Terra faces litigation from South Korean investors over failed UST investment

After the abrupt crash of Terra’s UST last week, a popular South Korea-based law firm, LKB & Partners, is set to sue Do Kwon on behalf of South Koreans who invested in the asset, according to local media reports.  The law firm is applying to the Seoul Metropolitan Police Agency to seize all Do Kwon’s…

South Korean lawmaker suggests summoning Do Kwon to the national assembly

Yun Chang-hyeon, a lawmaker in South Korea’s ruling party, People’s Power, has suggested summoning Terraform Labs’ founder Do Kwon to a parliamentary hearing. A report unveiled this news today, noting that the legislators plan to summon Kwon over the collapse of the firm’s stablecoin and crypto projects. The company’s TerraUSD (UST) and Terra (LUNA) projects…

Customers sue Coinbase for promoting and trading the GYEN token

Coinbase customers have sued the exchange over the promotion and trading of GYEN, a stablecoin that crashed. A report unveiled this news earlier today, noting that the lawsuit targets both Coinbase and the issuer of the GYEN stablecoin, which turned out to be anything but stable. According to the report, Coinbase’s customers filed a class-action…

US prosecutors recommend minimum 1 year prison sentence for BitMEX co-founder Arthur Hayes

U.S. Prosecutors have filed a sentencing recommendation in the case against BitMEX co-founder Arthur Hayes seeking minimum one-year imprisonment. The prosecutors submitted the sentence recommendation to U.S. District Judge John Koeltl in Manhattan on May 12. This suggestion comes after Hayes pled guilty to violating the U.S. bank secrecy law. His sentencing is set for…

US Court asks defunct crypto exchange to refund Bitcoin

A federal jury in Georgia has ordered now-defunct crypto exchange CampBX to refund the Bitcoin (BTC) it took from customers. The order comes more than four years after the exchange stopped operating, according to a WSBTV report. CampBX was the first crypto exchange in the U.S., with over 70,000 users trading Bitcoin on the exchange…

Colorado Senate Committee considers using crypto to raise state capital

Colorado senators are considering a bill “to study the feasibility of using security token offerings for state capital financing” entitled “Security Token Offerings State Capital Financing.” A security token offering creates fractional tokens of an underlying asset without selling the asset directly. The bill looks to explore a new method of state capital financing, as…

Bitfinex appoints Giles Dixon to help streamline regulatory approval

Leading cryptocurrency exchange Bitfinex has hired Giles Dixon as the Head of Licensing. Bitfinex announced this news on May 4, noting that Dixon joins it with a lot of knowledge in the regulatory and compliance sector. Before joining Bitfinex, Dixon served as the Senior Manager at Grant Thornton LLP in Toronto. According to the announcement,…

BitMEX’s Arthur Hayes pleads for leniency

BitMEX co-founder, Arthur Hayes, is pleading for leniency as he awaits sentencing, with his lawyers asking for probation with community confinement or home detention, Bloomberg reports. The former CEO pleaded guilty to violating the Bank Secrecy Act (BSA), including a letter from his mother in the documents sent to the judge who’ll sentence him. Prosecutors…

Craig Wright files legal action against Coinbase and Kraken for ‘misrepresenting’ Bitcoin

Computer scientist Craig Wright continues litigation against those who challenge his claims of being the creator of Bitcoin and holder of associated intellectual property. This time, crypto exchanges Coinbase and Kraken are in the firing line over misrepresenting “Bitcoin Core” as the actual Bitcoin. Wright’s legal team states further filings against major exchanges are in…

SEC Commissioner pushes back against the recruitment of more ‘crypto cops’

The Securities and Exchange Commission (SEC) is set to hire 20 additional staffers to investigate crypto fraud. The recruitment drive will almost double the headcount, to 50 in total, at its Crypto Assets and Cyber Unit. However, in a tweet, SEC Commissioner Hester Peirce raised objections to the move. She questioned the agency’s motives for…