June 2024
Ripple challenges SEC’s US$2 bln fine, cites Terraform precedent
Ripple Labs Inc. seeks a reduced fine from the SEC, arguing for a penalty similar to Terraform Labs’ settlement.
Terraform Labs to dissolve following US$4.47 billion settlement
Terraform Labs and ex-CEO Do Kwon to pay billions in SEC fraud settlement, marking one of the largest penalties in U.S. history.
March 2024
Terraform Labs retains Dentons as legal counsel amid bankruptcy
Bankrupt Terraform Labs secures court approval to hire Dentons for legal representation, despite SEC objections.
February 2024
Montenegro court overturns extradition of Terra founder Do Kwon
International tug of war over Kwon’s fate takes a new turn with Montenegro court’s reversal on extradition.
January 2024
Terraform Labs Seeks U.S. bankruptcy shield
Do Kwon-founded Terraform Labs files for Chapter 11 bankruptcy in the U.S.
August 2023
SEC wants to question Terra’s Daniel Shin, could ask South Korea for help
The U.S. SEC could call for South Korea’s cooperation in questioning Daniel Shin, co-founder of Terraform Labs.
S.Korean prosecutors to submit XRP ruling to prove Terra-Luna as securities
South Korean prosecutors are looking to submit the recent U.S. ruling on Ripple to a Seoul court to prove Luna as financial securities.
July 2023
Blockchain sleuths win Arkham’s US$5,000 bounty for Terra, Do Kwon’s wallet info
Arkham Intel Exchange on Monday said two blockchain sleuths had won the bounty for new evidence of wallets owned by Terraform Labs and its imprisoned co-founder Kwon Do-hyeong.
SEC hints at appeal of Ripple decision in court filing against Terraform Labs
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 holds first court hearing for Terra co-founder Daniel Shin on crypto fraud charges
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.
How did Do Kwon move US$18 mln in stablecoins to ‘unfreezable’ tokens while in Montenegro jail?
A South Korean academic tracking on-chain data says Do Kwon, the imprisoned founder of the now collapsed Terra-Luna crypto project, seems to have outside help in moving stablecoins from his digital wallets into other cryptocurrencies.
June 2023
Switzerland freezes US$26 million in crypto held by Terraform Labs and Do Kwon
Swiss prosecutors have reportedly frozen about US$26 million in Bitcoin and other cryptocurrencies that belong to Terraform Labs and its chief executive officer Kwon Do-hyeong.
Montenegro sentences Terraform Labs founder Do Kwon to four months’ jail for passport forgery
A Montenegro district court on Monday sentenced Terraform Labs chief executive officer Kwon Do-hyeong to four months’ jail for forging travel documents.
Montenegro court approves second bail request for Terra-Luna founder Do Kwon
A court in Montenegro approved a second bail request for Terraform Labs co-founder Do Kwon, who faces allegations of using fake passports.
May 2023
Terraform CEO Do Kwon’s bail revoked in Montenegro
The high court of Montenegro’s capital city Podgorica has revoked its decision to grant bail to Terraform Labs chief executive officer Do Kwon.
Montenegro prosecutors appeal court ruling to allow bail for Terraform Labs CEO Do Kwon
Montenegro prosecutors have filed an appeal against a local court decision to approve bail for the detained Terraform Labs CEO Do Kwon.
Terraform’s Do Kwon pleads not guilty to passport forgery; lawyers propose US$437,000 bail
Terraform Labs chief Do Kwon denied charges of attempting to travel with fake travel documents during a court hearing Thursday in Montenegro.
South Korea sets May 26 trial date for Terraform Labs co-founder Daniel Shin, others
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.
South Korea freezes US$176 mln of Terraform CEO Do Kwon’s domestic assets
A South Korean court has approved prosecutors’ request to freeze assets and properties worth 233.3 billion Korean won that belong to Kwon.
Prosecutor says Terra-Luna fugitive Do Kwon should face trial in South Korea: WSJ
The prosecutor leading Korea’s investigation into the Terra-Luna project said its founder Do Kwon should be extradited to Seoul to face trial.
