Terra Luna Classic Announces Q2 Plan and Budget for Network Upgrade and Joint L1 Task Force

Terra Luna Classic (LUNC) core developer group, Joint L1 Task Force, has submitted its plan and budget for Q2. The group has completed several crucial blockchain upgrades, such as the v1.0.5 hotfix and v1.1.0, bringing back the Binance LUNC burn mechanism. Now, the group has scheduled another major blockchain upgrade, v2.0.0, for March 31, which will bring AI capabilities to the Terra Classic chain.

The Q2 plan includes testing for the v2.0.0 upgrade, providing technical advice and development support for Ziggy USTC repeg and deploy v2.1.0, and parity with Cosmos blockchain. The developer group will work with an L2 team to develop Classic Station to introduce on-ramp capability and help in testing and scheduling upgrades while reducing the burden on third parties.

The Q2 budget for the Joint L1 Task Force development team is $139.5k, similar to Q1. The distribution of payments will happen monthly after approval from the Oversight Committee and Terra Grants Foundation signers of the multisig. The community has expressed support for the Q2 plan of the Joint L1 Task Force group.

However, some popular members of the community suggested discussing tasks accomplished by the developer group in Q1 before proceeding to approve the Q2 budget. The LUNC price is currently trading at $0.00012, down 2% in the last 24 hours, while the USTC price also fell 2%, with the price currently trading at $0.021.

Takeaways:

Terra Luna Classic (LUNC) core developer group Joint L1 Task Force has submitted its plan and budget for Q2.

The group has completed several crucial blockchain upgrades and is scheduled to release v2.0.0 on March 31, which will bring AI capabilities to the Terra Classic chain.

The Q2 plan includes testing for the v2.0.0 upgrade, providing technical advice and development support for Ziggy USTC repeg and deploy v2.1.0, and parity with Cosmos blockchain.

The Q2 budget for the Joint L1 Task Force development team is $139.5k, similar to Q1, and the distribution of payments will happen monthly after approval from the Oversight Committee and Terra Grants Foundation signers of the multisig.

Conclusion:

Terra Luna Classic's Joint L1 Task Force has announced its Q2 plan and budget, which includes several crucial blockchain upgrades and the development of Classic Station to introduce on-ramp capability. The community has expressed its support for the plan, and the budget will be distributed monthly after approval from the Oversight Committee and Terra Grants Foundation signers of the multisig. As Terra Luna Classic moves forward with its Q2 plan, it will be interesting to see how the project progresses in the coming months.

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South Korean authorities want Do Kwon extradited to South Korea, victims’ justice depends on it.

He should return to where most crimes occurred, as this would facilitate a better investigation.

Repatriation would best serve the TerraUSD (USTC) victims and LUNA token collapses, the lead prosecutor.

Kwon could face 40 years in jail in South Korea.

South Korean authorities want the co-founder and former CEO of Terraform Labs, Do Kwon, to be extradited to South Korea, citing that “it would best serve the victims of the TerraUSD (USTC) and LUNA token collapses.

South Korean prosecutors push for Do Kwon extradition

From the report, the prosecutors, led by Dan Sung-han, are probing the crash of the two tokens that saw almost $40 billion erased from the Terra ecosystem. In an interview with the WSJ, they claimed that since most of the crimes for which Kwon is answerable occurred in South Korea, the investigation would achieve more if the accused was repatriated.

Given the nature of this incident, we think investigating the case in South Korea would be the most efficient way of bringing

As reported, Do Kwon was arrested in Montenegro on March 23 and later indicted on charges of forging documents. Since then, South Korean authorities and those in the US have been pushing for his extradition. Notably, Kwon, a South Korean citizen, is also wanted by Singapore authorities.

Factors determining Do Kwon’s extradition

In a press conference following the arrest, Justice Minister Marko Kovač of Montenegro said that a decision on Kwon’s repatriation would hinge on “several factors.” For starters, the severity of the criminal offense would play a role, as would the location and time of the offense.

Reportedly, no extradition treaties exist between Montenegro and Singapore or South Korea. Nevertheless, the country has an old extradition agreement with the US, with historical records of repatriating American citizens.  

