terraform

According to the Wall Street Journal, Terraform Labs' planned administrator has filed a lawsuit against Jump Trading, accusing the company of involvement in the collapse of Do Kwon's crypto empire. The lawsuit seeks $4 billion in damages, with defendants including Jump Trading and its executives William Disomma and Kanav Kariya.

According to The Block, Terraform Labs founder Do Kwon has been sentenced to 15 years in prison for his role in the Terra-Luna token collapse. In 2022, this collapse resulted in the evaporation of $40 billion. Do Kwon was sentenced on Thursday in the Southern District of New York, a term that exceeds the sentencing recommendation previously sought by prosecutors.Prosecutors pointed out that, given Do Kwon's prior misconduct and the scale of the fraud, he should be sentenced to 12 years in prison; while Do Kwon's lawyers argued for only a 5-year sentence. U.S. District Judge Paul Engelmayer stated that Do Kwon "chose to lie" and "made the wrong choice." In March 2023, Do Kwon was criminally charged with conspiracy to commit fraud, commodity fraud, wire fraud, securities fraud, conspiracy to commit fraud, as well as involvement in market manipulation and money laundering conspiracy. In August of the same year, Do Kwon subsequently pleaded guilty to wire fraud and conspiracy to commit fraud. Do Kwon may face additional legal challenges in South Korea, where he must serve at least half of his sentence before he can apply to serve his time in South Korea, and it has been reported that the 17 months he has spent in a Montenegrin prison will count towards his sentence.

According to Bloomberg, Terraform Labs co-founder Do Kwon has requested a U.S. court to impose a sentence of no more than five years in prison for his role in the 2022 TerraUSD stablecoin $40 billion collapse case.Kwon had previously pleaded guilty in 2024, admitting to conspiracy and wire fraud charges, thus avoiding a trial. He was extradited to the U.S. after being arrested in Montenegro for using a forged passport, having been a wanted person by South Korean authorities. According to previous reports from Reuters: Terra founder Do Kwon has pleaded guilty in the $40 billion cryptocurrency collapse case, with sentencing set for December 11.

According to Bloomberg, Terraform Labs co-founder Do Kwon has requested a U.S. court to sentence him to no more than five years in prison for his role in the 2022 collapse of the TerraUSD stablecoin, which amounted to $40 billion.Kwon had previously pleaded guilty in August 2024, admitting to conspiracy and wire fraud charges, thus avoiding a trial. He was extradited to the U.S. after being arrested in Montenegro for using a forged passport, having been a wanted fugitive by South Korean authorities.Earlier reports from Reuters indicated that Terra founder Do Kwon has pleaded guilty in the $40 billion cryptocurrency collapse case, with sentencing scheduled for December 11.

ChainCatcher message, Terra officials announced on the X platform that the deadline for submitting cryptocurrency loss claims to the Terraform Labs Pte. Ltd. liquidation trust fund is May 16, 2025, at 23:59 ET (May 17, 2025, at 11:59 Beijing time). Creditors must submit their eligible cryptocurrency loss claims before this date. Late submissions will not be accepted.

ChainCatcher news, according to official sources, Terraform Labs has opened its cryptocurrency creditor claims portal. Previously, the company filed for bankruptcy restructuring in January 2024, a bankruptcy filing stemming from the collapse of its $40 billion ecosystem in 2022.Eligible creditors must complete registration on the "Cryptocurrency Loss Claims Portal" by April 30, 2025, otherwise, claims will not be accepted.

ChainCatcher news, according to the official announcement from Terra, the claims portal for cryptocurrency asset losses from Terraform Labs will open on March 31, 2025. Creditors can submit eligible cryptocurrency asset loss claims through the claims website, providing proof materials such as wallet addresses/read-only API keys, and completing the full claims form. The deadline for claim submissions is April 30, 2025, at 23:59 (Eastern Time), and late submissions will not be accepted.

ChainCatcher news, Coinbase's Vice President of Legal, Ryan VanGrack, pointed out that over 50% of the SEC's record total fines in 2024 come from the $4.4 billion case against Terraform, but this fine may be difficult to recover. VanGrack believes that an excessive focus on enforcement data may create wrong incentives and suggests focusing on the amount returned to harmed investors as a metric.The Wall Street Journal previously reported that the SEC has not collected fines amounting to as much as $10 billion, including the $62 million fine imposed on Paul Bilzerian 31 years ago for securities fraud (which has grown to $180 million with interest), highlighting the SEC's limitations in enforcement recovery.

ChainCatcher news, according to Decrypt, the U.S. Securities and Exchange Commission (SEC) received $8.2 billion in fines for the fiscal year 2024, setting a record high in its history, with more than half ($4.5 billion) coming from the SEC's fines against Terraform Labs and its founder Do Kwon. Without this settlement, the SEC's finances would have reached their lowest level since 2013, at $3.72 billion.

