Token

April

<p>The post <a href="https://coinpedia.org/news/luna-price-skyrockets-amid-terraform-labs-settlement-with-sec/">LUNA Price Skyrockets Amid Terraform Labs’ Settlement with SEC</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Terraform Labs and its co-founder, Do Kwon, have reached a “settlement in principle” with the U.S. Securities and Exchange Commission (SEC) in a <a href="https://coinpedia.org/news/sec-wins-ny-jury-holds-terraform-labs-and-founder-do-kwon-liable-in-civil-fraud/" target="_blank" rel="noreferrer noopener">civil fraud case</a>. The SEC previously accused Terraform and Kwon of deceiving their investors about the stability of their products, which resulted in the collapse of their $40 billion ecosystem in May 2022.</p> 
<p>A recent court filing says a conference was held on May 29, confirming that all parties agreed to settle the case, leading to the cancellation of priorly scheduled oral arguments. Thus, the parties are supposed to file the settlement documentation by June 12 and present it before Judge Jed S. Rakoff.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Terraform Labs, Do Kwon agree to settle SEC civil fraud case <a href="https://t.co/Ci88wpphNQ">https://t.co/Ci88wpphNQ</a> <a href="https://t.co/m47YTtzsWT">pic.twitter.com/m47YTtzsWT</a></p>— Reuters (@Reuters) <a href="https://twitter.com/Reuters/status/1796277990722023523?ref_src=twsrc%5Etfw">May 30, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<h2 class="wp-block-heading" id="h-luna-token-surge"><strong>LUNA Token Surge</strong></h2> 
<p>The news of the settlement had vivid impacts on the market, specifically on the <a href="https://coinpedia.org/price-prediction/terra-luna-price-prediction/#:~:text=CoinPedia's%20LUNA%20Price%20Prediction,-Terra's%20goal%20is&amp;text=With%20this%20LUNA%20is%20expected,with%20a%20low%20of%20%240.50." target="_blank" rel="noreferrer noopener">LUNA token</a> of Terraform, which witnessed a significant surge of up to 38%—the highest it has surged since April 12. This drastic surge in the LUNA token’s value indicates investor optimism after the settlement announcement. Besides, the expectation of resolving the legal uncertainties of Terraform Labs has successfully ensured a temporary sense of relief and optimism among stakeholders and investors.</p> 
<h2 class="wp-block-heading" id="h-do-kwon-s-legal-troubles-continue"><strong>Do Kwon’s Legal Troubles Continue</strong></h2> 
<p>Although there is progress in settling the civil case with the SEC, the legal challenges of Do Kwon aren’t over yet. Currently, Kwon is out on bail in Montenegro, awaiting an extradition to either the U.S. or South Korea, where he is alleged to have additional criminal charges. In another development, the SEC initially proposed to give a heavy <a href="https://coinpedia.org/news/terraform-labs-challenges-5-3b-sec-fine-suggest-1m-penalty-due-to-lack-of-evidence/#:~:text=Terraform%20Labs%20and%20Do%20Kwon,%244%20billion%20in%20illicit%20gains." target="_blank" rel="noreferrer noopener">$5.3 billion penalty</a> for resolving the fraud case, which would also mark as the most substantial fine on a crypto project.</p> 
<p>Amidst the bankruptcy proceedings, Terraform Labs has contested the penalty, demanding a more appropriate civil fine since its remaining assets are approximately $150 million. Hence, as the legal battle continues, Kwon’s future remains uncertain, with crucial repercussions for him and the broader cryptocurrency market.</p> 
<p>Also Check Out: <a href="https://coinpedia.org/news/donald-trump-convicted-meme-coins-plummet-amidst-political-turmoil/">Donald Trump Convicted: Meme Coins Plummet Amidst Political Turmoil</a></p>

LUNA Price Skyrockets Amid Terraform Labs’ Settlement with SEC

Inhoudsopgave

CoinPedia News

Andere artikelen gepubliceerd op 31 mei 2024

Polygon’s Q1 2024: Activity, demand skyrocket, yet revenue dips

SEC Approves Eight Spot Ethereum ETFs

Crypto Biz: Solana’s rise, BlackRock’s growing BTC exposure, and more

OpenAI Stops AI-Powered Deceptive Influence in 5 Campaigns

NFT sales volume tumbles 54% in May: CryptoSlam

Coinbase Suspends Trading For These Two Crypto, Prices Fell 15%

Meld je aan voor onze gratis nieuwsbrief voor dagelijkse crypto-updates!