The designer of the Terra blockchain platform, which is no longer operational, has been targeted by the US Securities and Exchange Commission in a securities fraud lawsuit.The lawsuit claims that Do Kwon, co-founder of Terraform Labs, participated in a deceitful scheme that resulted in the loss of at least $40 billion in market value.As a result, a warrant for Kwon’s arrest has been issued by South Korea.There have been recent updates related to this case, read on.Lawyers of Do Kwon received $7 million prior to the collapse of Terra Do Kwon, the CEO of Terraform Labs, sent Kim & Chang, a prominent South Korean law firm, 9 billion won ($7 billion) just before the stunning collapse of the Terra ecosystem, according to South Korean prosecutors.
According to KBS News, Kwon’s choice to pay millions of dollars to the law firm was viewed by prosecutors as a planned action that reportedly pointed out his awareness of the approaching collapse and anticipated legal issues.The information, in the opinion of the prosecution, will be helpful in the continuing fraud case.In addition, Kwon and Terraform’s former CFO, Han Chang-joon, was met by Kim & Chang’s attorneys during their trip to Montenegro.
Kwon was previously detained at the airport in Podgorica, Montenegro, after attempting to board a flight to Dubai using forged documents.Both American and South Korean officials have requested Kwon’s extradition since his detention.The court has not yet made a decision, though.What have the prosecutors discovered? On April 7, it was announced that Kwon was under suspicion by South Korean prosecutors of converting illicit profits from Terra to Bitcoin.Binance was asked by the prosecutors to stop all withdrawal requests related to Kwon.Illicit assets connected to Terraform Labs co-founder Kwon and his accomplices have been found to reach 414.5 billion won ($314.2 million).
Out of this, Kwon is said to be directly connected to around 91.4 billion won ($69 million).It seems like Do Kwon anticipated the collapse and made arrangements for the same.
What do you think about this? Was this writing helpful? No Yes Qadir AK Qadir Ak is the founder of Coinpedia.He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010.He has also interviewed a few prominent experts within the cryptocurrency space.Leave a Reply [Cancel reply](/news/did-do-kwon-lawyers-receive-7-million-prior-to-terras-collapse/#respond) Leave a Reply Crypto news US SEC is Now Targeting DeFi as it Reopens 2022’s Proposed Regulations The U.S.Securities and Exchange Commission (SEC) is set to reconsider a 2022 proposal on Friday that seeks to broaden the definition of an “exchange.” This move comes in response to concerns from the cryptocurrency industry, which is apprehensive about being inadvertently caught in the regulatory net.Securities Exchange Rules to Decentralized Finance Projects The U.S.Securities and Exchange Commission (SEC) appears to be setting its sights on decentralized finance (DeFi) as it reconsiders a proposal from 2022 that could classify DeFi platforms as exchanges requiring regulation.Last year, the SEC proposed broadening the definition of “exchange” to encompass a wider range of trading activities in the U.S., highlighting a “regulatory disparity” as some entities engaging in trading activity were not regulated as exchanges.
The SEC reviewed comments from the crypto industry last year, which criticized the initial proposal as an overreaching power grab that lacked sufficient clarity to be considered legitimate.In response to this criticism, the commission will vote on Friday on an updated proposal.If approved, the revised proposal would employ more explicit language to encompass DeFi within the expanded definition of regulated exchanges, and it would outline estimates of the potential costs this change could impose on the industry.SEC Chair Gary Gensler asserts that a majority of crypto platforms currently function as unregistered securities exchanges, regardless of any modifications to the definition of an exchange.However, Gensler and the commission are prepared to “underscore the relevance of existing regulations to platforms trading crypto asset securities, including those known as ‘DeFi’ systems,” as outlined in an SEC fact sheet detailing the proposed changes.DeFi Platforms Can’t Defy Security Laws SEC officials, addressing reporters ahead of Friday’s meeting, revealed that the reopening and supplementary information were prompted by market participants seeking further details on the proposed amendments and their application to crypto assets and DeFi.
According to SEC officials, the agency does not intend to define DeFi explicitly within the rule.Instead, it will assess each situation based on the activity conducted, including the presence of an intermediary and the specific services provided by that intermediary.In his prepared remarks, Gensler reaffirmed his stance that “the vast majority of crypto tokens are securities” and that existing crypto trading platforms already fulfill the requirements for securities exchanges.Gary Gensler commented: “These platforms match orders of multiple buyers and sellers of crypto securities using established, non-discretionary methods.That’s the definition of an exchange – and today, most crypto trading platforms meet it.
That’s the case regardless of whether they call themselves centralized or decentralized.
Calling yourself a DeFi platform is not an excuse to defy the securities laws.” The SEC’s initiative to clarify its stance on DeFi could suggest that the agency is currently investigating specific projects.However, the SEC refrains from commenting on ongoing investigations, and staff members did not identify any particular project during a press call.Was this writing helpful? No Yes Shayan Chowdhury Shayan is a digital nomad and a professional journalist.He delivers high-quality engaging articles to Coinpedia through his in-depth research and analysis.
