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In a significant development in the ongoing legal battle between the United States Securities and Exchange Commission (SEC) and Terraform Labs, a jury has found the blockchain protocol and its co-founder Do Kwon liable for civil fraud over the crash of the Terra ecosystem in 2022.
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Montenegro’s High Court has once again approved the extradition of Do Kwon, a key figure in the cryptocurrency Terra Luna crash, paving the way for a potential transfer to the United States.
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Montenegro, caught in the crossfire of extradition battles between the United States and South Korea, has recently witnessed a significant turn of events in the case of disgraced crypto mogul Do Kwon.
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Terraform Labs is set to face a high-stakes trial on Monday, grappling with civil fraud allegations linked to the collapse of its TerraUSD stablecoin in 2022.
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In a recent court filing, bankrupt cryptocurrency firm Terraform Labs has strongly criticized the US Securities and Exchange Commission (SEC) for its objection to a $166 million retainer paid to law firm Dentons.
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According to a Reuters report, the US Securities and Exchange Commission (SEC) has raised concerns regarding Terraform Labs’ hiring of the law firm Dentons and the payment of litigation costs for its employees during the company’s bankruptcy proceedings.
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Do Kwon, the co-founder of Terraform Labs, who has been residing in Montenegro since his arrest in March 2023, is reportedly set to be extradited to the United States to face charges related to financial fraud.
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In a significant turn of events, Do Kwon, the founder of Terraform Labs, has once again evaded extradition to the United States as the Montenegro government reversed its decision.
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Terra founder Do Kwon and co-founder Shin Hyun-Seong of the failed crypto project are still fighting legal battles almost two years after the devastating collapse of the network.
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