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SEC investigates whether Jump Crypto president entered into secret agreement with Do Kwon during UST collapse

The US Securities and Exchange Commission (SEC) has begun an investigation into whether Jump Crypto CEO Kanav Kariya signed a secret agreement with Do Kwon of Terraform Labs during the collapse of stablecoin TerraUSD. As part of the SEC's civil lawsuit against Terraform Labs, SEC lawyer Devon Staren dismissed Kanav Kariya in August, stating that Kwon and Kariya signed an agreement on May 23, 2021 (a few weeks after UST decoupled), in which Jump would help restore the UST peg by purchasing tokens. In exchange, Kwon allegedly agreed to modify Jump's LUNA loan agreement and cancel the exercise conditions. Kanav Kariya declined to answer the question.

Terra’s Cryptocurrency LUNA Experiences Decline in Popularity and Bearish Indicators

Terra's cryptocurrency LUNA faced a decline in popularity and bearish indicators in June, which continued into Q3 despite promising developments and governance updates. The release of Warp Protocol, plans to go interchain, and the passing of two governance proposals in Q2 did not prevent LUNA's price from plummeting due to negative sentiment and declining social volume. As Terra's Open Interest rises, the declining trend may persist. 

Terraform Labs Faces Uphill Battle As Progress Impeded by Frequent Accusations, Says Interim CEO

Terraform Labs is facing obstacles in the development of its projects due to frequent accusations, according to the new interim CEO Chris Amani. Amani discussed the challenges ahead for Terra in a recent Twitter Spaces event, noting that the accusations against former CEO Do Kwon have disrupted the company's momentum.

Binance to Support Terra (LUNA) Phoenix Upgrade

Binance, the world's largest cryptocurrency exchange, has announced its support for the Terra (LUNA) Phoenix v2.4 software upgrade. The upgrade is expected to take place on July 18 at 13:00 UTC and Binance will suspend LUNA deposits and withdrawals an hour before the upgrade.

Terra Luna Classic Community Votes to Increase LUNC Burn Tax as Binance Adds Support for LUNA and Terra Classic Tokens.

The Terra Luna Classic community has voted to increase the LUNC burn tax due to the falling price of LUNC. Despite rejecting previous proposals, Terra Classic influencers have hinted at plans to restore the LUNC burn tax to its initial level in June. However, Binance CEO "CZ" may need to be convinced as Binance has warned to revoke its LUNC burn mechanism. Binance has now added support for LUNA and Terra Classic on its platform to meet the growing demand for cryptocurrency trading.

Terraform Labs Co-Founder Pleads Not Guilty to Passport Forgery Charges While Investigations and Legal Action Continue for Collapse of TerraUSD and Luna

Do Kwon, co-founder of Terraform Labs, has entered a plea of not guilty in a Montenegrin court after being charged with forging his passport and travel documents. Kwon and his former colleague, Chang-joon Han, were arrested at the airport in Podgorica while attempting to travel to Dubai. Their lawyer has requested bail at €400,000 each and proposed house arrest in Montenegro. Kwon is currently under investigation in the U.S. and South Korea, and if found guilty of falsifying his documents, he may have to serve his prison sentence in Montenegro before being extradited. Meanwhile, Terraform's co-founder Shin has been charged with violating capital markets law in South Korea, fraud, and embezzlement in connection with the crash of TerraUSD and Luna. South Korean prosecutors have frozen assets worth approximately $184.7 million tied to Shin and other individuals, and his first trial is scheduled for May 26, 2023. South Korean prosecutors believe that investigating the case in South Korea is the most effective way to bring justice, as most key accomplices and evidence linked to the Terraform incidents are based there. This week, South Korea also froze assets and properties worth $176 million belonging to Kwon, another individual involved in the case, and a South Korean court has banned the sale of Kwon's house, cars, and financial assets, including cryptocurrencies on cryptocurrency exchanges.

Former CEO of Terraform Labs Has $176 Million in Assets Frozen Amid Criminal Proceedings

Do Kwon, co-founder and former CEO of Terraform Labs, has had over $176 million worth of personal assets frozen as part of ongoing criminal proceedings. The Chief Judge of the 12th Criminal Division of the Seoul Southern District Court has prohibited the sales of Kwon's apartment complex, officetel, and imported cars, as well as the disposition of his financial assets. Kwon was arrested in March and charged with falsifying documents, and both South Korean and U.S. authorities are seeking his extradition. Prosecutors allege that Kwon converted illicit funds from LUNC to Bitcoin and have identified $314.2 million in illicit assets.

LUNC Road to $1: L1JTF Upgrades Testnet to v2.0.0

the LUNA network, which is part of the LUNA ecosystem, has upgraded its testnet to version 2.0.0. The upgrade includes a range of new features and improvements, including enhanced security and performance, as well as new tools and resources for developers.

New Details of the Investigation Against Do Kwon

After the arrest of Do Kwon in Montenegro, an active investigation was launched against him and other Terra employees. Let’s look at a few new details.
New Details of the Investigation Against Do Kwon

Do Kwon Seeks SEC Charges Dismissal As S.Korea Rules LUNA As Non-Security

Do Kwon, the co-founder and CEO of Terraform Labs, has asked for the dismissal of the charges against him by the SEC, arguing that the agency's claims are invalid and that Terra's tokens and projects do not specifically target US investors. Kwon's counsel also claimed that the agency lacked proper jurisdiction to bring charges against Kwon and Terraform Labs. A South Korean court recently dismissed security violation charges against Terraform Labs co-founder Hyun-seong Shin, deeming LUNA as non-security under Korea's Capital Markets Act, making Kwon's motion right only in connection to LUNA. However, Kwon faces allegations in Seoul related to the transfer of over 10,000 Bitcoin from the Terra platform and Luna Foundation Guard to a cold wallet, later converted to fiat. The amount transferred is approximately $100 million, verified to have been dispersed in various locations.