Caroline Ellison’s role in FTX fraud

Caroline Ellison was a central figure in the rise and fall of FTX, a cryptocurrency exchange that once held a valuation of $32 billion. As the CEO of Alameda Research, Ellison was at the heart of FTX’s financial operations, closely tied to Sam Bankman-Fried, the founder of FTX.

FTX, founded in 2019, quickly ascended to become the third-largest cryptocurrency exchange in the world. In just two years, FTX went from a small startup to a major player in the crypto space, turning its founder into a billionaire and business celebrity.

In 2022, rumours began to swirl about financial troubles at FTX. A sudden surge in withdrawal requests from users sparked a liquidity crisis that the company was unable to manage. Within days, FTX collapsed, and investigations revealed that billions of dollars in customer funds had been funnelled into risky investments by Alameda Research. Ellison’s involvement in the fraud stemmed from her position at Alameda, where she and others were directed by Bankman-Fried to use FTX customer deposits for trading and investment purposes.

Caroline Ellison was charged with multiple counts of wire fraud, conspiracy to commit fraud, and money laundering. Facing up to 110 years in prison, Ellison chose to cooperate with authorities in exchange for a reduced sentence. Her testimony was instrumental in building the case against Sam Bankman-Fried, who was sentenced to 25 years for his role in the fraud.

Ellison’s apology to FTX victims

In court, Ellison expressed deep remorse for her actions, stating, “On some level, my brain can’t even comprehend the scale of the harm that I caused.” Ellison’s plea deal played a crucial role in reducing her sentence. By cooperating with prosecutors and providing invaluable information about the inner workings of FTX and Alameda, she was able to avoid a much harsher penalty.

As part of her sentence, Ellison was ordered to forfeit roughly $11 billion that she earned from FTX. This massive forfeiture reflects the scale of the fraud, though it remains to be seen how much restitution she may ultimately be required to pay. The collapse of FTX has sent shockwaves through the cryptocurrency industry, shaking investor confidence and leading to increased scrutiny of other exchanges.

The post Caroline Ellison sentenced to 2 years for role in FTX crypto fraud appeared first on AIBC.

The evolving regulatory landscape

One of the key themes that emerged at the conference was the rapidly evolving regulatory landscape surrounding cryptocurrencies. As governments and regulatory bodies grapple with the complexities of this nascent industry, the conference provided a platform for discussions on compliance requirements, consumer protection, and fraud prevention.?

“When we talk about regulation and the use of cryptocurrencies and crypto-casino activity in different ICOs, it is important to understand that there is no universal and easy answer to this topic. Yes, because each jurisdiction, each ICO has its own regulatory rules.”
– Katerina Shepetenko, Managing Partner at Legal Pilot.

Experts such as Katerina Shepetenko (Managing Partner at Legal Pilot), Elena Sabelnikova (Director at APS money), and Alexander Belov (Forbes Journalist & Media & Fund Founder of Coinstelegram) explored the varying jurisdictional approaches and the potential impact of regulations on the growth and adoption of cryptocurrencies in the iGaming sector.

A revolution in mobile payments and cryptocurrencies

The conference also highlighted the transformative power of mobile payments and cryptocurrencies. As these technologies continue to gain traction, particularly in regions with limited financial infrastructure, they are revolutionising the way transactions are conducted. Alex Volk (pictured above), Chief Business Development Officer of Betatransfer Kassa, explored the benefits and challenges associated with mobile payments and cryptocurrencies and the technological advancements driving their adoption.

Enhanced security for crypto transactions

The security of cryptocurrency transactions remains a top priority. The conference addressed the importance of robust security measures, such as biometrics and two-factor authentication, to protect users from cyber threats.

“I want all of us to be aware that these things: A. Do happen, B. It’s possible to act. And the sooner you act, the better. The better the chance that the money can be turned back. So, please, don’t wait.”
– Marina Khaustova, COO of Crystal Intelligence.

Additionally, experts discussed the role of blockchain analytics in uncovering and preventing crypto-related crimes. Marina Khaustova (pictured above), COO of Crystal Intelligence, is a key contributor to these discussions, sharing her insights on the latest security advancements and the use of blockchain analytics.

A growing trend: Real-time payments

Another significant topic at the conference was the increasing adoption of real-time payment solutions. Driven by technological advancements and regulatory initiatives, real-time payments (RTP) have transformed the way funds are transferred.

