The Lawsuit Filed Against Do Kwon and Other Terra Execs Has Been Dismissed
It would seem that Terra and Do Kwon have briefly lost some of the attention that was previously focused on them due to the failure of FTX and the ongoing turmoil surrounding it and its criminal founder. But that won’t last for long since they’re back in the news for reasons we might not have seen coming.
Lawsuit Against Terra and Do Kwon Dismissed
A tweet from the founder of failed crypto company Three Arrows Capital Su Zhu shows that the class action lawsuit Albright v. Terraform Labs, Pte. Ltd. et al., which was filed in the Southern District of New York Court against Terra, Do Kwon, and the other executives of the defunct cryptocurrency company on January 9, was voluntarily dismissed by the court. Zhu shared the following screenshot from the court filing:
It is possible that the latest findings of market manipulation and trading of LUNA tokens by Sam Bankman-FTX Fried’s and Alameda Research are what prompted the motion to dismiss the complaint.
Matthew Albright, the primary plaintiff in this case, has informed the United States District Court for the Southern District of New York that he has submitted a notice. The document indicates that the case has been voluntarily dropped, but there will be no adverse consequences for the defendants.
Terraform Labs, Jump Trading, Delphi Digital Consulting, Luna Foundation Guard (LFG), Do Kwon, Nicholas Platias, Jose Macedo, Kanav Kriya, and Remi Tetot are some of the people who have been named as defendants in this suit.
The defendants were charged in the class action complaint of engaging in the deceptive promotion of the UST algorithmic stablecoin, Terra (LUNA), and other Terra currencies relevant to the case.
Furthermore, boasting about the reliability of the currencies while the defendants were personally benefiting from income that was being siphoned off from Terraform Labs and put into their own accounts.
In a related development, as the year 2022 came to a close, it became public knowledge that the authorities in South Korea are still investigating Terra-related activities and have frozen the assets of those involved with the failed crypto empire.
As for the Terra Luna Classic token LUNC, it has actually been doing pretty well recently. At the time of writing, it is up 3% in the past twenty-four hours and 6.2% in the past seven days, bringing its price to $0.00016938.
A lawsuit Filed Against FTX and Sam Bankman-Fried for the Sale of Unregistered Securities
Since last week, the announcement of FTX’s collapse, previously one of the most valuable cryptocurrency exchanges in the world, has shaken up the world financial markets. Sam Bankman-Fried, the founder of FTX, has been named in an $11 billion proposed class action complaint that asserts fraud and the sale of unregistered securities.
SBF resigned as the company’s CEO after filing for Chapter 11 bankruptcy. However, millions of consumers’ and investors’ money was in danger. The case was filed in Florida Southern District Court by renowned law firms Boies Schiller Flexner LLP and the Moskowitz Law Firm.
The defendants allegedly took part actively in the “offer and sale of unregistered securities in the form of yield-bearing accounts,” according to the lawsuit.
The lawsuit stated that, “FTX’s business was based upon false representations and deceptive conduct. Although many incriminating FTX emails and texts have already been destroyed, we located them and they are evidence of how FTX’s fraudulent scheme was designed to take advantage of unsophisticated investors from across the country.”
In the class-action lawsuit filed against FTX, various Hollywood and sports figures, including Larry David Naomi Osaka, and Tom Brady, have also been named as defendants. The claim is that because of their celeb status, these individuals promoted the company’s failing business strategy.
“Part of the scheme employed by the FTX Entities involved utilising some of the biggest names in sports and entertainment – like these Defendants – to raise funds and drive American consumers to invest … pouring billions of dollars into the deceptive FTX platform to keep the whole scheme afloat,” the lawsuit added.
After learning about the company’s loan arrangement with Bankman-Fried-founded cryptocurrency hedge fund Alameda Research, investors reportedly tried to withdraw roughly $6 billion from their accounts on November 6. This is when the collapse of FTX is said to have started. FTX’s demise resulted in the loss of $32 billion in value on November 9, according to reports, and the company suspended customer withdrawals on November 8.
Ripple Vs SEC: I-Remit Goes Further With an Expanded Appeal Filed
The post Ripple Vs SEC: I-Remit Goes Further With an Expanded Appeal Filed appeared first on Coinpedia Fintech News
For Ripple, the past several weeks have been exciting in terms of both the company’s operations and legal disputes with the US Securities and Exchange Commission. It was only revealed yesterday that the trial judge had given Ripple’s partners permission to voice their opinions in court, and today, Filipino I-Remit has formally delivered an extensive amicus brief.
- The new edition is a revised version of a stunning brief that the corporation released in late September. It details how the Filipino payments company employs Ripple technologies, such as RippleNet and ODL, and illustrates why XRP is not a security, contrary to what the American regulator alleges.
- The assertions made by I-Remit in its amicus brief about the SEC’s ability to understand the cryptocurrency business are very noteworthy.
- Matt Hamilton, a former director of developers at Ripple, addressed the brief filed by I-Remit by noting that the intriguing result of these remarks is that they establish that such organizations are truly using XRP.
On-Demand Liquidity Is Rising
Ripple is actively expanding its network of global partners. In contrast to the past, the company’s focus was mostly on Asian payment providers, and the most recent developments concern the company’s expansion into Europe.
Interestingly, the first contracts for ODL solutions from Ripple were signed in France and Sweden. The cryptocurrency firm recently added Lemonway, a French provider of payment solutions for online marketplaces, and Xbaht, a company that facilitates international money transactions between Sweden and Thailand, as partners.
Ripple collaborates with the latter nation on a number of projects aimed at expanding the company’s presence in the Asian remittance market.