Bitcoin News Daily Official TheBitTimes.com

The legal team of Terraform Labs and Do Kwon have agreed with the SEC on maintaining the confidentiality of certain documents in their trial .  The agreement comes in the context of charges leveled by the SEC against the LUNA founder in February, accusing them of conducting a fraudulent scheme involving cryptocurrency assets worth billions of dollars. Terra’s stablecoin UST and LUNA collapse in 2022 was one of the main drivers of the latest crypto winter, which also played a part in the FTX collapse.  Source: Courtlistener You might also like: Coinbase, Circle awarded crypto licenses in France ahead of MiCA The presiding judge in the Southern District of New York, Jed Rakoff, ratified a protective order today. This order stipulates that both parties are restricted from publicly disclosing confidential materials. Additionally, the court will seal discovery documents tagged as confidential until the commencement of the trial .  Judge Rakoff indicated a low probabilit...

Do Kwon’s final appeal to undo his incarceration in a Montenegrin prison was refused by a high court, leaving Terra’s former CEO awaiting extradition rather than freedom. The High Court in Podgorica rejected Kwon’s appeal to overturn his jail time issued by a lower court in Montenegro’s capital city.  Per Nov. 16 filings, the Criminal Code of Montenegro was appropriately applied when Terra’s founder was sentence d to four months in prison for forging a Costa Rican passport. The decision is final and cannot be appealed, which means that Kwon must remain behind bars pending an extradition decision.  Kwon, the one-time crypto billionaire, was arrested in March 2023 at an airport with forged travel papers. Kwon was detained together with Han Chang-Joon, another former executive from Terraform Labs, and both individuals were sent to jail following trial. You might also like: Arkham unveils Terraform’s and Do Kwon’s secret holdings Terra’s founder testified that the docum...

Do Kwon, who co-founded the defunct Terraform Labs and LUNA, has been summoned by the United States Securities and Exchange Commission (SEC). The agency requests an in-person interrogation regarding the downfall of the Terra ecosystem . However, Kwon and his legal representatives have filed a petition to dismiss the request, citing impracticality and violation of due process rights.  Court documents, submitted on Sep. 27, highlight that it is logistically unfeasible for Kwon to comply with the SEC’s timetable for a U.S.-based deposition before Oct. 13, as he is currently detained in Montenegro with no definite release or extradition schedule. “The motion should be denied because it would be impossible for Mr. Kwon to appear for such a deposition. That request violates the Court’s Individual Rules of Practice because the SEC did not obtain the Court’s permission to seek a preclusion order in the parties’ pre-motion call to Chambers” – Legal Re...

New York federal judge granted permission to the SEC to proceed with its case against Terraform Labs Pte and its founder, Do Kwon. Judge Rakoff’s decision involved rejecting the differentiation drawn in the Ripple case regarding public and institutional sales being the determining factor if the asset would be labeled as a security. Ripple ruling challenged Following the July 13 Ripple ruling , which was celebrated as a triumph for the cryptocurrency sector, numerous digital assets experienced a surge in value of over 70%. However, US District Judge Jed Rakoff’s recent decision, while not directly challenging the Ripple ruling , highlights the ongoing uncertainty surrounding the classification of digital assets as securities.  In the court documents, as stated by Bloomberg, the SEC had advised Judge Rakoff against following the reasoning of US District Judge Analisa Torres in the Ripple case. The SEC has also expressed its intention to potentially appeal the Ripple rul...

The Terra Classic burn mechanism automatically burns tokens whenever a transaction occurs on the network. Binance, the world's largest crypto exchange, has conducted its 11th batch of the Terra Classic (LUNC) burn mechanism, resulting in the burning of 2.65 billion LUNC tokens.  The total LUNC tokens burned by Binance now exceed 35.5 billion , while the community's burn surpasses 68 billion . Traders have reacted positively to the burn, leading to a 3% increase in LUNC price. Based on a transaction executed on July 1, Binance transferred 2.65 billion Terra Classic (LUNC) tokens to the burn address with the aim of reducing the circulating supply of LUNC. The transaction also involved a transaction fee of 13.25 million LUNC. The Luna Classic burn mechanism works by automatically burning tokens whenever a transaction occurs on the network. The number of tokens that are burned is relative to the number of tokens in circulation. This ensures that the total supply of tokens is cons...