“Today, we are faced with certain decisions, and tomorrow, there will be others. However, the consistent trend will always be finding solutions and facilitating communication between two parties. This process will be utilised by both large and small companies, but generally, it will always be P2P.”
– Alex Volk, Chief Business Development Officer of Betatransfer Kassa.

Volk shared his expertise on RTP solutions and their potential impact on the payments industry. He explored the benefits of RTP, compared different solutions like SEPA Instant and P2P, and discussed the factors driving their adoption in various regions.

Insights from industry leaders

The AIBC East Europe Conference brought together a diverse range of industry experts who shared their valuable insights and perspectives. From seasoned professionals to emerging talents, the speakers provided a comprehensive overview of the latest trends, challenges, and opportunities in the world of e-commerce, emerging technologies, cryptocurrencies, and blockchain.?

“Putting cheap creatives in an attempt to target any player doesn’t work anymore. The trend has shifted over the past five years, so advertisers have learned to calculate traffic. Everyone now has analytical systems and learned to write reports, and it is crucial for webmasters to align with methods for quality player acquisition.”
– Yaroslav Babych, CCO at ZM.

Eli Desatnik, Co-founder of Pushub.net, and Yaroslav Babych (pictured above), CCO at ZM, were among the notable speakers who shared their expertise on optimising push notifications and using cutting-edge tech solutions for better results.

AIBC East Europe 2024

The AIBC East Europe 2024 served as a valuable platform for industry professionals to connect, collaborate, and stay informed about the latest developments in e-commerce, technologies, cryptocurrencies, and blockchain. As the regulatory landscape continues to evolve and technological advancements accelerate, the insights gained from this conference will be invaluable for businesses and individuals seeking to navigate the complexities of this rapidly changing industry.

The post AIBC East Europe: Key takeaways from the crypto and payments landscape appeared first on AIBC.

The law, which will come into effect ten days after its publication on the government website, allows only Russian legal entities and individual entrepreneurs registered with the government to engage in cryptocurrency mining.??

Regulations and conditions for miners

The newly enacted law defines the rights and obligations of those involved in the cryptocurrency mining industry, introducing specific conditions for participation. Only those registered in a special government inventory can conduct mining operations. However, small-scale individual miners are exempt from this registration requirement if their energy consumption does not exceed government-imposed limits. This exemption allows hobbyists and small operators to continue their activities without formal registration, while larger mining operations will be subject to stricter oversight.??

The Russian government has also outlined measures to prevent the use of digital currencies for illicit activities, such as money laundering. These regulations aim to strike a balance between fostering innovation in the cryptocurrency sector and safeguarding the country’s financial system.??

Broader impact on the Russian economy

The law legalising cryptocurrency mining is part of a broader strategy by the Russian government to reduce its reliance on the U.S. dollar in international trade. By recognising cryptocurrency mining as a legitimate economic activity, Russia is positioning itself to play a more significant role in the global digital asset market.??

Additionally, the legislation permits the trading of foreign digital financial assets on Russian blockchain platforms, though the Bank of Russia retains the authority to ban assets it considers a threat to financial stability. This cautious approach reflects the government’s desire to promote digital innovation while protecting the country’s economic interests.??

Advertising and regional controls

The new law also imposes stringent controls on the advertising and promotion of cryptocurrencies within Russia. It prohibits the mass promotion of digital assets, likely to prevent the spread of potentially risky investments. Moreover, the legislation provides the government with the power to ban cryptocurrency mining in specific regions or territories, allowing for flexibility in managing the industry based on local conditions.??

Russia’s strategic approach to digital assets

During a recent government meeting, he emphasised the need for Russia to “seize the moment” and establish a robust legal framework that supports the expansion of digital assets both domestically and in international trade. This legislative development signals Russia’s intent to be a major player in the evolving global cryptocurrency landscape.?

The post Putin legalises crypto mining in Russia appeared first on AIBC.

Circle obtained an Electronic Money Institution (EMI) licence from the Autorité de Contr?le Prudentiel et de Résolution (ACPR), the French banking regulator. This licence enables Circle to issue USDC and EURC in the EU under MiCA’s stringent regulatory requirements for stablecoins and e-money tokens.?

