Fun

News Feed - 2023-10-31 11:10:16

Jesse Coghlan6 hours agoDo Kwon and Terraform Labs ask judge to toss SEC’s lawsuitDo Kwon, the co-founder of the now-collapsed Terra ecosystem, maintains he and his firm did not skirt U.S. securities laws.4122 Total views18 Total sharesListen to article 0:00NewsJoin us on social networksTerraform Labs co-founder Do Kwon has requested a United States district judge reject a securities and fraud lawsuit from the United States Securities and Exchange Commission, claiming it has failed to prove it did anything wrong.


In an Oct. 27 filing to a New York District Court, lawyers for Kwon and Terraform argued its cryptocurrencies Terra Luna Classic (LUNC), TerraClassicUSD (USTC), Mirror Protocol (MIR) and its Mirrored Assets (mAssets) that reflect stocks on-chain are not securities as the Securities and Exchange Commission alleged.


“After two years of investigation, the completion of a discovery period that resulted in the taking of more than 20 depositions, and the exchange of over two million pages of documents and data, the SEC is evidentiarily no closer to proving that the Defendants did anything wrong,” the lawyers wrote.


They added the “evidence does not exist to support many of the SEC’s claims” and asserted the regulator “knew some of its allegations were false” — in particular, an allegation that Kwon and Terraform secretly moved millions into Swiss bank accounts for their own gain.Kwon’s lawyers claimed the SEC is trying to draw parallels between Terraform and FTX. Source: CourtListener


In its suit against Kwon and Terraform filed in February, the SEC claimed the pair sent 10,000 Bitcoin (BTC) to a Swiss financial institution and withdrew $100 million. It also claimed they committed fraud by “repeating false and misleading statements.”


“The SEC knew this allegation was false when it filed this case,” Kwon’s lawyers wrote. ”This is made even worse by the undisputed fact that TFL had no customers, and thus no customer funds.”


The $40 billion Terra ecosystem collapsed in May 2022 after its USTC algorithmic stablecoin lost its U.S. dollar peg.


Related:Terraform co-founder Shin blames protocol for collapse during trial in S. Korea


Kwon and Terraform also moved to exclude the opinion of the SEC’s experts including a report from Rutgers University economics professor Bruce Mizrach which they called “junk science.”


Judge Jed Rakoff, who oversees the case, denied Terraform’s earlier attempt to toss the lawsuit.


Kwon is currently detained in Montenegro and has previously asked the court to reject the SEC’s motion to extradite and interview him in the U.S.


Magazine:How to protect your crypto in a volatile market — Bitcoin OGs and experts weigh in# SEC# United States# DeFi# Terra# RegulationAdd reactionAdd reactionRead moreTerrorist fundraising: Is crypto really to blame?WSJ debacle fueled US lawmakers’ ill-informed crusade against cryptoSEC Chair Gary Gensler warns impending AI-wrought financial crisis ‘nearly unavoidable’

News Feed

No, Denmark did not propose banning self-custody wallets
Helen Partz12 hours agoNo, Denmark did not propose banning self-custody walletsThe Danish Financial Supervisory Authority said the exemption of self-custodial wallets from MiCA doesn’t mean such wallets should be banne
Zhiyuan Sun5 hours agoBinance invests $5M in Curve token as hacker partially returns fundsTwenty-seven percent of the funds stolen in the July 30 exploit have yet to be returned.637 Total views4 Total sharesListen to art
Bitcoin ‘Going Through the Roof’ Unlike Assets Controlled by Government, Says Former Fed Governor
Bitcoin "Going Through the Roof" Unlike Assets Controlled by Government, Says Former Fed Governor Former Federal Reserve Governor Kevin Warsh is bullish on bitco
Brian Quarmby7 hours agoOver $765K worth of NFTs stolen after SIM swap attack on Gutter Cat GangThe bad actors used a fake Gutter Cat Gang airdrop scam to drain people’s wallets, with at least $700,000 worth of NFTs st
German gov’t transfers $172M in Bitcoin to multiple locations
Arijit Sarkar13 hours agoGerman gov’t transfers $172M in Bitcoin to multiple locationsThe German government’s latest Bitcoin transfers could impact the market significantly, as it moves 3,000 BTC to various crypto ex
Aethir aims to be the Airbnb for spare GPU — Co-founder
Zoltan Vardai7 hours agoAethir aims to be the Airbnb for spare GPU — Co-founderThe Nvidia-backed firm expects higher GPU utilization to lead to more advanced AI use cases.512 Total views3 Total sharesListen to article
Martin Young4 hours agoGrayscale asks SEC to meet on ‘way forward’ for Bitcoin ETF conversion“We believe the Trust’s nearly one million investors deserve this fair playing field as quickly as possible,” Graysca
US Treasury’s Yellen Says Crypto Doesn’t Have Adequate Regulation — Calls FTX Collapse ‘a Lehman Moment’
US Treasury"s Yellen Says Crypto Doesn"t Have Adequate Regulation — Calls FTX Collapse "a Lehman Moment" U.S. Treasury Secretary Janet Yellen says that the collapse of crypto exc
Mai Capital Predicts Tough Year for Crypto — Expects Bitcoin and Ethereum to Do Well Once Regulations Come Into Focus
Mai Capital Predicts Tough Year for Crypto — Expects Bitcoin and Ethereum to Do Well Once Regulations Come Into Focus Mai Capital Management’s chief equity strategist and
Derek Andersen2 hours agoGovernment objects to ‘unnecessary,’ ‘prejudicial’ SBF jury selection questionsThe U.S. attorney sees no reason for potential jurors to discuss effective altruism or ADHD, among other thi
ZkSync’s Gemholic project suspected $3.5M rug pull
Amaka NwaokochaJun 08, 2024ZkSync’s Gemholic project suspected $3.5M rug pullCommunity members are currently trying to trace the Gemholic contract creator’s address, which is supposedly funded by Binance.8763 Total v
Ethereum After 1559: Network Nears 2 Million ETH Burned Worth Over $6.9 Billion
Ethereum After 1559: Network Nears 2 Million ETH Burned Worth Over $6.9 Billion Approximately 205 days ago, the Ethereum network upgraded via the London hard fork which implemented