Crypto Fraud
Terraform Labs co-founder Do Kwon told U.S. authorities he believes a five-year prison term is an appropriate punishment for the Terra cryptocurrency fraud. The statement touches a high-profile case tied to the collapse of LUNA and LUNC.
Digital Currency Group and Genesis face lawsuit accusing them of misleading investors and causing over $3 billion in losses. Attorney General Letitia James vows stronger crypto regulations to protect investors.
Recent developments in US cryptocurrency regulation include FinCEN's proposal to label crypto mixer transactions as primary money laundering concerns, CFTC's initiatives to regulate digital asset markets and tackle fraud, and the Federal Reserve's research on tokenization and its financial impacts.
Do Kwon, known as the cryptocurrency king, admitted guilt in a Manhattan federal court for fraud related to the $40 billion Terraform Labs collapse, impacting global investors.
Do Kwon, co-founder of Terraform Labs, is set to plead guilty to U.S. fraud charges tied to the 2022 collapse of TerraUSD and Luna, which led to $40 billion in losses. The hearing will take place in Manhattan federal court.
Veer Chetal, aged 19, has admitted guilt in a massive $245 million bitcoin theft scheme involving social engineering scams. Coordinating with co-defendants, he stole thousands of bitcoins and is now cooperating with federal investigators amid a broader $260 million crypto theft racketeering case.
Alex Mashinsky, founder of the bankrupt crypto firm Celsius, was sentenced to 12 years in prison after pleading guilty to fraud charges linked to the company's downfall.