April 2023
Crypto sell off continues; Coinbase asks SEC for answers
Welcome to The Daily Forkast – April 25, 2023 – presented by Jeff Cheung. In an unexpected twist of events, Coinbase is suing the United States Securities and Exchanges Commission after receiving a Wells notice from them just last month. The crypto markets haven’t reacted to this news well, and after a rough start to […]
South Korea indicts Terra co-founder Daniel Shin; Shin rejects accusations
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.
Terraform Labs Kwon to get Montenegro court hearing May 11 on passport forgery charges
Kwon Do-hyeong will have a court hearing on May 11 in Montenegro on charges of allegedly attempting to travel using a false passport.
Do Kwon: The Rise & Fall
Do Kwon has been charged by Montenegrin authorities for attempting to travel with forged documents as the US and South Korea race to extradite him.
From billionaire to Montenegro jail: The rapid rise and fall of Terra chief Do Kwon
South Korea’s Do Kwon went from a poster boy of digital finance as a co-founder of the US$40 billion Singapore-based Terraform Labs to a fugitive on Interpol’s wanted list, all in a matter of several rollercoaster years. He’s now in a Montenegro jail where he may face more time in detention as the U.S. and South Korea demand his extradition to face a long list of charges, including securities fraud – allegations he has repeatedly denied. The following is a timeline of how we got here.
South Korean prosecutors to freeze US$5.36 million of Do Kwon’s assets, some in Switzerland
Seoul Southern District Prosecutors’ Office is in the process of freezing 7.1 billion won worth of assets that belong to Terraform Labs CEO Do Kwon.
Local prosecutors say Terra-Luna’s Do Kwon has no identifiable assets in South Korea
The arrested crypto fugitive Kwon Do-hyung has “zero ” identifiable assets in his native South Korea, prosecutors said on Friday.
March 2023
South Korea court rejects second arrest warrant request for Terraform Labs’ Daniel Shin
A South Korean court dismissed for the second time a request by prosecutors for an arrest warrant for Terraform Labs co-founder Daniel Shin.
Montenegro hints U.S. may get to extradite Terra fugitive Do Kwon ahead of South Korea
The U.S. may have gained an edge in a race with South Korea to extradite Terra chief Kwon Do-hyung from Montenegro on charges of fraud.
Binance faces legal battle as US regulator gets ready to rumble
Top blockchain and crypto news: Binance targeted in CFTC lawsuit. Law catches up with Do Kwon. Chinese banks bet on Hong Kong crypto.
Montenegro to hold Terra-Luna fugitive Do Kwon for 30 days, says Yonhap News
Kwon Do-hyung will be held in Montenegro for a month on charges of using forged travel documents, South Korea’s Yonhap News reported.
South Korea confirms identity of man arrested in Europe as Terra-Luna fugitive Do Kwon, seeks extradition
South Korea’s police said they confirmed the identity of a man arrested in Montenegro, Europe, as the Terraform Labs co-founder Kwon Do-hyung, who is wanted on charges of fraud related to the collapse of the stablecoin and cryptocurrency project he led.
Terraform Labs founder Daniel Shin again questioned by South Korea prosecutors over stablecoin collapse
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.
South Korea cranks up pressure to extradite Do Kwon, founder of failed Terra-Luna stablecoin
South Korean prosecutors said they will expand cooperation with overseas legal agencies to facilitate the arrest and extradition of Do Kwon.
FBI investigating the collapse of Do Kwon’s Terra-Luna, WSJ reports
Former employees of Do Kwon’s Terraform Labs are being questioned by the FBI and U.S. prosecutors in New York.
Singapore police begin probe linked to Do Kwon’s Terraform Labs: Bloomberg
Singapore’s police have begun investigations linked to Terraform Labs that was co-founded by fugitive Do Kwon, according to a Bloomberg report.
