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

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

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

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

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

Terraform Labs Gets Court Approval to Wind Down Operations in BankruptcyTerraform 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

Terraform Labs’ Fate Hinges on Sept. 19 Bankruptcy HearingThe 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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Three Arrows Capital Liquidators Want $1,300,000,000 From TerraForm Labs Over 2022 LUNA Collapse: Report

Three Arrows Capital Liquidators Want ,300,000,000 From TerraForm Labs Over 2022 LUNA Collapse: Report

Liquidators of the failed crypto hedge fund Three Arrows Capital (3AC) are reportedly seeking $1.3 billion from Terraform Labs, the bankrupt stablecoin firm co-founded by Do Kwon. According to a new report by Bloomberg, the liquidators filed a claim in the U.S Bankruptcy Court for the District of Delaware seeking funds 3AC allegedly lost as […]

The post Three Arrows Capital Liquidators Want $1,300,000,000 From TerraForm Labs Over 2022 LUNA Collapse: Report appeared first on The Daily Hodl.

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Montenegrin court delays Do Kwon’s extradition to South Korea

The Terraform Labs co-founder has been in Montenegro since his arrest in 2023, potentially facing extradition to either his native South Korea or the United States.

Montenegro’s Supreme Court has reportedly postponed Terraform Labs co-founder Do Kwon’s extradition after upholding a ruling suggesting he would be removed to South Korea.

According to an Aug. 8 report from Montenegrin news outlet Vijesti, the country’s Supreme Court granted prosecutors’ request to delay Kwon’s extradition to South Korea until the court could rule on a matter concerning the protection of legality. Prosecutors filed the motion on Aug. 2 after an appellate court upheld a previous ruling allowing the Terraform co-founder’s extradition.

After Terra collapsed in 2022, Kwon’s whereabouts were largely unknown, though he remained active on social media. Montenegrin authorities arrested him in March 2023 for using falsified travel documents while attempting to leave the country.

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Montenegro Court Greenlights Disgraced Terra Founder Do Kwon’s Extradition to South Korea, Turns Down US

Montenegro Court Greenlights Disgraced Terra Founder Do Kwon’s Extradition to South Korea, Turns Down US

An appellate court in Montenegro has upheld the decision of a lower court on the extradition case of Terraform Labs co-founder Do Kwon. Kwon is facing criminal charges in his native South Korea and the US for the $40 billion crash of the TerraUSD stablecoin and its companion token, Luna. Both countries sought Kwon’s extradition […]

The post Montenegro Court Greenlights Disgraced Terra Founder Do Kwon’s Extradition to South Korea, Turns Down US appeared first on The Daily Hodl.

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Montenegrin Court Upholds Extradition of Terraform Labs Co-Founder Do Kwon to South Korea

Montenegrin Court Upholds Extradition of Terraform Labs Co-Founder Do Kwon to South KoreaIn a significant legal development, a Montenegrin appeals court has upheld the decision to extradite Do Kwon, co-founder of Terraform Labs, to South Korea. Kwon, who has been in custody in Montenegro since March 2023 for attempting to travel with a fake passport, faces criminal charges in South Korea related to the $40 billion collapse […]

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