2/ Through our French license, $USDC and $EURC issuance is officially live in the EU in compliance with one of the world’s most comprehensive regulatory regimes for digital assets. ????????https://t.co/V554qOA21i

— Circle (@circle) July 1, 2024

Circle mint launches for European business customers

With compliance secured, Circle Mint is now operational in Europe, offering local banking capabilities that facilitate near-instant and cost-effective minting and redeeming of USDC and EURC. This service aims to streamline access to digital currencies across the European market.?

“Since our founding, Circle has sought to build durable, compliant, and well-regulated infrastructure for stablecoins, and our adherence to MiCA, which represents one of the most comprehensive crypto regulatory regimes in the world, is a huge milestone in bringing digital currency into mainstream scale and acceptance,” Jeremy Allaire, Co-Founder and Chief Executive Officer at Circle, said.?

“Achieving MiCA compliance through our French EMI licence is a significant step forward, not just for Circle, but for the entire digital financial ecosystem in Europe and beyond,” Dante Disparte, Chief Strategy Officer and Head of Global Policy at Circle, added.?

“Circle’s success in obtaining this license is the result of close collaboration over many months between the regulatory teams in charge of ACPR authorizations and the Circle France team,” Coralie Billmann, Managing Director of Circle France, said.?

EU’s MiCA

MiCA mandates that EMT/ART issuers must maintain at least 30 percent of their funds as deposits in credit institutions, typically banks, which do not offer the high-interest rates available from U.S. Treasury bills. However, MiCA imposes stricter regulations on stablecoins deemed ‘significant’ or of ‘systematic importance’ according to various criteria.?

The post Circle achieves MiCA compliance for stablecoin issuance in EU appeared first on AIBC.

The following are essential points to watch out for to make an informed investment decision regarding Shein’s potential IPO.

Considerations for investors

Firstly, the company’s reputation is a crucial factor. Shein’s executive chair, Donald Tang, needs to clarify why the company wants to go public, as he has downplaying some of his reasons and insists “enhanced transparency”. Supply chain concerns, particularly allegations about forced labour, need to be addressed. Shein has gained popularity on social media platforms like TikTok, where videos of shoppers displaying their purchases can reach thousands of views. However, there are also videos comparing the promised products to the disappointing ones delivered.

Shein denies these allegations by unsatisfied customers and claims to have severed ties with non-compliant suppliers in 2023. Governance concerns also exist, related to Shein’s corporate structure and expected small free float. Tang could give confidence to investors by ensuring equal voting rights for all shares. This discrepancy between expectation and reality is a red flag, as it could potentially lead to a loss of customer trust and subsequently, a decrease in sales.

Secondly, Shein’s reasons for going public need to be scrutinized. Donald Tang, has not provided an explanation yet how an IPO to raise capital can provide an exit for early investors. Instead, he has focussed on the benefits of ‘enhanced transparency’.

A prop trader would most likely want to understand what this means in practical terms. Does ‘enhanced transparency’ imply more rigorous financial reporting, or does it suggest a shift in corporate governance? Shein’s valuation and growth strategy also need to be evaluated. The company promotes itself as an AI-powered tech play, but this seems unrealistic. Its reported target valuation of about ￡50 billion suggests it might benchmark itself closer to Zara-owner Inditex.

Thirdly, supply chain concerns have been raised by some fund managers. Shein has faced allegations about forced labour in its cotton supply chain, which it denies. In 2023, it reportedly severed ties with a small number of suppliers in China that did not meet its standards. However, more frequent, independent audits will be necessary to address these concerns. Most prop traders would want to see concrete steps taken by Shein to ensure ethical sourcing and production.

Fourthly, there are governance concerns related to Shein’s corporate structure. The company’s ultimate parent is registered in the Cayman Islands, and there are expectations of a small free float. Tang could give confidence to investors by ensuring that all shares carry equal voting rights. A dual-class structure that entrenches the rights of pre-IPO investors could be seen as unhelpful and unnecessary.

Lastly, Shein’s valuation and growth strategy need to be evaluated. The company has been promoting itself as an AI-powered tech play at retail conferences, suggesting a tech-style multiple. However, this seems unrealistic. Its reported target valuation of about ￡50 billion suggests it might benchmark itself closer to Zara-owner Inditex, which trades on 23 times forward earnings. Even then, a decent discount would be required due to regulatory risks. Some countries are trying to close tax loopholes used by Shein and others that ship lots of small packages direct to customers. Shein insists its growth doesn’t rely on these loopholes remaining open.

