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Terraform Labs and ex-CEO Do Kwon to pay billions in SEC fraud settlement, marking one of the largest penalties in U.S. history.

A Montenegro appeals court has invalidated the decision to extradite Do Kwon to the United States.

Do Kwon-founded Terraform Labs files for Chapter 11 bankruptcy in the U.S.

Top blockchain and crypto news: Binance targeted in CFTC lawsuit. Law catches up with Do Kwon. Chinese banks bet on Hong Kong crypto.

Top blockchain and crypto news: Where is Do Kwon hiding out? Ethereum Merge mood fading fast. China’s digital yuan draws scrutiny Down Under.

Identifying characteristics of securities in Terra’s tokens could help South Korea with new charges on Terraform Labs and CEO Do Kwon.

The creator of the Mirror protocol and its CEO Do Kwon have little recourse but to comply with the SEC subpoena to produce documents and testify.

Bankrupt Terraform Labs secures court approval to hire Dentons for legal representation, despite SEC objections.

Top blockchain and crypto news: Spotlight on Bankman-Fried, Pudgy Penguins’ new revenue stream and Google’s Web3 goggles

The U.S. SEC could call for South Korea’s cooperation in questioning Daniel Shin, co-founder of Terraform Labs.

South Korean prosecutors are looking to submit the recent U.S. ruling on Ripple to a Seoul court to prove Luna as financial securities.

The SEC has hinted it may be set to appeal a recent court ruling against the agency in its case against Ripple Labs and the XRP token.

South Korea on Monday held the first preliminary hearing for Terraform Labs co-founder Daniel Shin and seven other former employees on charges related to the collapse of the Terra-Luna crypto project.

As Ripple receives an in-principle approval for Singapore’s digital payment license, institutional investors continue to look toward Bitcoin ETFs.

South Korea, China, Japan — East Asia’s three industrial powerhouses are taking their economic rivalry to the virtual world. Each is developing a domestic metaverse in a race to become the region’s industry leader. This first account in a three-part series takes a look at what’s happening in South Korea.

Terraform Labs co-founder Shin Hyun-seung and seven others will face trial on May 26 on charges of fraud related to the Terra-Luna crypto collapse.

Bitcoin lost 0.43% while Ether dipped 0.60% in 24 hours. Polygon’s Matic token was the biggest loser and dropped 2.16%.

Bitcoin fell in Tuesday afternoon trade in Asia, along with all other top 10 non-stablecoin cryptocurrencies. Polygon was the biggest loser followed by Solana.

South Korean prosecutors on Tuesday indicted Terraform Labs co-founder Daniel Shin for alleged fraudulent transactions related to the collapse of the Terra-Luna crypto project.

Leading auction house Sotheby’s said it will sell NFT artworks owned by the bankrupt crypto hedge fund Three Arrows Capital.

A South Korean court dismissed for the second time a request by prosecutors for an arrest warrant for Terraform Labs co-founder Daniel Shin.

Bitcoin dipped in Friday morning trading in Asia but held above US$28,000. The top 10 non-stablecoin cryptocurrencies traded mixed. Binance’s BNB led the winners.

Bitcoin and Ether rose during Asian trading hours on Friday, along with most of the top 10 non-stablecoin cryptocurrencies by market capitalization, with Litecoin posting the biggest gains.

Bitcoin bounced back above US$28,000 on Friday morning in Asia amid a rebound in all top 10 non-stablecoin cryptocurrencies and gains in equities overnight.

Terraform Labs co-founder Shin Hyun-seung, also known as Daniel Shin, was again called in for questioning by South Korea’s prosecutors on Monday.

The SEC announced emergency action against crypto hedge fund BKCoin and co-founder Kevin Kang in connection with an alleged fraud scheme.

Mastermind of the EminiFX fraud has pleaded guilty to soliciting investments worth more than US$248 million from tens of thousands of investors, says US DOJ.

Lee Byung-gul, the CEO of V Global, will serve 25 years in prison after his conviction was upheld by the Supreme Court of Korea on Friday.

Creditors of Singapore-based crypto lending and borrowing platform Hodlnaut have rejected a proposed restructuring plan and wish to liquidate the company.

Top blockchain and crypto news: Where is Alameda Research’s money going? US tax loophole may give crypto investors a break. China’s blockchain momentum builds.

Cryptocurrencies had a turbulent 2022 to say the least. Blockchain technology made progress but that failed to offset the multiple bankruptcies and hacks that plagued the industry through the year.

From Terra and FTX crises to Ethereum’s triumphant Merge and China’s inventive NFT industry, Forkast reviews a rollercoaster year and its consequences.

