• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
      • Non Gamstop Casinos
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Casinos
  • Play Games
  • Play Casino Games
  • Best crypto casino
Breaking News: BREAKING: Binance CEO CZ Steps Down As Part Of $4 Billion Settlement
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
      • Non Gamstop Casinos
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Casinos
  • Play Games
  • Play Casino Games
  • Best crypto casino
Bitcoinist.com
No Result
View All Result
Breaking News: BREAKING: Binance CEO CZ Steps Down As Part Of $4 Billion Settlement
Do Kwon Terra LUNC LUNCUSDT

Court Denies Do Kwon’s Appeal, Upholds 4-Month Jail Sentence

Reynaldo Marquez by Reynaldo Marquez
2 weeks ago
in Breaking News Ticker
0

Per a report from crypto news outlet CoinDesk, the founder of the failed ecosystem Terra (LUNC, formerly known as LUNA), Do Kwon, was denied an appeal on its 4-month sentence. The Montenegro High Court issued a statement upholding its decision over the charges brought up for falsifying an identity document by Kwon.

Related Reading: SEC Drops Bombshell: Terra Founder Do Kwon Chat History Leaked

Do Kwon Faces Months In Prison, Extradition Likely?

According to the report, Do Kwon and his associate Han Chan-Joon received the sentence from the Montenegro High Court over 6 months ago. Then, their legal defenses tried to appeal the sentences, but the court found the petition “unfounded,” in today’s statement.

As CoinDesk noted, both Kwon and his colleague have been in the custody of Montenegro authorities since their arrest. The Terraform Labs founder could get extradited to South Korea to face charges related to the collapse of the Terra ecosystem.

In 2022, the crash in LUNA began a series of bankruptcy proceedings for entities with capital tied up within the ecosystem. Companies like hedge fund Three Arrows Capital, crypto lender Celsius, and even crypto exchange FTX suffered from the aftermath of the Terra fallout.

Retail investors suffered the most, as over $40 billion evaporated from the sector, triggering a wave of suicides across the world. A recent report from CoinDesk noted that the 4-month jail sentence is “adequate” for Kwon, but the crypto founder could face many more years if extradited to South Korea or the United States.

As Bitcoinist reported last week, Kwon received another negative from a key institution. The United States Securities and Exchange Commission (SEC) reinforced its stance against Terraform Labs and its co-founder by seeking to dismiss their motion to drop the lawsuit filed in February 2023.

The SEC accuses the crypto firm of “deceiving” investors by “falsely” promising exuberant gains, alleging that Terraform Labs misled the public with incomplete transparency regarding their crypto asset securities.

The SEC’s request to the District Court for the Southern District of New York emphasizes the purported indisputable evidence of violations of securities laws by Do Kwon and Terraform. This move by the regulator is marked by submitting seven filings, countering all the defendants’ motions and pleas.

The SEC’s determined approach aims to challenge Terraform’s legal defenses and unravel the truth behind the alleged illicit crypto transactions within the firm.

Related Reading: Do Kwon Kicks Against SEC’s Extradition Request – Details

As the lawsuit progresses, its outcome looms large over the crypto industry. The conclusion of this legal battle is expected to significantly influence the regulatory landscape and market dynamics within the crypto space, potentially setting precedents for how crypto firms operate.

As of this writing, LUNC trades at $0.0008 with some gains over the week.

Do Kwon LUNC LUNUCSDT
LUNC’s trends to the upside on the daily chart. Source: LUNCUSDT on Tradingview

Cover image from Unsplash, chart from Tradingview

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Reynaldo Marquez

Reynaldo Marquez

As an editor at NewsBTC, Reynaldo is an experienced journalist passionate about all things crypto. Reynaldo has interviewed key industry leaders, and created unique pieces analyzing the promise of crypto as the next frontier for an economic and social transformation of humanity. Since 2018, he has been at the forefront of the industry, closely following every major development and analyzing critical events at the heart of the crypto industry. With a keen eye for detail and an unwavering commitment to excellence, Reynaldo has been instrumental in bringing the latest news and insights to the crypto community. Outside of work, Reynaldo enjoys lifting weights and literature, which he believes gives him a unique perspective into the world of crypto. As an aspiring trader, he is always looking for new opportunities to explore and believes that crypto holds the key to unlocking the future of finance.

Related Posts

Binance

BREAKING: Binance CEO CZ Steps Down As Part Of $4 Billion Settlement

1 week ago
Kraken

BREAKING: Kraken Exchange Under Siege, SEC Files Lawsuit

1 week ago
Poloniex crypto exchange hacked

BREAKING NEWS: Poloniex Exchange Has Been Hacked, Move Your Crypto ASAP

3 weeks ago
Ethereum

Ethereum Gains BlackRock’s Support: Asset Manager Registers Trust As ETH Tops $2,000

3 weeks ago
Bitcoin Magazine

Bitcoin Magazine Faces Lawsuit Threat From US Federal Reserve Over Parody Apparel

4 weeks ago
BlockFi

BlockFi Emerges From Bankruptcy, Begins Asset Distribution Process

1 month ago

Premium Partners

Premium Casino Partners

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit
Inmerion
Inmerion

Press Releases

  • Chimpzee Presale In Last Stage, Bonus Also On Offer In The...

    47 mins ago
  • This Week’s Crypto Highlights: Blur’s 80%...

    2 hours ago
  • Price Prediction – In the Mother of All Bull Markets, How...

    3 hours ago
  • Bridging Markets: Torobase’s Bold Stride into Asia...

    5 hours ago
  • New Investment Opportunities Arise, Overshadowing Cardano...

    21 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
      • Non Gamstop Casinos
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Casinos
  • Play Games
  • Play Casino Games
  • Best crypto casino

© 2023 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.