TerraUSD

The stablecoin market has achieved a remarkable milestone, reaching a total market capitalization of $170 billion. This figure has not been observed since the collapse of TerraUSD (UST) in May 2022. According to data from DeFiLlama, this marks a 42.86% increase from the $119.1 billion market capitalization in November 2023. Analyst Explains How Rising Stablecoin Supply is Bullish For Bitcoin Driving this resurgence are the top three USD-pegged stablecoins – Tether (USDT), with a market cap of $118.43 billion; USD…

The post Three Arrows Capital Takes Legal Action Against Terraform Labs For $1.3 Billion appeared first on Coinpedia Fintech News The troubles for Terra seem unending! Recently, Three Arrows Capital (3AC) filed a $1.3 billion lawsuit against Terraform Labs to recover massive losses from the collapse of Luna and TerraUSD, according to Bloomberg. This lawsuit is linked to the dramatic events of 2022, when Terra’s ecosystem fell apart. Here’s all the key points you need to know. Allegations of Market…

The post Terraform Labs Sets August Deadline for Bankruptcy Claims: Impact on LUNC and USTC Investors appeared first on Coinpedia Fintech News Terraform Labs announced on its official X account that the deadline for filing claims in TFL and TLL’s Chapter 11 bankruptcy lawsuits is August 10 at 09:00 UTC. The business advised Terraform Lab’s claimants to submit their paperwork by this date. Terraform Labs, which created TerraUSD, filed for Chapter 11 bankruptcy with the Delaware bankruptcy court on January…

The post Ripple vs. SEC: Ripple Fights Back with a Filing Of Notice of Supplemental Authority appeared first on Coinpedia Fintech News The legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) has been ongoing for over three and a half years. In the latest development, the SEC has significantly reduced its penalty demand from $2 billion to $102 million.  Despite this, Ripple has rejected the SEC’s offer and instead filed a Notice of Supplemental Authority, as…

XRP’s price heavily relies on the upcoming ruling in the SEC vs. Ripple case, as investors remain cautious about a decision that could prohibit its sales to US institutional investors.  According to analysts, XRP could rally to $0.55 or decline to $0.45 as it currently hovers below the 50-day and 200-day EMAs.  The price of XRP failed to record a substantial gain on Monday (July 1), as it only managed a 0.23% surge following a 0.70% gain on Sunday (June…

The Terra Luna Classic community awaits a significant LUNC burn by Binance to further reduce supply. Over 1 trillion LUNC is staked, and 124 billion have been burned, with more expected from the Tax2Gas mechanism. The Terra Luna Classic (LUNC) community is eagerly awaiting a significant LUNC burn by Binance, the prominent cryptocurrency exchange, as part of its ongoing LUNC burn mechanism. The anticipated burn is expected to further decrease the total LUNC supply, which has recently dropped to 6.78…

Terra Classic (LUNC), the phoenix attempting to rise from the ashes of the infamous TerraUSD crash, is once again capturing investor attention. Coincodex analysts predict a modest 10.7% price increase by July 25th, while renowned crypto analyst Javon Marks throws a much bolder 1,500% surge into the ring. So, is LUNC poised for a bullish breakout, or is this just another mirage in the volatile crypto desert? A Token Reborn: LUNC Capitalizes On Market Volatility LUNC, once the backbone of…

A recent Bloomberg report has revealed that Montenegro’s Prime Minister, Milojko Spajic, personally invested in Terraform Labs years before the company’s collapse. The discovery has raised concerns regarding the founder’s choice to flee prosecution by seeking refuge in the same nation.  The founder of Terraform Labs, Do Kwon, was detained in Montenegro in March 2023 and is currently facing extradition demands from the US and South Korea.  Opposition Calls For Resignation According to Bloomberg, Milojko Spajic has claimed that the…

The post CFTC Launches Investigation Into Jump Trading As Crypto Scrutiny Rises  appeared first on Coinpedia Fintech News The Commodity Futures Trading Commission (CFTC) launched an investigation into Jump Trading, a prominent Chicago-based firm known for its significant role in the cryptocurrency sector. This probe, while not indicating any wrongdoing, focuses on Jump’s activities in crypto trading and investment. Jump Trading Faces Regulatory Hurdles The Commodity Futures Trading Commission is examining Jump’s role in the cryptocurrency sector, investigating its trading…

Terra Luna Classic community implements Tax2Gas, integrating burn tax into gas fees. Debates arise over increasing burn tax to 1.2% to potentially boost LUNC’s price. The Terra Luna Classic community has recently adopted proposal 12115, known as “Tax2Gas,” which integrates the burn tax directly into gas fees, simplifying transactions for developers and users. This change eliminates the need for manual calculation of the burn tax by decentralized application developers, enhancing user experience on the Terra Classic network. As detailed in…

Terraform Labs and CEO Do Kwon reach a preliminary settlement with the SEC over allegations of misleading investors. The settlement terms are set to be finalized and submitted for court approval by June 12, 2024. According to the Securities and Exchange Commission v. Terraform Labs case, as documented in Court Listener last updated on May 30, 2024, the lawyers representing both parties announced a settlement in principle during a telephone conference before Judge Jed Rakoff. The details are to be…

Binance has burned over 59 billion Terra Luna Classic (LUNC) tokens as a continued plot to revive the Terra Luna ecosystem with the exchange contributing to 51.9% of the community’s total burns. LUNC’s price has experienced a 3% surge this week, indicating positive market sentiment. Crypto Exchange Binance continues to show true service to the Terra Luna Community by conducting another token burn. According to Lunc Burn Tracker Binance just burned another heap of LUNC tokens totaling the number of…