A S.Korean court has approved prosecutors’ request to freeze assets of US$93.3 million belonging to seven former associates of Terraform Labs.

The bankruptcy of cryptocurrency exchange FTX doesn’t represent the biggest losses for crypto investors in 2022, according to a report from Chainalysis.

Top blockchain and crypto news: SBF denied bail, US extradition likely next. The Block chief quits over secret FTX loans. Hong Kong readies digital asset rules.

Seoul judge dismisses prosecutors’ request for arrest warrant for Terra’s Daniel Shin, derails their plan to investigate Shin in custody

Terra cofounder Daniel Shin attended a court hearing on Friday morning in South Korea that will decide on local prosecutors’ request to issue an arrest warrant.

A court in South Korea will review if prosecutors are allowed to arrest and bring Terraform cofounder Daniel Shin and seven others into custody, for charges including fraud.

South Korean prosecutors may charge Terraform Labs cofounder Daniel Shin with fraud for promoting the Terra stablecoin as a payment method despite multiple warnings from financial regulators that it was against the law.

Terra cofounder Daniel Shin reportedly told S.Korean prosecutors during an investigation on Thursday that he did not sell LUNA at a high point.

Daniel Shin’s Chai Corporation, which partnered with Terraform Labs in 2019, is accused of violating capital market rules in past dealings with Terra.

Daniel Shin has been summoned by South Korean prosecutors to attend an investigation as a suspect for allegedly earning ill-gotten profits with LUNA.

The following is a running compilation of views and comments on Binance’s takeover of the FTX exchange amid speculation of solvency problems at FTX.

The Canadian government will begin a consultation on the risks that digital assets and currencies may pose to the country’s traditional financial system.

Bitcoin and Ether dropped in Thursday afternoon trading in Asia, while the rest of the top 10 cryptocurrencies by market capitalization, excluding stablecoins, posted mixed results.

The National Assembly wanted to get to the bottom of the Terra-LUNA collapse on Thursday. At the end of a long and speech-filled day, lawmakers left empty-handed.

Widespread damage from the Terra-LUNA collapse can be attributed to a poor local regulatory framework, said Lee Sir-goo, CEO of South Korea’s blockchain and fintech company Dunamu Inc. at a special session of the National Assembly. See related article: S.Korea gov’t failed, special prosecutor needed on Terra-LUNA, lawmaker says Fast facts Lee appeared before lawmakers […]

Validators of Terra blockchain had no knowledge of the US$60 billion collapse of Terra-LUNA prior to the crash, said South Korean blockchain infrastructure provider DSRV Labs chief Kim Ji-yun. in response to the National Assembly’s parliamentary audit on the Financial Services Commission on Thursday. See related article: Terra CEO Do Kwon to lose his passport […]

South Korean prosecutors have arrested a Terraform Labs employee, in their first arrest under the investigation of the Terra-LUNA collapse. A bench warrant, which allows law enforcement to take suspects into custody, was issued on Wednesday for the arrested employee. See related article: Terra CEO Do Kwon to lose his passport within a month  Fast […]

South Korean ruling party lawmaker Yoon Sang-hyun asserted that the country needs to appoint a special prosecutor to investigate the Terra-LUNA collapse, which affected over 280,000 people locally, in comments at the National Assembly’s parliamentary audit on the Financial Services Commission (FSC), South Korea’s top financial regulator. See related article: South Korea’s investigation of Do […]

Terraform Labs Pte. Ltd. cofounder Daniel Shin, or Shin Hyun-sung, has submitted a statement to South Korea’s National Assembly with reasons not to appear before lawmakers on Thursday as a witness in the Terra-LUNA meltdown, according to local news agency News1. See related article: Terraform cofounder Daniel Shin to testify in South Korean parliament Fast […]

The country’s judiciary says Bitcoin loans not affected by interest limitation act, as crypto is not ‘money’

South Korea’s National Assembly intends to get to the bottom of the Terra-LUNA debacle in its next audit in October along with several other issues surrounding the local crypto industry.