In late April, another Terraform Labs co-founder, Shin Hyun-Seong, was indicted by South Korean officials, alongside nine other people, on charges of “fraud, breach of trust, and embezzlement” around the collapse of the Terra ecosystem.

According to the Korean daily KBS World, the accused were, and still are, answerable for earning unlawful profits of approximately $350 million (460 billion Korean won). If extradited, Kwon would also face the exact charges in his home country with a possible jail term of up to 40 years, according to Sung-han.

Notably, Terra was among the earliest cryptocurrency companies which brought the concept of algorithmic stablecoins to the limelight. The ecosystem toppled after the de-pegging of its native stablecoin TerraClassicUSD from the USD in May 2022. The action triggered a snowball crisis across the crypto sphere, and the effects are still felt to day.

#Binance #BTC #luna #lunc #dokwon

Terra Founder's Extradition Battle: US vs. South Korea

Do Kwon, the founder of Terraform Labs, the software startup behind the algorithmic stablecoin, Terra, was arrested in Montenegro with his business associate, Hon Chang-Joon, for allegedly entering the country illegally and forging official documents. South Korea and the US have both requested their extradition, but it is unclear to which country Kwon will be extradited.

Background Information on Terra Founder's Arrest and Extradition Requests:

Kwon and Joon were arrested at Montenegro's Podgorica airport last Friday for allegedly using fake Costa Rican passports in attempting to fly to Dubai. Both South Korea and the US have officially made their extradition requests, and Montenegro's justice minister has confirmed that South Korea is seeking the extradition of both individuals, while the US is only after Kwon.

Following the collapse of Kwon's algorithmic stablecoin last May, South Korea issued an arrest warrant for Kwon in September. Terra's demise wiped $20.5 billion in nominal value from personal crypto wallets, triggering a wave of liquidations, bankruptcies, and tumbling crypto markets. Interpol also issued a global request to arrest Kwon, and reports indicated he continually moved around Europe and Asia, including through Singapore and Serbia.

Extradition Process:

Kwon has been charged with securities fraud, wire fraud, and commodities fraud by prosecutors in New York shortly after his arrest in Montenegro. However, both Kwon and Joon are currently being investigated for possession of false documents and could face criminal proceedings that carry up to five years in prison. They could only be extradited after a court ruling, which could take time.

Takeaways:

The battle over Kwon's extradition between South Korea and the US highlights the international cooperation required to bring white-collar criminals to justice. The collapse of Terra and the subsequent fallout serve as a warning to investors about the risks of investing in unregulated cryptocurrencies.

Conclusion:

The extradition battle between South Korea and the US over the founder of Terra, Do Kwon, highlights the global nature of white-collar crime and the importance of international cooperation to bring criminals to justice. The collapse of Terra serves as a reminder of the risks associated with investing in unregulated cryptocurrencies and the need for greater regulatory oversight to protect investors.

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Do Kwon, one of the co-founders of Terraform Labs, has challenged the significance of leaked Slack conversations presented as evidence.
The discussions in question, involving co-founder Daniel Shin and Do Kwon, revolved around the idea of attracting investors through transaction manipulation.
In a court filing by the U.S. SEC, a Slack conversation from September 2019 between the co-founders of the company was introduced. According to this chat log, Kwon and Shin were deliberating on strategies to draw additional investors to Chai Corporation, a payment company situated in Seoul. Kwon and Shin established Chai in the middle of 2019, and the company collaborated, including sharing resources like employees, with Terraform until 2020, at which point they pursued separate paths.
Fabricating False Transactions
As revealed in the leaked conversation, Kwon had contemplated enhancing the project’s attractiveness to investors by fabricating fictitious transactions. Additionally, Kwon went on to provide more details, outlining that the fees generated from these transactions could potentially be utilized to gradually dismantle the system as Chai continued to grow.
Subsequently, Kwon proposed a confidentiality agreement to Shin, expressing his intent with the words, “I won’t tell if you won’t.” Furthermore, he asserted that it would pose challenges for investors to uncover the manipulation tactics. In contrast, Kwon refutes the allegations against him and contends that the evidence has been misconstrued.
Kwon and Shin, as per the information provided by his legal representatives, deliberated the option of staking LUNA tokens with validators as an alternative to orchestrating Chai transactions. The U.S. SEC has formally requested the extradition of Kwon to address charges linked to the Terra ecosystem’s downturn. Nevertheless, Kwon’s legal team is actively contesting this extradition request.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
#CryptoNews #dokwon #TerraClassic #LUNC #USTC

According to a report published by AFP, Do Kwon, CEO of Terraform Labs, has been charged with document forgery in Montenegro. Kwon was arrested at the Podgorica airport while traveling with fake documentation. South Korean prosecutors have said the Terra co-founder faces extradition to South Korea.

