GET 10% OFF ON YOUR FIRST ORDER. FOR A LIMITED TIME ONLY. Use code: WELCOME on checkout
News

LUNA Price Skyrockets Amid Terraform Labs’ Settlement with SEC

Terra vs SEC

The post LUNA Price Skyrockets Amid Terraform Labs’ Settlement with SEC appeared first on Coinpedia Fintech News

Terraform Labs and its co-founder, Do Kwon, have reached a “settlement in principle” with the U.S. Securities and Exchange Commission (SEC) in a civil fraud case. The SEC previously accused Terraform and Kwon of deceiving their investors about the stability of their products, which resulted in the collapse of their $40 billion ecosystem in May 2022.

A recent court filing says a conference was held on May 29, confirming that all parties agreed to settle the case, leading to the cancellation of priorly scheduled oral arguments. Thus, the parties are supposed to file the settlement documentation by June 12 and present it before Judge Jed S. Rakoff.

LUNA Token Surge

The news of the settlement had vivid impacts on the market, specifically on the LUNA token of Terraform, which witnessed a significant surge of up to 38%—the highest it has surged since April 12. This drastic surge in the LUNA token’s value indicates investor optimism after the settlement announcement. Besides, the expectation of resolving the legal uncertainties of Terraform Labs has successfully ensured a temporary sense of relief and optimism among stakeholders and investors.

Although there is progress in settling the civil case with the SEC, the legal challenges of Do Kwon aren’t over yet. Currently, Kwon is out on bail in Montenegro, awaiting an extradition to either the U.S. or South Korea, where he is alleged to have additional criminal charges. In another development, the SEC initially proposed to give a heavy $5.3 billion penalty for resolving the fraud case, which would also mark as the most substantial fine on a crypto project.

Amidst the bankruptcy proceedings, Terraform Labs has contested the penalty, demanding a more appropriate civil fine since its remaining assets are approximately $150 million. Hence, as the legal battle continues, Kwon’s future remains uncertain, with crucial repercussions for him and the broader cryptocurrency market.

Also Check Out: Donald Trump Convicted: Meme Coins Plummet Amidst Political Turmoil

Latest Press

post-thumbnail
News
5 hours ago
Meet 2024’s 5 Trending Crypto Presales: A Golden Chance You Can’t Miss
The cryptocurrency world is vibrant with new and exciting projects emerging, all set to revolutioniz...
READ MORE
post-thumbnail
News
5 hours ago
Get Ready for Lift Off: The 5 Best Cryptos Transforming Fortunes in 2024
As the digital currency realm expands, investors are continuously on the hunt for the next big thing...
READ MORE
post-thumbnail
News
5 hours ago
Bearish Sentiment Dominates XRP as Short Positions Surge
Santiment shows that a large number of short positions have been entered against XRP and ADA, with a...
READ MORE
post-thumbnail
News
5 hours ago
Ripple News: XRP Ledger’s AMM TVL Jumps to $7.7 Million Amid Rapid Growth
The XRP Ledger AMM total value locked (TVL) has sustained a steady uptrend reaching over $7.7 millio...
READ MORE
post-thumbnail
News
5 hours ago
Solana ETF Hype: Top Coins for High Returns Revealed
Solana (SOL) Exchange Traded Fund is reportedly in the pipeline as a digital asset manager makes its...
READ MORE
post-thumbnail
News
5 hours ago
Smart Money Trader Stakes 14 Billion Floki Inu Tokens, Signals Strong Bullish Sentiment
A smart money trader, identified as 0x403, staked 14 billion Floki Inu (FLOKI) tokens valued at $2.3...
READ MORE
default post thumbnail
News
5 hours ago
Polkadot ($DOT) Tumbles Amid Wider Market Downturns
The past week saw the overall crypto market drop, with the total cap dropping to some of its lowest ...
READ MORE
default post thumbnail
News
5 hours ago
Decoupling: Stock Markets Tapping New Highs Last Week but BTC and ETH Suffer
The cryptocurrency industry is often described as a risk-on asset class that tends to underperform i...
READ MORE
default post thumbnail
News
5 hours ago
Could Uphold’s Tether Delisting Signal Trouble for USDT in Europe?
A popular New York-based crypto exchange, Uphold, announced the delisting of six stablecoins in resp...
READ MORE

Publish an article now

Unlock the power of media for instant visibility to the target audience, major SEO boost, greater website traffic and conversion rates.

click here to get started