Upbit, South Korea’s largest cryptocurrency exchange, is using fees it collected from Luna Classic (LUNC) transactions to establish a crypto monitoring center in a gesture to help compensate for the losses from the Terra-LUNA debacle, according to local media reports. See related article: Interpol issues red notice for Do Kwon, says South Korean prosecutor Fast […]

Terra Classic (LUNC), the original crypto token of the Terra-LUNA blockchain that collapsed back in May, gained over 50% on Tuesday following an announcement by Binance, the world’s largest crypto exchange by volume, that it would support a burn mechanism for the network. See related article: For South Korea, making Do Kwon pay for his […]

South Korea’s Financial Supervisory Service (FSS) governor Lee Bok-hyun says he disagrees with the view that crypto cannot be seen as financial investment products or securities, while revealing he assisted local prosecutors in designating Terra-LUNA tokens as securities, according to local media reports. See related article: Securities or not? South Korea to evaluate Terra’s LUNA […]

Terraform Labs and affiliates allegedly ramped up the numbers of its decentralized finance (DeFi) service Anchor Protocol by investing their own capital, a claim that South Korean prosecutors are currently looking into, state broadcaster KBS reported. See related article: S.Korea slaps ‘notification upon arrival’ on Terra’s Do Kwon Fast facts The local media outlet claims […]

The crypto market shrugs off IMF’s predicted recession risk. Also, U.S lawmakers racing to introduce the stablecoin bill.

Aiming to uncover the next “BTS in finance,” Chairman Kim Joo-hyun of the Korean Financial Services Commission (FSC) is calling for “bold reforms” in financial regulations, including in crypto assets.

South Korean prosecutors’ search and seizure campaign on Terra-LUNA and affiliates includes raiding the private home of Terraform Labs cofounder Daniel Shin, or Shin Hyun-seung, among others on Wednesday, local media reported. See related article: S.Korea prosecutors raid crypto exchanges as part of Terra-LUNA investigation Fast facts Shin, who founded Terraform Labs with current chief […]

Three Arrows Capital (3AC) cofounders Su Zhu and Kyle Davies denied allegations by 3AC liquidators that they moved money out of the crypto hedge fund before its collapse. See related article: 3AC founders moved money out of troubled hedge fund, allege liquidators Fast facts Zhu and Davies claimed that they were forced into hiding due […]

South Korean prosecutors raided 15 companies, including seven cryptocurrency exchanges, on Wednesday as part of their investigation into the Terra-LUNA debacle. See related article: Terra subsidiary used as funds channel for overseas affiliates: report Fast facts “[The search and seizure] is to secure any physical evidence needed to prove the allegations,” Choi Sung-kook, prosecutor in […]

South Korean prosecutors have reportedly identified what is believed to be a Terraform Labs subsidiary in South Korea, FLEXE Corporation, which was allegedly used to facilitate cash flow from overseas to Terra affiliates, according to KBS News. See related article: Terra’s S.Korean office closure ‘purely coincidental’: Do Kwon Fast facts Terraform Labs chief executive officer […]

South Korea’s Justice Minister Han Dong-hoon met with U.S. investigative agencies in New York on Tuesday amid the countries’ separate investigations into Terra and its cofounder Do Kwon. See related article: South Korean authorities cite LUNA debacle to call for speedier crypto oversight Fast facts The minister met with Andrea M. Griswold, co-chief of the […]

Prosecutors said they also wish to interview Terraform Labs Chief Executive Officer Kwon Do Hyung as part of an investigation into the multibillion dollar collapse of the company.

Top blockchain and crypto news: Investors shun LUNA 2.0. Ethereum gains amid relief rally. China’s stimulus goes digital.

Whether the fixing of a pricing error by Mirror Protocol, the decentralized finance (DeFi) application built on Terra Classic, will help prevent a drainage of the pool similar to last year will only be known by the end of U.S. trading hours on Tuesday. See related article: Winning back the trust of the Terra community […]

The Terra governance system has given a 99.39% approval on Friday Asia time to burn about 1.38 billion TerraClassicUSD (USTC), or approximately 11% of the total supply of the stablecoin’s supply. See related article: Terra, LUNA vote ends in favor of Do Kwon’s new chain proposal Fast facts There is a total of about 11.2 […]

Top blockchain and crypto news: Billions cut ties with Tether. Are Terra’s UST troubles just beginning? China’s miners stay one step ahead.

The crypto community is still dealing with the fallout from the multibillion-dollar collapse of Terra-LUNA. At a Davos event organized by Forkast, we asked what caused the crash and if it was foreseeable.

Seoul Metropolitan Police Agency’s Cyber Crimes Investigations Unit revealed on Monday that it has received a report alleging a Terraform Labs employee was involved in embezzling corporate funds, according to local media reports. See related article: Terra’s S.Korean office closure ‘purely coincidental’: Do Kwon Fast facts The police are currently investigating the validity of the […]

Terra has increased its initial token float — tokens that are tradable upon issuance — from 15% to 30% for pre-attack Anchor Protocol UST stakers (aUST) and post-attack LUNA and UST holders, in the latest update to the plan to revive its reeling ecosystem. See related article: No hard fork, governance vote in Kwon’s updated […]