TerraUSD Financial News

Terraform Labs, the entity behind Terra (LUNA) and TerraUSD (UST), has accused market maker Citadel Securities of a "concerted, intentional effort" to cause the collapse of its stablecoin in May 2022.

A US Judge has denied Terraform Labs' motion to dismiss a securities fraud lawsuit filed against it by the Securities and Exchange Commission (SEC). 

A court in Montenegro has repealed a lower court’s decision under which to release Terraform Labs co-founder Do Kwon on bail, according to Bloomberg News. 

A court in Montenegro accepted bail to release Terraform Labs co-founder Do Kwon and former chief financial officer Han Chang-joon from jail on Friday after allegedly using false documents.

Terraform Labs co-founder Do Kwon pleaded not guilty to allegedly using false passports from Belgium and Costa Rica on Thursday in a Montenegro court, according to Bloomberg News. 

Terraform Labs founder Do Kwon sent millions in funds to a local law firm in South Korea just before the implosion of the Terra ecosystem.

Kwon, the cryptocurrency entrepreneur behind two digital currencies that lost an estimated $40 billion or more last year, has been charged with fraud by U.S. prosecutors. An eight-count indictment against Kwon was made public in the U.S. District Court in Manhattan, several hours after news of his arrest earlier Thursday in Montenegro. Lawyers for Kwon in the United States did not immediately respond to requests for comment after business hours. Thursday's indictment charges Kwon, a South Korean national who co-founded Terraform Labs and developed the TerraUSD and Luna currencies, with two counts each of securities fraud, wire fraud, commodities fraud and conspiracy.

The US Justice Department has probed the two major trading firms Jump Trading and Jane Street about plans for a potential bailout of the Terra network’s failed algorithmic stablecoin TerraUSD (UST).

Singapore authorities have launched a probe into Do Kwon's Terraform Labs, the entity that developed the now-collapsed TerraUSD stablecoin.

A group of South Korean officials has traveled to Serbia in a bid to locate Do Kwon, the co-founder of Singapore-based Terraform Labs, the parent company of crashed stablecoin TerraUSD.

South Korean officials have confiscated over $100 million worth of funds belonging to Terraform Labs co-founder Shin Hyun-Seong (Daniel Shin).

Terraform Labs founder Do Kwon, along with the Luna Foundation Guard (LFG) and Terra founding member Nicholas Platias, are facing a fresh $57 million class action suit from aggrieved investors in Singapore. 

Victims of the collapse of the Terra ecosytem, which wiped out over $60 billion of investors' funds, have been speaking up and calling for Do Kwon and entities related to him to be brought to justice. 

Terra Classic continued its extreme volatility on Monday and Tuesday after a sensational six-hour rise was followed by another sharp sell-off.

Do Kwon, founder of now-defunct blockchain firm Terraform Labs, has broken silence about the recent warrant authorizing his arrest, claiming that he is not on the run from the law.

Terra Classic has been on a massive rebound in recent weeks. LUNC, the native token for the original Terra Luna blockchain, recorded a massive plunge in May after the depegging of the TerraUSD (UST) stablecoin and the resulting collapse of the Terra blockchain. Now, LUNC looks prime to make a comeback.

Terra investors around the world lost billions of dollars when the algorithmic-stablecoin project crashed but they recovered a small part of their bets when a new token was distributed as compensation. Investors in India aren’t as fortunate. Because the country’s tax system is punitive to crypto investing, TerraUSD and Luna token holders who got the new coin — known as Luna 2.0 — in a so-called airdrop face a double whammy. They could be taxed as much as 30% of the value of tokens received and they won’t be able to offset any gains in the new token against losses from the previous one, tax experts said. Under the new crypto tax regime, effective April 1, any income from the “transfer” of a “virtual digital asset” will be taxed at a flat rate of 30%. It does not explicitly mention how airdrops should be taxed, but Jay Sayta, a technology and gaming lawyer, and Manhar Garegrat, executive director of policy at crypto exchange CoinDCX, said the distributions can be seen as income and are subject to the tax.

TerraUSD developers vote to create new blockchain without failed stablecoin

My dear crypto brothers and sisters,

Luna, rallying a band of investors and supporters he proudly referred to as "Lunatics." Kwon's company, Terraform Labs, raised more than $200 million from investment firms such as Lightspeed Venture Partners and Galaxy Digital to fund crypto projects built with the currency, even as critics questioned its technological underpinnings. Luna's total value ballooned to more than $40 billion, creating a frenzy of excitement that swept up day traders and startup founders, as well as wealthy investors. Kwon dismissed concerns with a taunt: «I don't debate the poor.»

Backer of stricken TerraUSD says spent reserves trying to salvage dollar peg