Fun

US Court to hear proposed remedies from Terraform Labs, Do Kwon in May

News Feed - 2024-05-01 06:05:49

Turner Wright2 hours agoUS Court to hear proposed remedies from Terraform Labs, Do Kwon in MayThe SEC proposed that Do Kwon and Terraform pay roughly $5.3 billion in disgorgement, prejudgment interest and civil penalties, while the firm’s team suggested only $1 million.2045 Total views3 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksAfter a jury found Terraform Labs and co-founder Do Kwon liable for fraud in a case with the United States Securities and Exchange Commission (SEC), a federal judge ordered the parties to discuss proposed remedies ranging from millions to billions of dollars.


In an April 29 filing in the U.S. District Court for the Southern District of New York, Judge Jed Rakoff said lawyers representing the SEC, Kwon and Terraform should appear in court on May 22 to present arguments for proposed remedies after the jury verdict. All parties have already submitted filings on their respective requests for disgorgement and civil penalties, but Judge Rakoff’s order allowed supplements before the court appearance.


Related:Do Kwon appeals Montenegrin court decision, claiming ‘unfounded and illegal’ interpretationSource: Courtlistener


The SEC requested Kwon and Terraform pay roughly $4.7 billion in disgorgement and prejudgment interest and a combined $520 million in civil penalties. Terraform’s legal team suggested a $1 million civil penalty and no “injunctive relief or disgorgement.” Both parties will have until May 6 and May 1, respectively, to file supplements to their existing proposals.


Related:Do Kwon appeals Montenegrin court decision, claiming ‘unfounded and illegal’ interpretation


On April 5, a jury found Terraform and Kwon liable for defrauding investors after a two-week trial with the SEC. Kwon could not attend the trial in person due to his 2023 arrest in Montenegro for using falsified travel documents. The Terraform co-founder remains in the country as its courts weigh extradition requests from the U.S. and South Korea, and at the time of publication, it was unclear if he will be able to go to the U.S. court on May 22.


Bankruptcy proceedings for Terraform have been ongoing since the company filed for Chapter 11 protection in January. The firm reported between $100 and $500 million in estimated liabilities and assets at the time.


Magazine:Woman accused of $6B scam, China loophole for Hong Kong Bitcoin ETFs: Asia Express# SEC# Court# Terra# Regulation# Do KwonAdd reaction

News Feed

Meta launches ‘most capable openly available LLM to date,’ rivaling GPT and Claude
Tristan Greene4 hours agoMeta launches ‘most capable openly available LLM to date,’ rivaling GPT and ClaudeLlama-3 may be the company’s most ambitious artificial intelligence project yet.660 Total views3 Total shar
Solana Back Above Weekly & Monthly Support Levels – Analyst Expects New ATH
Este artículo también está disponible en español. Solana is currently trading above key demand levels, showcasing resilience after weeks of market uncertainty. However, t
Microstrategy Debunks Margin Call Rumor — Says Bitcoin Liquidation Unnecessary Even if BTC Falls Below $3,562
Microstrategy Debunks Margin Call Rumor — Says Bitcoin Liquidation Unnecessary Even if BTC Falls Below $3,562 The CEO of the Nasdaq-listed software company Microstrategy has debu
Metaverses could be a hub for distributing copyrighted work illegally — UK researchers
Ezra Reguerra31 minutes agoMetaverses could be a hub for distributing copyrighted work illegally — UK researchersResearchers concluded that it is necessary to formulate approaches for addressing the enforcement and gov
MoonPay and Christie’s dip into AI-generated art with new ‘Web3 Tools’
Savannah Fortis9 hours agoMoonPay and Christie’s dip into AI-generated art with new ‘Web3 Tools’More bridges between Web3 and generative AI are being built as the luxury art auctioneer Christie’s and MoonPay unve
National Bank of Ukraine Unveils E-hryvnia Concept
National Bank of Ukraine Unveils E-hryvnia Concept The central bank of Ukraine has presented to interested parties a draft concept of the nation’s future digital currency, the e-
SUI Price Soars Despite Overbought RSI – Can The Rally Sustain?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Nigerian committee summons Binance CEO over financial crime suspicions
Amaka Nwaokocha12 hours agoNigerian committee summons Binance CEO over financial crime suspicionsThe committee’s Chair, Ginger Onwusibe, warned that if Binance ignores the summons, the committee will exercise its const
Telegram Drops TON Cryptocurrency Project After US Prohibits Global Distribution
Telegram Drops TON Cryptocurrency Project After US Prohibits Global DistributionPopular messaging app Telegram has shut down its TON cryptocurrency project. Telegram founder Pavel D
Biggest Movers: XRP Surges to Strongest Point Since November
Biggest Movers: XRP Surges to Strongest Point Since November Xrp moved to its highest point since November, as markets reacted to news suggesting a verdict could be near in Ripple&
Tom Mitchelhill8 hours agoCrypto miner Hive Digital CEO sees AI working in unison with blockchainDespite the competition between the two sectors, Hive Digital Technologies CEO Aydin Kilic said that blockchain and AI can
Celebrity crypto tokens will ‘absolutely’ catch SEC’s eye — Lawyers
Jesse Coghlan1 hour agoCelebrity crypto tokens will ‘absolutely’ catch SEC’s eye — LawyersCelebrities who have brazenly shilled their memecoins on X in recent months run a high risk of attracting the attention of