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SEC court win over Terraform and Do Kwon opens door for UST investigation

Terraform Labs’ court loss over Mirror Protocol opens the doors for greater action on the collapse of stablecoin TerraUSD.  Yesterday, the Second Circuit Court rejected Terraform Labs’ appeal against the Securities and Exchange Commission, upholding an earlier decision from the Southern District of New York. The SEC served founder Do Kwon with a subpoena as he prepared to go onstage to speak at Messari’s MainNet event in Manhattan back in November.  In the attempted appeal, Kwon’s lawyers argued that the …

Major Korean law firm decides to sue Do Kwon after UST collapse

LKB & Partners, one of the top law firms in South Korea, has decided to sue Terraform Labs founder and CEO Do Kwon after the sudden collapse of TerraUSD (UST) last week, Korean media reported on Wednesday. LKB will file the case against Kwon, a Korean national, on behalf of ordinary investors to the Seoul Metropolitan Police Agency, according to a report in the Munhwa Ilbo newspaper. Some of LKB’s employees may also join the case since they lost money …

Crypto Capital exec plans to enter open plea in ongoing fraud case

Reginald Fowler, who sits at the center of a banking fraud case brought by the US government, is seeking to forego his right to trial. Fowler stands accused of engaging in “shadow banking” for cryptocurrency exchanges through his business Crypto Capital. The government alleges Fowler ran Crypto Capital with his partner Ravid Yosef as an unlicensed money transmitting business that misrepresented its crypto dealings to its banking clients. Additionally, “shadow banking” transactions like these can be a means of circumventing …

Judge orders SEC to produce materials related to Hinman speech in ongoing Ripple legal fight

Ripple is celebrating a new order from US Magistrate Judge Sarah Netburn amid the firm’s ongoing dispute with the Securities and Exchange Commission (SEC). The legal fight between Ripple and the SEC dates back to December 2020, when the US securities regulator filed suit against the distributed ledger tech company and alleged that it conducted an unregistered securities offering by selling XRP. Ripple has fought the case, maintaining that XRP is not a security and that the SEC’s guidance on …