Analysis Crypto by Thebittimes.Com

Michael Saylor’s rise to prominence among bitcoin (BTC) investors is drawing considerable criticism. One particularly disparaging analogy claims that his BTC-buying tactics at MicroStrategy are similar to Do Kwon’s own from 2022. To understand this apparent parallel, it’s worth revisiting Kwon’s story and the months before his criminal prosecution. To be clear, no government agency has accused Saylor of any crime and there’s no indication that he — unlike Kwon — is misappropriating bitcoin . If a critic makes this comparison in good faith, the focus is squarely on Kwon’s goals of acquiring and financializing BTC via an acquisition strategy to rival Satoshi Nakamoto’s holdings. Similar to MicroStrategy’s goal of endless BTC acquisition, Kwon’s Luna Foundation Guard aimed to acquire more than one million coins. In 2022, however, the plan failed spectacularly. MicroStrategy’s BTC-buying tactics have been compared to Do Kwon’s own from 2022...

Singapore-based Terraform Labs says its recent bankruptcy filing will help it pursue a “do-or-die” appeal against the U.S. Securities and Exchange Commission (SEC). According to a Reuters report, Terraform Labs, the developer behind the Terra blockchain ecosystem, filed for bankruptcy earlier in January due to potential financial constraints in dealing with an unresolved judgment and pursuing an appeal with the SEC. In December 2023, a U.S. court ruled that Terraform Labs and its founder, Do Kwon, violated U.S. law by failing to register two cryptocurrencies: LUNA and MIR, which the SEC deemed as securities. The court’s judgment could potentially exceed the debtor’s assets, according to Terraform Labs’ Head of Company Operations, Chris Amani. “The exact size of a money judgment remains unknown, but it could very well outstrip the debtor’s assets.” Chris Amani You might also like: Terra Classic delisting confirmed by Cryp...

The U.S. Securities and Exchange Commission is unopposed to delay ing Terra’s crypto fraud trial and instead open to waiting till Terraform co-founder Do Kwon is extradited. Federal prosecutors filed two court arguments for the trial of Do Kwon and his blockchain startup Terraform Labs over the $40 billion collapse of TerraLuna (LUNC) and TerraUSD (UST) in May 2022. The SEC agreed to a “modest adjournment” of the Terraform case until mid-April while proceedings over Kwon’s extradition continue in Montenegro. The U.S. Securities and Exchange Commission (SEC) also argued against separate trial s for Kwon and Terraform since the cases are commingled.  Kwon’s lawyers had sought court approval to delay Terra’s trial until Mar. 18 so the former crypto tycoon could attend the trial . His lawyers disclosed that Kwon would not file for a second extension if the defendant could not meet the court’s new date. You might also like: Do Kwon seeks US court approval to delay Terra tria...

Do Kwon , Terra founder, who was on the run for some time, was recently arrested by Montenegro authorities. The government of Montenegro charged him with falsifying local documents and is currently awaiting extradition. While the crypto community was reflecting on the downfall of Terra , which occurred a year ago, Kwon denied some of the charges against him. According to recent reports, Do Kwon went on to plead not guilty at Basic Court in Podgorica, Montenegro. Kwon and Terra ’s former chief financial officer, Han Chang-joon, were detained on an international warrant. The duo was found with Belgian and Costa Rican travel documents as well as a South Korean passport. Since the Belgian and Costa Rican passports were falsified, the duo was charged. It is important to mention that the use of falsified documents is a criminal offense in the region. Individuals found guilty of this can face imprisonment of up to five years. The defense lawyer, Branko Andjelic, suggested releasing the ...

The downfall of Terra created quite the chaos in the market. But, it also occurred several months ago. Despite the foregone event, it continues to remain a prominent topic of interest. This is primarily due to the project’s founder Do Kwon . While the South Korea n government and Interpol are on a hunt for Kwon, he has time and again claimed that he wasn’t on the run. Amidst all of this, South Korea ’s foreign ministry has urged the Terra founder to return his passport. As per recent reports, the South Korean government has given Kwon a total of 14 days to submit his passport. If Kwon fails to do so his passport would be “administratively invalidated.” The notice said, “Our Department would like to send a ‘Notice of Order for Return of Passport’ to you by registered mail.[…]we inform you that the validity of your passports will be invalidated and administratively invalidated.” In addition, the government believed that K...