Home Fear & Greed Pools Wallets Dictionary Advertise Facebook Twitter Telegram Reddit Youtube
Market Cap:
24h Vol:
Cryptocurrencies: 12450
Markets: 96130
CoinInsight360.com logo CoinInsight360.com logo
ENG
EST
RUS
TUR
DEU
CHI
KOR
ITA
USD
USD
AED
AFN
ALL
AMD
ANG
AOA
ARS
AUD
AWG
AZN
BAM
BBD
BDT
BGN
BHD
BIF
BMD
BND
BOB
BRL
BTN
BWP
BYN
BZD
CAD
CDF
CHF
CLF
CLP
CNH
CNY
COP
CRC
CUC
CUP
CVE
CZK
DJF
DKK
DOP
DZD
EGP
ERN
ETB
EUR
FJD
FKP
GBP
GEL
GHS
GIP
GMD
GNF
GTQ
GYD
HKD
HNL
HRK
HTG
HUF
IDR
ILS
IMP
INR
ISK
JMD
JOD
JPY
KES
KGS
KHR
KMF
KPW
KRW
KWD
KYD
KZT
LAK
LBP
LKR
LRD
LSL
LYD
MAD
MDL
MGA
MKD
MMK
MNT
MOP
MRU
MUR
MVR
MWK
MXN
MYR
MZN
NAD
NGN
NIO
NOK
NPR
NZD
OMR
PAB
PEN
PGK
PHP
PKR
PLN
PYG
QAR
RON
RSD
RUB
RWF
SAR
SBD
SCR
SDG
SEK
SGD
SHP
SLL
SRD
SSP
STD
STN
SVC
SYP
SZL
THB
TJS
TMT
TND
TOP
TRY
TTD
TWD
TZS
UAH
UGX
UYU
UZS
VES
VND
VUV
WST
ZAR
ZMW
ZWL
A company that is changing the way the world mines bitcoin

WallStreet Forex Robot 3.0
Market Cap
24h Vol
12450
Cryptocurrencies
55.82%
Bitcoin Share
Cryptopolitan 2025-01-07 03:56:48

Do Kwon’s crypto collapse could impact over 1 million victims, US prosecutors estimate

Do Kwon’s crypto collapse could impact over 1 million victims, US prosecutors estimate

US prosecutors overseeing the criminal case against Do Kwon, co-founder of Terraform Labs, estimate that over one million individuals could have been affected by the ecosystem’s collapse. Acting US Attorney Daniel Gitner claimed the government would establish a website to help inform victims of their rights, calling other notification methods “impracticable.” The US government prefers to use a website to communicate with victims of the Terra case The US government approximates the number of victims affected by the Terra ecosystem collapse to be over 1 million. Acting US Attorney Daniel Gitner submitted a motion to the US District Court for the Southern District of New York on January 6 describing the procedures for notifying potential victims of Do Kwon’s public proceedings. The US attorney claimed the government would set up a website to inform victims of their rights, tagging other traditional methods “impracticable” due to the decentralized nature of cryptocurrency transactions, which often lack personal identifying information. Terra collapsed in May 2022, and Do Kwon is charged with nine fraud felonies In May 2022, Terra, once the third largest cryptocurrency after Bitcoin and Ether, crumbled, losing its $50 billion valuation in just 72 hours. When founder Do Kwon launched Terra, he claimed he wanted to build an ecosystem better than Bitcoin and Ethereum. He added that he needed a stablecoin to compete directly with fiat currencies. Sadly, his entire project lacked transparency. According to the US Department of Justice, Kwon misled investors by falsely claiming the company’s blockchain products and manipulated their markets to create the illusion of a functioning and decentralized financial system. Earlier this year, Kwon was extradited from Montenegro to the United States, where he now faces nine felony fraud charges. On January 2, he appeared before a US judge for the first time and pleaded not guilty. However, authorities have yet to clarify if they will pursue a plea agreement with the Terraform co-founder or whether they will proceed to a full criminal trial. Due to his fraud involvement, Kwon already had to pay a $4.5 billion settlement to the U.S. Securities and Exchange Commission in April 2024. Land a High-Paying Web3 Job in 90 Days: The Ultimate Roadmap

Most Read News



Cryptohopper
hardware wallets, hardware , wallets, Crypto Currency, Cryptocurrency hardware wallets, Crypto Apparal, crypto wallet, Cryptocurrency wallets

Market Cap
24h Vol
55.82%
Bitcoin Share
277
Today News
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.