London debut

For a successful London debut, Tang must bridge the gap between how Shein sells itself and what some investors, including prop traders, believe it will deliver. This involves addressing concerns about product quality, supply chain ethics, corporate governance, and valuation.

As a prop trader will need to look for clear, concrete actions in these areas before considering an investment in Shein’s potential IPO.

A decent discount would be required due to regulatory risks.? For a successful IPO, Tang must bridge the gap between how Shein sells itself and what investors believe it will deliver. Tang will need to convince investors that Shein does not rely on tax loopholes only.

The post Why prop traders should closely watch Shein’s potential IPO appeared first on AIBC.

Armstrong traces the origins of the current S&P 500 rally to late October of the previous year, noting a 33 percent increase in market value, approximately $12 trillion. He categorizes the gains into four distinct groups: Nvidia, the top five tech giants (Microsoft, Alphabet, Amazon, Apple, and Meta), a cluster of 10 semiconductor firms, and the remaining 484 companies in the index. A notable observation is that nearly 20 percent of the index’s gains are attributed to Nvidia alone, with an additional 10 percent linked to the semiconductor sector.

Unsettling surge of AI in the stock market

The analysis highlights the potential risks if the market reassesses the profitability of AI, considering that 56 percent of the gains are AI-related. However, Armstrong offers reassurance by pointing out that the rest of the market, excluding these AI-centric companies, has also performed well, with a 20% increase in value.

Despite this, the market has experienced a shift since late March, with a significant divergence between the market weight and equal weight indices. The non-AI segment of the market has seen a decline, indicating that companies without an AI focus are under pressure to meet earnings expectations.

Armstrong concludes with a cautionary note on the fragility of the rally, suggesting that if perceptions around AI’s business potential change, the consequences could be severe for the market. This report underscores the intricate relationship between AI advancements and market dynamics, raising important questions about the future of the stock market in an AI-dominated era.

The post AI dominance raises market concerns appeared first on AIBC.

Chris Amani, CEO of Terraform Labs, confirmed the shutdown in a post on social media platform X, stating, “TFL always intended to dissolve at some point, and that point is now. We will be winding down operations completely.” Amani added, “We were well positioned to accelerate things if we had won the trial, but unfortunately we lost and as a result, can no longer operate.”?

The settlement, pending approval from U.S. District Court Judge Jed Rakoff, mandates Kwon Do-hyung, former CEO of Terraform Labs, to contribute $204 million (€190 million) to the bankruptcy estate. If approved, Kwon will face a ban from cryptocurrency transactions and will be prohibited from holding executive positions in public firms. ?

This settlement follows the collapse of Terraform Labs’ stablecoin, TerraUSD, and its associated cryptocurrency, LUNA, in May 2022, which caused major upheaval in the cryptocurrency market. The collapse, which led to investor losses estimated at $40 billion (€37.25 billion), stands as one of the most significant fraud cases in U.S. history.?

Legal troubles and extradition issues?

Kwon, currently detained in Montenegro on charges of using a fake passport, is also facing fraud charges from the U.S. Department of Justice and financial crime allegations in South Korea. The downfall of Terraform’s stablecoin marked a pivotal moment in a series of cryptocurrency market disruptions, including the notable crash of the FTX exchange. Kwon’s legal troubles are compounded by ongoing extradition efforts from both the United States and South Korea.?

Breakdown of the settlement?

The $4.47 billion (€4.16 billion) civil settlement with the SEC includes $4.05 billion (€3.77 billion) in disgorgement, interest, and a $420 million (€391 million) civil fine for Terraform Labs. Despite this substantial judgment, much of it is unlikely to be paid due to Terraform’s bankruptcy filing in January

Instead, the settlement amount will be treated as an unsecured claim in Terraform’s Chapter 11 bankruptcy case, where the company is undergoing liquidation. The total judgment sum is $4.55 billion (4.23 billion), factoring in an additional $80 million (€74.5 million) civil fine for Kwon. He has agreed to the terms, which include a prohibition on participating in cryptocurrency transactions and a requirement to transfer $204.3 million (€190.2 million) to Terraform’s bankruptcy estate.?

SEC’s statement on the settlement?

The SEC stated in a court filing that this judgment aims to maximise the return of funds to harmed investors and ensure Terraform is permanently shut down. “Entry of this judgment would ensure the maximal return of funds to harmed investors and put Terraform out of business for good,” the SEC noted, adding that the proposed judgment is fair, reasonable, and in the public interest. Terraform and Kwon consented to the judgment, although their lawyers have not responded to requests for comment.?