Crypto news Bitrue Crypto Exchange Hacked and Assets Worth $23M in ETH, SHIB, MATIC, and Others Stolen As Bitcoin and Ethereum topped $31k and $2100 respectively earlier on Friday, centralized cryptocurrency exchange Bitrue reported an exploit that affected its hot wallets.According to the company through a series of tweets, the attackers made away with approximately $23 million in several coins including Ether, QNT, GALA, SHIB, HOT, and Polygon (MATIC).The crypto exchange announced that the affected hot wallets only held approximately 5 percent of the total funds.Thereby reassuring its customers their funds are safe and secure.“The rest of our wallets remain secure and have not been compromised,” Bitrue noted.As a control measure, Bitrue has temporarily suspended all crypto withdrawals until April 18.On the brighter side, the company promised to reimburse all affected individuals in full.Not the First for Bitrue The Singapore-based exchange was founded in 2018 and offers over 200 crypto assets for trading.
However, this is not the first time the exchange has been compromised.Back in 2019, the exchange reported an exploit on its hot wallet.However, the exchange was able to freeze some stolen assets through the help of other exchanges.“The hacker used what they learned from this breach to then access the Bitrue hot wallet and move 9.3 million XRP and 2.5 million ADA to different exchanges,” the exchange noted.
Crypto Hacks on the Rise The cryptocurrency market has been affected by several hacks lately.Earlier this week, crypto exchange GDAC said a hacker stole about $14 million, forcing a two-week operational suspension.DeFi protocol Yearn Finance also reported an exploit that affected $11.6 million.At the beginning of this week, decentralized exchange Sushiswap reported a $3.3 million hack.
Was this writing helpful? No Yes Elena R Elena is an expert in technical analysis and risk management in cryptocurrency market.She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.Crypto news Can Crypto Markets Survive A Massive Recession In The USA? A potential United States recession in the second half of 2023 is looming over the crypto market, according to Michael van de Poppe, a renowned crypto expert.In a tweet, he highlighted the Federal Reserve‘s (Fed) preparation for a mild recession, stating that it is an understatement.
Van de Poppe emphasized that despite the Fed’s suggestion of a mild recession, the economy will see a much stronger recession due to the shocks from the fast-paced hikes.He also predicted that Bitcoin‘s price could hit $40,000 to around $50,000 and then face a correction.Fed’s Banking Crisis Likely to Push U.S.into Recession According to Federal Reserve documents, the current banking crisis in the U.S.
is likely to push the economy into recession later this year.While the Vice Chair for Supervision, Michael Barr, said the banking sector is “sound and resilient,” various economists expect the economy to take a hit.
Related: Banking Crisis Looms: Is Crypto The Future Of Secure Investing? – Coinpedia Fintech News The experts projected a mild recession to start later this year, with a recovery over the subsequent two years.However, projections following the meeting indicated that Fed officials expect GDP growth of just 0.4% for all of 2023.
Crypto Markets on a Bull Run The news of the recession prediction came at a time when the crypto market has been on a bull run, with Bitcoin smashing resistance at $30,000 and reaching a 10-month high.The interest rate hike announcement by the Fed caused a 7% surge in Bitcoin’s price on Wednesday.However, the rise in interest rates could put pressure on the flow of liquidity that pumps the Bitcoin price higher, along with other investment assets.Technical analysis shows that Bitcoin is facing substantial resistance near the $30,580 threshold, and a drop in candle closes below this point could initiate a downward trend towards $29,500.
Bitcoin was worth $30,263 at press time.Do you think Bitcoin can weather the storm of a predicted recession? Was this writing helpful? No Yes Qadir AK Qadir Ak is the founder of Coinpedia.He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010.He has also interviewed a few prominent experts within the cryptocurrency space.Top posts APR3 hours ago Liquid Staking Protocols See Increase In Monthly ETH Deposits Despite Withdrawals Post-Shapella Hard Fork Following the Shapella hard fork on April 12, 2023, approximately 332,368 ether, valued at around $699 million, has been withdrawn….ada4 hours ago Biggest Movers: ADA Price Climbs For Ninth Consecutive Day Cardano rose to a fresh multi-month high on Saturday, as the token surged for a ninth consecutive session.
The price…altcoin5 hours ago U.S.