The post SEC vs Terraform Labs: Montenegro Appeals Court Halts Do Kwon’s Extradition for Retrial appeared first on Coinpedia Fintech News The Montenegro Appeals Court has halted Do Kwon’s extradition to South Korea, calling for a retrial in the initial court. This move contradicts the previous High Court ruling. Interestingly, this decision follows a meeting between Montenegro’s Justice Minister and the SEC’s Director of Enforcement, raising questions about potential influences on the legal proceedings. Do Kwon’s case is now due…

Hex Trust Group is launching a stablecoin in partnership with Flare. The stablecoin is billed to drive utility to the broader DeFi ecosystem. Flare Networks, a prominent partner to Ripple Labs Inc has announced a partnership with digital asset custodian Hex Trust Group for USDX stablecoin integration. Flare’s Plans for USDX Stablecoin Launch According to the announcement, the USDX stablecoin is designed to help push the Flare ecosystem forward. Based on the partnership agreement, Hex Trust will use its tokenization…

The post Deutsche Bank Warns: Tether and Other Stablecoins To Face Risk of Failure appeared first on Coinpedia Fintech News In a recent research note, Deutsche Bank analysts have raised concerns about the stability of the growing stablecoin market, particularly targeting Tether (USDT) and others for lacking transparency, reserve backing, and robust operational controls. The report suggests that the majority of stablecoins are at risk of failure in the future or face a fate similar to that of TerraUSD (UST)…

Terraform Lawyers are fighting the US SEC with the proposed civil penalty. Do Kwon may still face charges in the United States. Terraform Labs, the company behind the algorithmic stablecoin TerraUSD (UST) is fighting the United States Securities and Exchange Commission (SEC) over a hefty fine levied by the regulator. Terraform Lab’s Lawyers Argument According to reports, the SEC alleges Terraform misled investors and is seeking $5.3 billion in penalties, with most of that being disgorgement, a form of repayment…

A New York jury found Terraform Labs and its co-founder Do Kwon guilty of fraud.  Terraform Labs’ lawyers have vehemently denied the allegations, arguing that the majority of token sales occurred outside the United States.  Terraform Labs and its co-founder Do Kwon have been found guilty of fraud by a New York jury. The verdict follows a two-week trial during which the Securities and Exchange Commission (SEC) presented evidence of alleged wrongdoing by the defendants. The outcome of this case…

Upbit, a cryptocurrency platform based in South Korea, is responsible for over 80% of the country’s trading activity and has become among the world’s leading five exchanges in terms of trading volume. According to a Bloomberg report, Upbit’s customers were responsible for nearly a fifth of the total deposits from its major banking partners last year. Upbit’s Dominance Sparks Concerns Upbit’s dominance has drawn criticism and concerns, particularly as South Korea moves to enact new legislation aimed at protecting investors…

In response to the impending conduct injunction expected from the ongoing legal battle with the SEC, Terraform Labs announced measures to comply with regulatory requirements. These measures include barring U.S. users from accessing certain products and features starting April 28. Despite expressing frustration, the company acknowledges the necessity to adapt to the evolving regulatory landscape. Amid the growing U.S. regulatory scrutiny, Terraform Labs has recently introduced some bold measures in place. Earlier this week on Thursday, April 25, Terraform Labs…

Voyager Digital has announced the recovery of $484.35 million from settlements with FTX, Three Arrows Capital (3AC), and Directors and Officers (D&O) insurance. The announcement was part of a status update submitted to the United States Bankruptcy Court for the Southern District of New York, outlining the efforts to recover and allocate assets to creditors following the company’s financial decline. $450 Million FTX Settlement and Major Recoveries According to an April 9 filing, approximately $450 million of the reclaimed funds…

Arthur Hayes, founder and former CEO of the crypto exchange BitMEX, has unstaked and offloaded more than 237,000 GMX, the native tokens of perpetual crypto futures decentralized exchange GMX, which has been in his possession since March 2022. According to a tweet by market analysis platform Lookonchain, Hayes transferred the tokens to a new address linked to crypto algorithmic trading firm Wintermute, sparking rumors of a possible sale and the realization of $3.2 million in profits. Arthur Hayes(@CryptoHayes) unstaked all…

A jury in a New York court has found Do Kwon liable for defrauding investors through the $40 billion crypto disaster orchestrated by Terraform Labs through LUNA and UST cryptos. Terraform Labs said it’s disappointed with the ruling and vowed to fight back, claiming that the SEC has no authority against the company or its founders. Do Kwon and his company Terraform Labs (TFL) are liable for defrauding investors through the $40 billion crypto catastrophe that was LUNA and UST.…

The post SEC WINS – NY Jury Holds Terraform Labs and Founder Do Kwon Liable in Civil Fraud  appeared first on Coinpedia Fintech News A New York jury in Manhattan Federal Court has found the Singapore-based Terraform Labs and its founder Do Kwon, liable for civil fraud charges. The verdict was passed after just two weeks of trial, which held the U.S. Securities and Exchange Commission’s allegations of misleading investors in 2022 as true and made the prosecutors declared as…

The post Terra vs SEC : Terraform Labs Presents Closing Arguments in Civil Fraud Trial Amidst Allegations of Investor Deception appeared first on Coinpedia Fintech News The trial procedures on civil fraud against Terraform Labs and its founder Do Kwon are coming to an end as attorneys are gearing up to deliver their closing arguments.  The trial initiated and proceeded by the U.S. Securities and Exchange Commission focuses on accusations of wire fraud and scamming investors with TerraUSD, a stablecoin…