February 2023
Do Kwon, founder of collapsed Terra stablecoin, charged with fraud by U.S. securities regulator
The U.S. SEC charged Singapore-based Terraform Labs and its chief Kwon Do-hyung for defrauding investors.
South Korea prosecutors say Serbia ready to help fraud investigation into Terra’s Do Kwon
Prosecutors flew to Serbia earlier this month as part of an investigation into Terraform Labs chief Do Kwon, who faces fraud accusations related to the US$40 billion collapse of his Terra-Luna cryptocurrency project in May last year.
January 2023
Why is it harder to arrest Terra-Luna founder Do Kwon than FTX’s Sam Bankman-Fried?
South Korea’s attempts to extradite the founder of the collapsed Terra-Luna stablecoin will remain hamstrung while the courts in Seoul dispute the charges against him.
December 2022
A year to remember, a year to forget: Crypto highs and lows of 2022
From Terra and FTX crises to Ethereum’s triumphant Merge and China’s inventive NFT industry, Forkast reviews a rollercoaster year and its consequences.
South Korea freezes US$93 mln in assets of former Terra-Luna associates
A S.Korean court has approved prosecutors’ request to freeze assets of US$93.3 million belonging to seven former associates of Terraform Labs.
Terra fugitive Do Kwon has registered address in Serbia: S. Korean local media
Interpol fugitive and chief of Terraform Labs Pte. Ltd. Kwon Do-hyung has registered his residential address in the Republic of Serbia.
Terra cryptocurrency fugitive Do Kwon flew to Serbia last month, South Korean prosecutor says
Interpol fugitive Kwon Do-hyung flew to the Republic of Serbia last month, South Korean prosecutors told Forkast, confirming local media reports.
Judge approves subpoenas for 3AC cofounders
A federal judge overseeing the bankruptcy proceedings of Three Arrows Capital (3AC) has approved the delivery of subpoenas to 3AC’s cofounders, Su Zhu and Kyle Davies.
S.Korean prosecutors mull second request of arrest warrant for Terra cofounder Daniel Shin
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 makes court appearance for arrest warrant review
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.
November 2022
S.Korea requests warrant to bring Terra-Luna cofounder Daniel Shin into custody
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.
Terra-Luna cofounder Daniel Shin may face fraud charges in South Korea, prosecutors say
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 denies $100 mln LUNA cashout: report
Terra cofounder Daniel Shin reportedly told S.Korean prosecutors during an investigation on Thursday that he did not sell LUNA at a high point.
South Korea freezes Terra cofounder Daniel Shin’s US$104 mln in assets; CEO Do Kwon tweets he was wrong, not fraudulent
Terra’s former executive Daniel Shin’s US$100 million were frozen on Thursday; Do Kwon tweets that the Terra team did everything to save UST
Terra cofounder Daniel Shin’s Chai Corp. raided by S.Korean authorities
Daniel Shin’s Chai Corporation, which partnered with Terraform Labs in 2019, is accused of violating capital market rules in past dealings with Terra.
S.Korea summons ex-Terra exec Daniel Shin over US$100M in LUNA gains
Daniel Shin has been summoned by South Korean prosecutors to attend an investigation as a suspect for allegedly earning ill-gotten profits with LUNA.
Crypto fugitive Do Kwon said to be hiding in Europe, mocks ‘cops from world over’ in series of tweets
The South Korean founder of the collapsed Terra stablecoin faces multiple allegations of wrongdoing, the latest being price manipulation.
Crypto leaders differ over Do Kwon blame in May’s market crash
‘Bad actor’ or a ‘sliding market’? Blockchain industry leaders at Hong Kong FinTech Week offer insights into the Terra-LUNA crash.
October 2022
Terra CEO Do Kwon faces lawsuit in Singapore, next hearing on Wednesday
A hearing is scheduled in Singapore on a lawsuit filed against Terraform Labs’ Do Kwon on behalf of investors who lost about US$57 million in the collapse of Terra-LUNA.