SEC wants to regulate DeFi similar to CeFi, Commissioner Peirce disagrees – The SEC declared that it will reopen an old proposal that expressly includes DeFi exchanges under its purview, inviting…Crypto news5 hours ago Did Do Kwon Lawyers Receive $7 Million Prior to Terra’s Collapse? The designer of the Terra blockchain platform, which is no longer operational, has been targeted by the US Securities and…Analysis5 hours ago Bitcoin, Ethereum Technical Analysis: ETH Remains Above $2,100 To Start The Weekend Ethereum remained above $2,100 to start the weekend, despite crypto markets moving into consolidation.Following this week’s gains, traders have…Chainalysis8 hours ago Crypto exchange Bitrue falls victim to another hack, loses millions – Crypto exchange Bitrue was hit by a hot wallet flaw, allowing attackers to withdraw about $23 million.– Bitrue…All time high8 hours ago Chia Network Files For IPO With The SEC, Eyes Public Listing On Friday, Chia Network Inc.announced that it had submitted a draft registration statement on Form S-1 to the U.S….
altcoin10 hours ago Will Solana be able to break into the crowded NFT markets yet again? – NFTs migrating from the Solana ecosystem surprisingly didn’t impact the blockchain to a great extent – The Solana ecosystem…Africa10 hours ago Zebedee Partnership With Bitnob Sees African Gamers Rewarded With BTC African users of the bitcoin gaming and payments app Zebedee will now be rewarded in the form of satoshis when…altcoin13 hours ago Arbitrum [ARB]’s 30% surge could have a Binance connection.
Decoding… Arbitrum [ARB] has already experienced its fair share of excitement in its brief existence.However, this time, the excitement stems from…Africa15 hours ago Nigerian Crypto And Web3 Startup Lazerpay Shuts Down After Failing To ‘Close A Successful Funding Round’ The Nigerian crypto and Web3 startup Lazerpay announced on April 13 that it will cease operations.Co-founder and CEO Njoku…altcoin16 hours ago Decoding how Ethereum’s Shapella upgrade impacted the staking market – The Shapella update triggered the withdrawal of thousands of ETH worth millions of dollars.
-Despite concerns about market impact,…accounts17 hours ago Hong Kong’s Largest Virtual Bank Offers Crypto Conversion Services ZA Bank, Hong Kong’s biggest virtual-only lender, intends to expand its business into the region’s growing digital assets sector.The…AI17 hours ago Elon Musk to develop artificial intelligence, founds new corporation X.AI What is CryptoSlate Alpha? CryptoSlate Alpha is a membership designed to empower you with cutting-edge insights and knowledge, built on…$FIL19 hours ago Filecoin takes giant strides in Q1 23, will Q2 continue the momentum – The total value of assets locked on Filecoin has more than doubled in Q1.– FIL registered an increase…
BTC19 hours ago 11 years later, Silk Road BTC hacker faces his sentence — The individual responsible for defrauding dark web Silk Road was sentenced to a year in prison — James Zhong,…ConsensYs19 hours ago MetaMask: Unathorized third party gained access to 7000 users data — ConsenSys third-party service provider was a victim of a cyber security incident — This resulted in an unauthorized third…Crime20 hours ago Silk Road attacker receives one year sentence for $3.4B Bitcoin theft What is CryptoSlate Alpha? CryptoSlate Alpha is a membership designed to empower you with cutting-edge insights and knowledge, built on…
Trending – China1 week ago Chinese State-Owned Company Launches 2 Crypto Funds In Hong Kong – Alternative Investment1 week ago Microstrategy’s Bitcoin Holdings Reach 140,000 BTC After Acquiring 1,045 More Bitcoins – ETH1 week ago Will Ethereum [ETH] cross $2,000 this week? Refer to these indicators – ETH1 week ago Shanghai/Shapella Upgrade: Will it sink or swim Ethereum’s market valuation? – Andy Baio1 week ago Hidden Treasure: Every Modern Copy Of MacOS Contains A Copy Of Bitcoin’s White Paper – altcoin1 week ago Shiba Inu bulls beware as SHIB retests this six-week resistance yet again – asset seizure1 week ago South Korean Prosecutors Uncover Alleged $314 Million Criminal Proceeds Tied To Terraform Labs Co-Founders – altcoin1 week ago VeChain’s latest rally reveals this about the state of VET in coming days []https://news.btcminingvolt.io/uncategorized/chinese-state-owned-company-launches-2-crypto-funds-in-hong-kong/ []https://news.btcminingvolt.io/uncategorized/microstrategys-bitcoin-holdings-reach-140000-btc-after-acquiring-1045-more-bitcoins/ []https://news.btcminingvolt.io/news/will-ethereum-eth-cross-2000-this-week-refer-to-these-indicators/ []https://news.btcminingvolt.io/news/shanghai-shapella-upgrade-will-it-sink-or-swim-ethereums-market-valuation/ []https://news.btcminingvolt.io/uncategorized/hidden-treasure-every-modern-copy-of-macos-contains-a-copy-of-bitcoins-white-paper/ []https://news.btcminingvolt.io/news/shiba-inu-bulls-beware-as-shib-retests-this-six-week-resistance-yet-again/ []https://news.btcminingvolt.io/uncategorized/south-korean-prosecutors-uncover-alleged-314-million-criminal-proceeds-tied-to-terraform-labs-co-founders/ []https://news.btcminingvolt.io/news/vechains-latest-rally-reveals-this-about-the-state-of-vet-in-coming-days/.
