The creator of Terra/Luna Do Kwon declared himself guilty of a position to conspire to commit fraud and a charge of wire fraud on Tuesday, after a statement of previous guilt and a very long extradition process.
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The narrative
The founder of Terrafting Labs, Do Kwon, who created the Terrausd Stablecoin and his counterpart Luna (Moon) Token, declared conspiracy guilty to commit values, basic products or cable fraud and cable fraud
Why does it matter
Terra and its related ecosystem exploded spectacularly in 2022, with a moon falling from a high historical price of almost $ 120 to less than 10 cents over the course of five weeks. Ust broke his plug, and the event was the first dominoes in the other bankruptcies of the cryptographic company in the course of 2022.
Break down
In 2021, Do Kwon repeatedly assured investors that Terra and Luna were safe investments, through tweets and appearances in programs such as Coindesk TV.
On Tuesday, he apologized as part of his guilt statement.
“Between 2018 and 2022 in the Southern District of New York and in other places, I knew that others participate in a scheme to disappoint, and in fact I disappointed, the buyers of the cryptocurrencies issued by my company, Terraform Labs,” he said, going to say that he made “false and misleading statements” about why he governed his plug.
As part of its guilt agreement, the Department of Justice agreed to recommend a prison sentence of no more than 12 years, and Kwon can request an international prison transfer once it has served 50% of its sentence. One of Kwon’s lawyers said there are still outstanding charges against him in South Korea, the Kwon country tried to extradite during his extended stay in Montenegro.
Kwon’s statement talked about that: “The buyers I disappointed were in the Republic of Korea, the Southern District of New York and in other places,” he said.
Read more.
Tuesday
- 14:30 UTC (10:30 am et) Do Kwon declared himself guilty of two positions linked to the operation and eventual collapse of the Ecosystem of Terra/Luna Stablecoin.
- (Appeals Court of the DC circuit) Two judges in a panel of the Court of Appeals of three Judos ruled that a district court had no appropriate jurisdiction when blocking the efforts of the Trump administration to reduce the size of the consumer’s financial protection office, writing in part that “the plaintiffs point to any regulation, order, document, email or other declaration, written or oral Energy, power or other declaration, written or oral, that defends the closure of the CFPB “and that” the government does not claim the power of energy for the power of the CIF “. Attorney General Pamela Bondi said on a tweet after the circuit court “had put on my side [Department of Justice] The lawyers in our effort to dismantle the CFPB. “The circuit court panel opened the door for a possible hearing with the DC circuit appeals court.
- (The Washington Post) The White House eliminated the Irs Billy Commissioner long after he faced the White House for sharing the confidential information of the taxpayers, the post reported. CNN also reported that the IRS began to “share confidential data from taxpayers [last] Week with immigration authorities. “
- (The associated press) The states are beginning to take measures against the possibility that the data centers of the large technology companies are raising the electricity prices of the residents.
- (Bloomberg) Bloomberg published an analysis by Tron Justin Sun creator in his multimillionaire index, saying he owns more than 60 billion trx (~ $ 4.9 billion) – “Most of your supply” – as well as $ 3.55 billion in other cryptographic holdings and $ 3.73 billion in HTX holdings. Sun requested a temporary restriction order to block the publication (although the page was already published), with exhibitions confirming that his team shared wallet addresses and other information with Bloomberg to help the news organization to verify their holdings.
- (Political) The consequences of the database system trick of the Federal Court continue to pacer.
- (Reuters) Reuters has a detailed report on goal artificial intelligence policies, from chatbots of large language models that invite people to real directions to allow these technical models to get involved with minors using a language that seems to be more suitable for people who are not minor. Some of these provisions were changed after Reuters asked him about them, the news organization reported.
- (New York Magazine) This is a long and strange immersion in two people accused of kidnapping an Italian cryptographic investor in New York. It is worth reading.
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