The post Terraform Labs shutting down after €4.16 billion settlement with US SEC appeared first on AIBC.

SEC investigation and court proceedings

During the meeting, the SEC presented the findings of its investigation into Kwon and outlined the court process against him in the United States. While the specifics of the discussions regarding Kwon were not disclosed, the meeting could indicate progress in resolving Kwon’s extradition status, which has been at an impasse. The decision on whether Kwon will be extradited to the U.S. or his native South Korea has been pending for several months.?

“One of the topics of the meeting was the investigation conducted by the SEC in the case of Do Kwon. Minister Milovi? was informed about the results of that investigation, as well as the course of the court process against Do Kwon in the United States,” the statement reads.?

“Minister Milovi? expressed his gratitude to the representatives of the SEC for the detailed presentation and useful information and emphasised the importance of international cooperation in the field of investor protection and the fight against fraud on the financial markets,” it added.?

“Representatives of the SEC and the delegation of the Ministry of Justice of Montenegro concluded that this meeting represents a significant step towards strengthening relations between Montenegro and the United States of America in the field of justice and investor protection, and that in the future, for the mutual benefit of the two institutions, the relationship should be stronger,” the statement concluded.?

Extradition decision and legal rulings

In early April, Montenegro’s Supreme Court ruled that the decision on Kwon’s extradition should be made by the justice minister rather than the court. This ruling came after prosecutors in Montenegro opposed an earlier decision to extradite Kwon to South Korea, which was initially set for March. The Supreme Court’s ruling shifted the responsibility to Milovi?, prolonging the extradition process.?

Terraform Labs and Do Kwon were found liable for civil fraud by a U.S. jury in February 2023, following the collapse of the algorithmic stablecoin Terra USD (UST) a year earlier. The SEC had brought the case against Kwon, accusing him of misleading investors and engaging in fraudulent activities.?

Kwon’s arrest and status

Kwon was arrested in Montenegro in March last year for traveling with forged travel documents. After serving a prison term that ended on March 23, 2024, he was reportedly placed in a “reception center” for foreigners, with his passport confiscated by local authorities. This placement reflects the ongoing legal and diplomatic negotiations surrounding his extradition.?

Future implications

The recent discussions between Montenegro’s Justice Ministry and the SEC could signal a potential breakthrough in the extradition process. The outcome will have significant implications for Kwon, Terraform Labs, and the broader regulatory landscape for cryptocurrencies. As both the U.S. and South Korea vie for his extradition, the decision by Montenegro’s Justice Minister will be pivotal in determining where Kwon will face legal proceedings.?

The post Montenegro Justice Minister meets with US SEC; discusses Do Kwon case appeared first on AIBC.

The U.S. Securities and Exchange Commission will issue their decision for Ethereum exchange-traded funds or ETFs this week.

The obvious purpose is to potentially deny on the basis that these spot filings are improperly filed as commodity-based trust shares and do not qualify if they are holding a security.

— Scott Johnsson (@SGJohnsson) May 14, 2024

While spot bitcoin ETFs from financial powerhouses like Fidelity, BlackRock, and VanEck have recently seen significant success, experts anticipate that the SEC is unlikely to greenlight similar Ether ETFs at this time.

SEC chair Gensler on crypto ETF challenges

Speaking with CNBC, SEC Chair Gary Gensler highlighted that although cryptocurrency constitutes a minor segment of the markets monitored by the SEC, it disproportionately harbors scams, frauds, and issues. He pointed out that much of the crypto industry operates without adherence to the safeguards established by securities laws.

Gensler did not give a clear answer when asked if Ethereum is a commodity or a security and if there will ever be an ETF for it. He said the main question is how to keep American investors safe.

SEC decision deadline this week on spot eth ETFs…
?
SEC must approve both the 19b-4s (exchange rule changes) & S-1s (registration statements) for ETFs to launch.
?
Technically possible for SEC to approve 19b-4s & then slow play S-1s (esp given reported lack of engagement here).

— Nate Geraci (@NateGeraci) May 19, 2024

Currently, investors are not receiving the necessary information. The intermediaries in this centralized market often have conflicts of interest and are engaging in practices that wouldn’t be permitted on the New York Stock Exchange.

Gensler was noncommittal when asked about an Ethereum ETF, stating that the filings will be reviewed when the time is right.