ChainCatcher news, according to market news, Terra blockchain developer Terraform Labs is in talks with a third party to take over part of its operations.

ChainCatcher news, the official Terra X account announced that Terraform Labs continues to discuss with third parties the takeover of the operation of some of our products and services. However, if the negotiations are unsuccessful, these products will be shut down on October 30, 2024. The products and services include:Products: 1. Enterprise Protocol; 2. Warp Protocol; 3. Statio; 4. Alliance Hub.Services: 1. Finder block explorer; 2. Foundation; 3. IBC relayer; 4. Mantlemint, FCD, and API services.

ChainCatcher news, according to Reuters, Terraform Labs received approval from a U.S. bankruptcy court on Thursday to begin liquidation. U.S. Bankruptcy Judge Brendan Shannon approved Terraform's bankruptcy plan during a hearing in Wilmington, Delaware, stating it was a "popular alternative" to continue litigation for investor losses. Terraform estimates that as part of the bankruptcy liquidation, it will be able to pay between $184.5 million and $442.2 million to cryptocurrency investors and other stakeholders.Previous news, according to the official announcement from Terra, the confirmation hearing for the Chapter 11 bankruptcy reorganization plan of Terraform Labs Pte Ltd (TFL) and Terraform Labs Limited (TLL) is scheduled for September 19, 2024, at 10 AM Eastern Time (10 PM Beijing Time).

ChainCatcher news, the AO network infrastructure Autonomous Finance has launched the AO ecosystem tool AOForm.AOForm deploys and upgrades multi-process systems in the AO ecosystem, such as Terraform. AOForm uses a single YAML configuration to simplify deployment, manage process states, and efficiently upgrade components.According to RootData, Autonomous Finance focuses on researching and developing AI financial applications based on AO (super-parallel computers). It leverages AO's decentralized computing environment to integrate on-chain artificial intelligence and generate new data-driven financial primitives, pushing the boundaries of what is possible in financial applications and introducing global market intelligence on-chain.

ChainCatcher news, according to the official announcement from Terra, the confirmation hearing for the Chapter 11 bankruptcy reorganization plan of Terraform Labs Pte Ltd (TFL) and Terraform Labs Limited (TLL) is scheduled to be held on September 19, 2024, at 10 AM Eastern Time (10 PM Beijing Time).

ChainCatcher news, according to Bloomberg, the liquidators of the bankrupt crypto hedge fund Three Arrows Capital are seeking at least $1.3 billion in compensation from TerraForm Labs to cover the losses the fund suffered after the collapse of the TerraUSD and Luna tokens in 2022. The liquidators stated in court documents that before the collapse of these tokens, TerraForm had lured Three Arrows into purchasing Luna and TerraUSD by manipulating the market and artificially inflating the prices of these assets. The collapse of the tokens not only wiped out Three Arrows' investments in these tokens but also caused significant losses in other investments.The liquidators indicated that Three Arrows Capital purchased $190 million worth of Luna in January 2022. A few months later, a massive sell-off of TerraUSD led to a significant drop in the value of Luna. Court documents show that by the end of April 2022, Three Arrows held approximately $462 million worth of Luna, but by May 14, the value of its holdings plummeted to just over $2,700. Meanwhile, the net worth of Three Arrows Capital's other digital assets shrank by about $858 million.

ChainCatcher news, according to The Block, the U.S. Securities and Exchange Commission has released an information page specifically for investors affected by Terraform Labs.The SEC stated that since the parties reached a settlement agreement last month, there have been inquiries from investors about how compensation will be handled. The SEC claims on its webpage that it will not receive any compensation until investors and creditors receive full compensation from the corresponding bankruptcy case. The Chapter 11 plan confirmation hearing and start date are expected to take place in the fall.It is reported that in June of this year, Terraform Labs reached a settlement with the SEC, agreeing to pay a fine of $4.47 billion. Terraform will be required to forfeit $3.58 billion in illegal proceeds and pay a civil penalty of $420 million, while its co-founder Do Kwon will be banned from serving as an executive or director of a public company. Do Kwon must also pay $204 million in compensation to harmed investors.

ChainCatcher news, according to the official announcement from Terra, in the Chapter 11 bankruptcy cases of Terra Form Labs Pte Ltd (TFL) and Terra Form Labs Limited (TLL), the preliminary deadline for crypto loss claims is 5 PM Eastern Time on August 21, 2024 (5 AM Beijing Time on August 22).If claims against TFL arise before January 21, 2024, or claims against TLL arise before July 1, 2024, please submit your claims before this deadline. This deadline is only for voting on the Chapter 11 plan.