Interpol’s global police beat moves to metaverse amid hunt for Terra’s Do Kwon
The international police organization Interpol has launched its own metaverse to assist law enforcement in protecting communities in virtual realms. The development comes after wanted Terraform Labs cofounder Do Kwon quietly slipped from Singapore to Dubai and possibly elsewhere. See related article: India police launch blockchain-based complaint portal on Polygon Fast facts Interpol claims theirs […]
Terra CEO Do Kwon, wanted in South Korea, left Singapore and flew to parts unknown via Dubai
Kwon Do-hyung, the cofounder and chief executive officer (CEO) of Terraform Labs Pte. Ltd., also known as Do Kwon, left Singapore last month and landed in Dubai, United Arab Emirates, South Korean prosecutors confirmed with Forkast.
South Korea indicates fugitive Do Kwon’s passport still valid; his location unknown
Kwon has been issued with an Interpol “red notice” requesting his extradition on charges brought by South Korea related to the implosion of the Terra Luna cryptocurrency project he founded
S.Korea’s parliament audit on Terra-LUNA falls short of expectations
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.
Arrested Terra employee, Do Kwon associate, released from custody amid S. Korea Terra-LUNA probe
Yoo (full name was not revealed), the head of general affairs at Terraform Labs Pte. Ltd. and close associate of unlocated chief executive officer (CEO) Kwon Do-hyung, or Do Kwon, has been released from custody since being arrested Thursday as part of an ongoing investigation into Terra-LUNA. Yoo is not contending his alleged association with […]
Terra’s network validator DSRV Labs CEO denies prior knowledge of Terra-LUNA collapse
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 Korea makes first arrest in Terra-LUNA investigation
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 […]
S.Korea gov’t failed, special prosecutor needed on Terra-LUNA, lawmaker says
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 […]
Terra CEO Do Kwon to lose his passport within a month
South Korea’s Ministry of Foreign Affairs posted a notice on its website on Wednesday saying the passport belonging to Terraform Labs Pte. Ltd. chief Kwon Do-Hyung, also known as Do Kwon, will be nullified in four weeks if Kwon does not return his passport. See related article: South Korea’s investigation of Do Kwon ‘unfair’: Terraform […]
Terra cofounder Daniel Shin pulls out of S.Korean parliamentary audit, report says
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 […]
September 2022
Terraform cofounder Daniel Shin to testify in South Korean parliament
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.
South Korea’s investigation of Do Kwon ‘unfair’: Terraform Labs
Terraform Labs Pte. Ltd., the firm behind the collapse of the Terra-LUNA stablecoin project said South Korean prosecutors’ measures in pursuing its chief executive officer Do Kwon violate his basic rights under Korean law.
Do Kwon denies cashout allegations
The man behind Terra-LUNA contradicts the basis of the new action South Korean authorities took to corner and locate him.
Interpol issues red notice for Do Kwon, says South Korean prosecutor
South Korea is pursuing different options to get custody of Do Kwon as the Terraform Labs CEO faces charges for his alleged involvement in the multibillion collapse of the Terra-LUNA stablecoin project.
Terra chief faces arrest as South Korea ramps up global manhunt
Top blockchain and crypto news: Where is Do Kwon hiding out? Ethereum Merge mood fading fast. China’s digital yuan draws scrutiny Down Under.
Do Kwon says “not on the run” as S.Korea calls for Interpol’s red notice
South Korean prosecutors are in the process of requesting Interpol to issue a red notice for Terraform Labs Pte. Ltd. Chief Executive Officer Kwon Do-hyung, also known as Do Kwon, according to media reports. See related article: Terra CEO Do Kwon faces ‘illegal alien’ status in Singapore as Seoul cancels passport Fast facts An Interpol […]
For South Korea, making Do Kwon pay for his alleged crimes easier said than done
A member of the prosecuting team tells Forkast additional charges are likely to be leveled against Terraform Labs Chief Executive Officer Do Kwon following this week’s issuance of an arrest warrant for violating the country’s Capital Markets Act.