Gary Gensler’s position is key to Ethereum ETFs’ approval. However, companies behind Bitcoin ETFs doubt that the SEC will approve Ethereum in the same way. VanEck CEO Jan van Eck told CNBC they were the first to apply for an Ethereum ETF in the U.S., but he thinks their application will probably be denied.

Meanwhile, in an interview with Investing.com, Roshan Shah, Co-founder and CEO of Decimal Digital Currency, noted that Bitcoin ETFs were approved due to a court ruling after the Grayscale conversion in August 2023. He highlighted that there is no similar court ruling to support the approval of Ether ETFs.

According to Shah, the markets are still in the early stages of grasping Bitcoin, whereas understanding Ether presents a much greater complexity. The SEC aims to protect pensions, 401ks, and retirement funds by keeping them away from Ether investments for the time being.

Regulators are cautious about the potential for a slippery slope that began with Bitcoin ETFs. If Ethereum ETFs are approved, it might pave the way for a wide range of other digital assets to enter public markets.

Shah explains that protecting precedent is crucial for the SEC. He suggests that the justification for rejecting crypto assets in an ETF gets weaker with each new approval.

Shah further points out that the SEC is likely to delay decisions on Ether ETFs continually. This delay could persist indefinitely, possibly only ending if the courts mandate an approval, reminiscent of what happened with Bitcoin ETFs.

On the other hand, Charles d’Haussy, CEO of dYdX Foundation, expressed to Investing.com that, while he holds an optimistic view on the future approval of a spot Ethereum ETF, he would be surprised if the SEC approved it at this stage.

If the SEC denies approval for spot Ethereum ETFs, legal battles will be almost inevitable, as seen previously with Bitcoin ETFs. Interestingly, futures-based Ethereum ETFs have already received the green light.

According to d’Haussy, the SEC’s stance on Ethereum ETFs could mirror its approach to Bitcoin ETFs. However, an important distinction is that spot Ethereum ETFs might be less appealing compared to directly holding ETH due to the lack of staking reward distributions.

Ethereum’s recent 3.8% weekly rise

Over the past seven days, Ethereum has seen a rise of around 3.8%, recovering from a dip experienced between mid-March and mid-May. Despite this earlier decline, the cryptocurrency remains in a strong position.

This year alone, Ethereum has climbed over 35%, and it has surged more than 69% over the past 12 months. The general crypto market, led by Bitcoin, has also surged, adding momentum to Ethereum’s growth. Investors have been eagerly anticipating potential Ethereum ETFs, contributing to the renewed interest.

The post SEC expected to reject new Ether ETFs this week appeared first on AIBC.

Misleading investors and ill-gotten gains

The Manhattan jury’s?verdict?earlier this month found Terraform Labs and Kwon guilty of misleading investors about the stability of Terra USD (UST) and the applications of the Terra blockchain. The SEC’s motion for final judgment seeks $4.74 billion (€4.42 billion) in disgorgement and prejudgment interest, along with an additional $520 million (€485 million) in civil penalties, distributing $420 million (€393 million) to Terraform Labs and $100 million (€93.4 million) personally to Kwon.??

Justification and financial impact

Citing court documents, the SEC?justifies?its requested fine, alleging that Terraform Labs and Kwon amassed “over $4 billion (€3.7 billion) in ill-gotten gains” through their illicit activities. Notably, institutional sales of LUNA and MIR reached $65.2 million (60.8 million) and $4.3 million (€4 million), respectively, with additional substantial transactions through various platforms,?totalling?$4.1 billion (€3.8 billion).??

Remedial measures and future prevention

In addition to monetary penalties, the SEC seeks injunctions to prevent future securities violations and an officer-and-director ban on Kwon.

Terraform Labs and Kwon’s response

In response, Terraform Labs refutes the SEC’s call for injunctive relief and disgorgement, advocating solely for appropriate civil penalties. During the trial, Terraform Labs’ CEO, Chris Amani, disclosed the company’s remaining assets of approximately $150 million (€140 million) amidst its bankruptcy proceedings.??

Meanwhile, Kwon’s legal team contends that injunctive relief is unwarranted due to his current unemployment status and pending criminal charges. Kwon, who remains in Montenegro following his arrest last year, faces extradition requests from both the U.S. and South Korea for his alleged role in the Terra collapse.???

The post U.S. SEC pursues €4.9 billion fine against Terraform Labs and Do Kwon appeared first on AIBC.