Montenegro Police’s Account of the Falsified Travel Documents Found in Kwon’s Possession

Terraform Labs co-founder and CEO Do Kwon, also known as Kwon Do-hyung, was arrested on Thursday in Montenegro, a mountainous country located in South Eastern Europe on the Balkan Peninsula. The news was first disclosed on March 23 by Montenegro’s interior minister Filip Adzic who explained Kwon was apprehended at the Podgorica airport bearing phony identification documents.

Terraform Labs CEO Do Kwon Faces Extradition to South Korea

According to a report published by the AFP on Friday, Kwon is now being charged with forgery in Montenegro. Kwon was also traveling with an unknown companion who was also taken into custody. “A criminal complaint was filed against both persons for the criminal offense of document forgery,” Montenegro’s police detailed. In addition to forgery charges, prosecutors want to detain Kwon for 30 days as he ostensibly denied his identification documents were forged.

Further, Kim Hee-kyung, a spokeswoman for the Seoul Southern District Prosecutors’ Office told AFP that the government would like to see Kwon extradited back to South Korea. “South Korean prosecutors will take steps to repatriate Kwon Do-hyung. We are working on the process,” the spokeswoman explained. Kwon also faces a number of lawsuits in the United States including a recent lawsuit that was initiated by the U.S. Securities and Exchange Commission.

Montenegro police noted that Kwon and his companion had “falsified travel” documents that derived from Costa Rica and the duo was looking to fly out to Dubai. The police also said that upon a luggage inspection, there were also travel documents from South Korea and Belgium. Montenegro’s interior ministry said that Kwon’s Belgium identification was also forged documents. The name of Kwon’s traveling companion has not yet been disclosed.

#dokwon #terra #luna #BTC

Terra co-founder, Do Kwon, currently embroiled in a passport forgery case in Montenegro, had his bail revoked by the court following objections from prosecutors who cited concerns about flight risk and the bail amount.

In the midst of growing discussions surrounding his potential extradition, Do Kwon has enlisted the services of Dentons, the renowned law firm, to handle his legal affairs pertaining to lawsuits and investigations in the United States. Digital Asset reported on May 29 that Dentons, ranking sixth among global law firms in 2023, holds the distinction of being the largest law firm worldwide based on its number of lawyers.

The legal woes for Do Kwon commenced earlier this year when the US Securities and Exchange Commission (SEC) filed a lawsuit against both Do Kwon and Terraform Labs, accusing them of fraud and the sale of unregistered securities. Subsequently, in March, the US District Attorney's Office for the Southern District of New York indicted Do Kwon on eight charges, encompassing securities fraud, wire fraud, commodities fraud, and conspiracy.

Dentons had previously represented Do Kwon in challenging a subpoena from the US SEC during its investigation into the Mirror Protocol in 2021, as well as in a class action lawsuit in the Singapore High Court in 2022. Furthermore, the law firm has been serving as legal counsel for Terra in various other legal disputes.

Increasing Legal Scrutiny Targets Terra Executives

South Korean authorities gear up for Do Kwon's potential extradition as prosecutors assert that they possess additional evidence and cases against him. Notably, Terraform Labs and Do Kwon made substantial cryptocurrency withdrawals in May, amounting to millions.

Simultaneously, Terra co-founder Daniel Shin is set to face his initial trial at the Seoul Southern District Court. In preparation for his defense, Shin has assembled a formidable team of 30 lawyers, including a prosecutor with prior experience investigating the Terra-LUNA crises.

#coingabbar #terra #dokwon #luna #crypto2023