Terra Classic

<ul><li>In the US, Terraform Labs have filed a motion seeking case dismissal, citing a lack of substantial evidence supporting the SEC&#39;s claims.</li><li>Terraform Labs co-founder faces legal action in South Korea, accused of defrauding investors.</li><li>Shin&#39;s lawyer states they parted ways with Kwon in 2020 for business reasons and asserts the collapse was due to Kwon&#39;s actions after the breakup.</li></ul>In a significant development, Terraform Labs, the embattled cryptocurrency platform, finds itself embroiled in complex legal battles on two fronts – one in the United States and another in South Korea. In the US, Terraform Labs and its co-founder, Do Kwon, are vigorously contesting allegations put forth by the U.S. Securities and Exchange Commission (SEC) regarding their involvement in a multi-billion dollar crypto asset securities fraud.In response to the SEC&#39;s accusations, Terraform Labs and Do Kwon have <a href="https://storage.courtlistener.com/recap/gov.uscourts.nysd.594150/gov.uscourts.nysd.594150.100.0.pdf" rel="noopener noreferrer nofollow">filed</a> a motion seeking dismissal of the case. The crux of their defence revolves around what they claim is a lack of substantial evidence to support the SEC&#39;s allegations.The SEC <a href="https://cryptotale.org/u-s-sec-charges-terraform-labs-do-hyeong-kwon-for-crypto-fraud/" rel="noopener noreferrer nofollow">contended</a> that Terraform Labs and Kwon engaged in the sale of unregistered cryptocurrency tokens, manipulating the price of the UST stablecoin and causing substantial financial losses to investors. Terraform Labs vehemently denied these allegations, arguing that the SEC&#39;s claims are not based on credible sources and lack a solid foundation.Simultaneously, in South Korea, Terraform Labs co-founder Shin Hyun-Seong, known as Daniel Shin, is <a href="https://biz.chosun.com/topics/law_firm/2023/10/30/326FCEXJWFE3BBI2PONQAI4TJ4/" rel="noopener noreferrer nofollow">facing</a> legal proceedings. Shin, accused of defrauding investors, has distanced himself from Terraform&#39;s collapse. Former CEO Shin&#39;s lawyer said.Read full article at CryptoTale.

Terraform Labs Saga: Ongoing Legal Battles Unravel in US and South Korea

CryptoTale

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