — SHIB Price Soars Popular trading platform Robinhood has listed shiba inu (SHIB) as well as three other popular cryptocurre
Bitfinex CTO Paolo Ardoino States Salvadoran Bitcoin Bonds to Be Further Delayed
Bitfinex CTO Paolo Ardoino States Salvadoran Bitcoin Bonds to Be Further Delayed The launch of El Salvador’s bitcoin bonds, issued to finance part of the construction of the
Bitcoin Skeptic Peter Schiff Will Sell Troubled Euro Pacific Bank for BTC if Regulators Let Him
Bitcoin Skeptic Peter Schiff Will Sell Troubled Euro Pacific Bank for BTC if Regulators Let Him Peter Schiff says he will sell his bank, Euro Pacific, for bitcoin if the Puerto Ric
Spot Bitcoin ETFs Bleed: 6,700 BTC Exit Amidst Largest Outflow In Months
Este artículo también está disponible en español. Amid a wider readjusting of market expectations for interest rate cuts by the Federal Reserve (Fed) for 2025, investors
Central Bank of Iran Official Says Cryptocurrencies Have ‘Made No Contribution to Bypassing Sanctions’
Central Bank of Iran Official Says Cryptocurrencies Have "Made No Contribution to Bypassing Sanctions" An official with the Central Bank of Iran (CBI) has claime
Doctors turn to Apple Vision Pro headset to practice surgery amid cadaver shortage
Tristan Greene6 hours agoDoctors turn to Apple Vision Pro headset to practice surgery amid cadaver shortageVeyond Metaverse aims to mimic the traditional cadaver experience in visceral detail with Apple’s mixed reality
Sources Say World’s Largest Darknet Empire Market Exit Scammed, $30 Million in Bitcoin Stolen
Sources Say World"s Largest Darknet Empire Market Exit Scammed, $30 Million in Bitcoin StolenOne of the world’s largest darknet markets (DNM), Empire Market, allegedly exit sc
Report: Tanzania Closer to Launching a CBDC
Report: Tanzania Closer to Launching a CBDC Tanzania is getting closer to launching a central bank digital currency (CBDC) which gives the country’s residents a “safe
Debate Intensifies Over Significance and Implications of Ordinal Inscriptions on Bitcoin Blockchain
Debate Intensifies Over Significance and Implications of Ordinal Inscriptions on Bitcoin Blockchain During the past two weeks, members of the cryptocurrency community have discusse
Bitget Wallet overtakes MetaMask by downloads — CryptoRank
Helen Partz9 hours agoBitget Wallet overtakes MetaMask by downloads — CryptoRankFormerly known as BitKeep, the Bitget Wallet was acquired by the Bitget exchange for $30 million in 2023. 2520 Total views4 Total sharesL
Ciaran LyonsNov 17, 2023Fidelity seeks green light for Ethereum ETF, following BlackRock’s filingJust days after BlackRock filed for the iShares Ethereum Trust, asset management firm Fidelity has applied for its own Et
Brayden Lindrea8 hours agoBitcoiner drops BitVM paper — Bringing Ethereum-like contracts to BitcoinThe author of the white paper, Robin Linus, based BitVM’s architecture on Ethereum’s optimistic rollups with fraud