Do Kwon in US custody, South Korean president impeached: Law Decoded

January 6, 2025 Coin Telegraph

Do Kwon, Terraform Labs co-founder, was extradited to the US by Montenegro, bypassing South Korea’s petition.

Terraform Labs co-founder Do Kwon was handed over to United States law enforcement by authorities in Montenegro after a months-long battle over where he would be extradited.

Montenegrin Prime Minister Milojko Spajić said in a Dec. 31 X post that Kwon was in US custody and would face criminal charges in the case involving the collapse of Terra.

Kwon’s handover to the US occurred four days after the Montenegrin Justice Minister Bojan Božović approved the extradition, rejecting a petition from South Korea, despite Kwon holding citizenship and facing charges there.

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Do Kwon is in US custody after extradition battle

December 31, 2024 Coin Telegraph

Coin Telegraph

The Terraform Labs co-founder was arrested in Montenegro in 2023 for using falsified travel documents as the courts determined whether he would go to the US or South Korea.

Montenegrin authorities handed over Terraform Labs co-founder Do Kwon to United States law enforcement officers after a months-long fight over where or whether he would be extradited.

In a Dec. 31 X post, Montenegrin Prime Minister Milojko Spajić said Kwon was in US custody, suggesting that he would soon be traveling to the United States to face criminal charges.

The handover happened four days after Montenegrin Justice Minister Bojan Božović approved the Terraform co-founder’s extradition to the US instead of accepting a petition from South Korea, where Kwon also faces charges and holds citizenship.

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Report: Montenegro Agrees to Extradite Terraform Labs’ Do Kwon to the US

December 27, 2024 Bitcoin.com

bitcoin.com

Montenegro has greenlit the extradition of Terraform Labs co-founder Do Kwon to the United States, possibly settling a tug-of-war between the U.S. and South Korea, according to Bloomberg. Do Kwon’s U.S. Extradition Approved Amid Fraud Charges Montenegro’s Justice Ministry made the announcement, highlighting that “most criteria envisaged by the law are in favor of the […]

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SEC nets record $8.2B from enforcement, mostly from Terraform Labs

November 25, 2024 Coin Telegraph

SEC nets record .2B from enforcement, mostly from Terraform Labs

Coin Telegraph

Terraform Labs’ near $4.5 billion settlement with the SEC has contributed to a record year for the agency’s financial penalties.

The United States Securities and Exchange Commission hit a new record for penalties and fines from its enforcement actions in the fiscal year 2024 — due mainly to a massive settlement with crypto firm Terraform Labs.

The agency net $8.2 billion in financial remedies for the year ending Sept. 30 — “the highest amount in SEC history,” it said in its Nov. 22 annual report — despite the number of cases declining 26% from last year to 583.

Over half of the total came from the SEC’s court win against Terraform and former CEO Do Kwon, who paid a $4.47 billion settlement after being found liable for fraud over its blockchain ecosystem’s collapse in 2022 that wiped billions of dollars.

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Montenegro halts Do Kwon’s extradition again ahead of appeal ruling

October 18, 2024 Coin Telegraph

Bitcoin

Do Kwon’s extradition has been delayed again, to the surprise of the Justice Ministry.

The Constitutional Court of Montenegro suspended the extradition of former Terraform Labs founder and CEO Do Kwon on Oct. 18, according to local press reports. A day earlier, the Montenegrin Justice Ministry had said a decision on Kwon’s extradition had been made and it promised to make the decision public on Oct. 20.

The decision on Kwon’s extradition, including Kwon’s destination, was entrusted to the Justice Ministry by the Supreme Court in September. Both the United States and South Korea have requested his extradition.

The Constitutional Court had not informed the ministry of the suspension of that judgment until the last minute, the ministry said, adding:

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Avalanche Foundation to buy back nearly 2M AVAX sold to Terra in 2022

October 14, 2024 Coin Telegraph

Avalanche Foundation

In 2022, the Avalanche Foundation sold 1.97 million AVAX worth $100 million at the time to Terra’s foundation before its collapse. It’s now buying it all back for $45.5 million.

The Avalanche Foundation is set to repurchase 1.97 million Avalanche tokens it sold to the Luna Foundation Guard (LFG) in April 2022 a month before it’s Terra blockchain ecosystem collapsed.

The Avalanche Foundation to purchase the 1.97 million AVAX tokens for $45.5 million — which are worth $57.4 million in the market — from Terraform Labs’ bankruptcy estate.

An Oct. 9 repurchase agreement and settlement filed in a Delaware Bankrupcy Court is now pending court approval, the Avalanche Foundation said in an Oct. 11 X post.

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Crypto companies paid $19B in settlements to US regulators in 2024

October 13, 2024 Coin Telegraph

Crypto companies paid B in settlements to US regulators in 2024

2024 crypto settlements.

Since 2019, US regulators have collected a total of $31.92 billion in settlements from 25 crypto companies across various lawsuits.

United States regulators have received over $19 billion in lawsuit settlements from crypto companies in 2024 so far, representing almost two-thirds of all settlements to date.

Data in an Oct. 9 report from CoinGecko shows bankrupt crypto exchange FTX and affiliated trading firm Alameda are responsible for most of the funds, with $12.7 billion paid to the Commodity and Futures Trading Commission (CFTC) in an August settlement.

Across eight settlements in 2024, regulators have netted 78% more than in 2023, which only saw $10.87 billion paid. However, that is an 8,327% uptick in settlement values compared to 2022.

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Court approves Terraform Labs winding down in bankruptcy hearing

September 20, 2024 Coin Telegraph

Bankruptcy

After collapsing in 2022, facing an SEC lawsuit in 2023, and filing for bankruptcy in 2024, many of Terraform’s legal cases in the US are beginning to wind down.

A judge approved Terraform Labs winding down its operations as part of the firm’s bankruptcy plan in the United States.

According to a Sept. 19 Reuters report, Judge Brendan Shannon of the US Bankruptcy Court for the District of Delaware approved Terraform’s bankruptcy plan. The company filed for Chapter 11 protection in January, claiming between $100 and $500 million in estimated liabilities and assets.

Judge Shannon reportedly called the plan a “welcome alternative” to further litigation to address investor losses. Terraform’s bankruptcy proceedings followed the US Securities and Exchange Commission (SEC) filing a lawsuit against the platform and its founder, Do Kwon, in February 2023.

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Terraform Labs Gets Court Approval to Wind Down Operations in Bankruptcy

September 19, 2024 Bitcoin.com

Bankruptcy

Terraform Labs has received court approval to wind down operations in bankruptcy following a settlement with the U.S. Securities and Exchange Commission (SEC). The company had been at the center of a scandal that left cryptocurrency investors facing significant losses after the Terra ecosystem collapsed. Court Approves Terraform Labs Wind-Down Terraform Labs has been granted […]

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Terraform Labs’ Fate Hinges on Sept. 19 Bankruptcy Hearing

August 22, 2024 Bitcoin.com

Bankruptcy

The Chapter 11 bankruptcy reorganization hearing for Terraform Labs Pte. Ltd. and Terraform Labs Limited is set for Sept. 19, 2024, at 10 a.m. EDT. This hearing will be pivotal in shaping the future of the crypto company, which has encountered substantial hurdles since the Terra ecosystem’s collapse in 2022. Terraform Labs Faces Pivotal Bankruptcy […]

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