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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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Do Kwon, the beleaguered founder of TerraForm Labs, is headed to South Korea to face charges connected to the 2022 Terra ecosystem collapse. This follows a Montenegrin appeals court rejecting his final attempt to be extradited to the United States.
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Over the past few days, events in the case of the extradition of Terraform Labs founder Do Kwon have moved into overdrive.
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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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Terraform Labs co-founder Do Kwon’s extradition to the US was annulled by the Appellate Court of Montenegro, according to a Mar. 5 notice on the Court’s website.
This development occurs amid bankrupt Terraform Labs’ recent legal wrangle with the US SEC.
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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The US Securities and Exchange Commission (SEC) accused Terraform Labs of transferring around $166 million to Dentons U.S. LLC, a law firm, under the guise of an Advance Retainer Payment. The SEC views this move as an effort to divert assets from the company ahead of any court decision.
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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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