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- 1 The Securities and Exchange Commission has objected to the retainer payments to the defending attorney of Terraform Labs.
- 2 Do Kwon, the founder of Terraform Labs, will soon be extradited to the United States.
- 3 Terra acquired Pulsar Finance for an undisclosed amount on November 13, 2023.
The Securities and Exchange Commission has objected over the retainer payments of $166 Million to the defending attorney of Terraform Labs, reported Reuters. Moreover, the SEC argued that the firm should not be permitted to hire law firm Dentons or pay litigation costs for employees.
In March 2023, Kwon was detained in Podgorica by Montenegro police when he was trying to board a flight to Dubai. Following the demise of Terraform Lab, the crypto market allegedly lost billions of dollars.
Before the demise of Terra, Kwon was among the wealthiest personalities in the crypto industry.
Terraform Lab and its troubled founder are facing lawsuits from regulators of different nations. For the last few months, there has been a debacle between the US SEC and the South Korean regulators to get custody of Do Kwon in their respective nations.
Major Investments & Fundings of Terra
Crunchbase says Terra has invested in dozens of crypto-based and traditional finance companies. The company’s major investments include Flipside Crypto, Leap Wallet, Hex Trust & Ramper.
Terra acquired Pulsar Finance for an undisclosed amount on November 13, 2023. However, it has also gathered billions of dollars in 15 funding rounds from 30 VCs in the market.
Crypto Market Update
The crypto market capitalization surged 4.34% in the past 24 hours and was $2.33 Trillion when writing. It is crucial to note that the market cap grew over 62% in the past three months.
TerraClassic (LUNC), the fiat-backed stablecoin, is trading at $0.000145. A decline of 99.99% is seen in the all-time frame. LUNC registered its all-time high in April 2022, trading at $119.18.
Bitcoin (BTC), the market pioneer, has shown significant improvements and grew more than 140% in the past quarter. At the time of publishing, it was trading at $62,383. Its 24-hour trading volume grew 88%.
The most prominent crypto, Bitcoin, is constantly heading towards its all-time high of $68,789. Analysts claim that the price of BTC will continue to surge and probably break its all-time high post-4th halving.
The market is evolving, and global crypto adoption has skyrocketed significantly in the past few years. Constant positivity in the trading price of tokens/coins is claimed to be backed by the approved Bitcoin spot ETF.
The blockchain’s entry has revolutionized payment methods, and several traditional banks have already opted for the technology. CitiBank, the prominent traditional bank, has begun to use blockchain to make its payments more convenient.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
