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Regulators around the world have been seeking the arrest of Terra founder Do Kwon. A host of cases have been filed against the executive allegedly blaming him for the wipeout of LUNA and UST—two cryptos belonging to the Terra ecosystem. Towards the end of September, the International Criminal Police Organization [Interpol] issued a Red Notice against the Terra founder.  Korean officials have also accused Kwon and five others of crimes including breaches of capital-markets law. Alongside, prosecutors also confirmed recently that there was “circumstantial evidence of escape” pertaining to Kwon. Read More – Interpol Issues Worldwide Arrest Warrant For Terra founder Do Kwon Do Kown’s assets, including Bitcoin, reportedly frozen Now, according to reports, South Korean prosecutors have frozen roughly $40 million worth of crypto assets, including Bitcoin, owned by the Terra executive. Per a local media report, According to the legal community o...

The freeze comes shortly after Terra website was compromised over the weekend by hackers who attempted to scam users via phishing attacks. Layer 1 blockchain Terra has temporarily shut down its website in order to protect users from ongoing phishing scams on the platform. “The terra(dot) money domains have successfully been frozen to prevent further user phishing scams , but a full resolution is still underway,” Terra officially announced on X (formerly Twitter) on Aug. 22. Terra advised all users to avoid engaging with any sites under the aforementioned domain until the foundation posts an official “all-clear” notice from this account. “Our team has been working around the clock to rectify this issue, but we've encountered delays with some third-party responses,” Terra added. The freeze comes shortly after Terra website was compromised over the weekend by hackers who attempted to scam users via phishing attacks. This is a developing story, and further information will be adde...

US Judge Decision To Dismiss SEC Lawsuit Against Terra Do Kwon In July Terra form Labs and co-founder Do Kwon ’s lawyers and the US SEC lawyers filed responses to the motion to dismiss the lawsuit in the US District Court for the Southern District of New York on June 15. advertisement Dentons lawyers, representing Terraform Labs and co-founder Do Kwon, strongly claim algorithmic stablecoin UST (now USTC) is not a security as it was designed for practical purposes rather than an investment contract. They filed additional documents to support the motion to dismiss a lawsuit. It includes the US House Financial Services Committee hearing on digital asset regulation and stablecoin issuance, the SEC request for a restraining order against Binance.US, and Hinman emails in the SEC v. Ripple lawsuit. Lawyers mention “regulatory gap” in whether crypto assets constitute securities as the US Congress discusses regulatory frameworks for the digital...

DFLunc Burns 2 Billion Terra Classic Tokens Binance burned 1.27 billion LUNC as part of its monthly LUNC burn mechanism on May 1. Until now, Binance has burned 31.83 billion LUNC tokens. advertisement DFLunc on May 12 shared on Twitter that it has burned over 1.6 billion LUNC, overtaking Binance’s 1.27 LUNC burn. The Terra Classic community burned almost 2 billion LUNC through DFLunc Protocol as it begins to attract attention. The DeFi protocol consists of multiple smart contracts to deflate LUNC supply through a continuous burn mechanism. DFLunc Protocol is also a validator for Terra Classic that allows users to mint its DFC token only by burning LUNC tokens. It utilizes two smart contracts based on CosmWasm — DFLunc and CW20-DFC. Users burn LUNC by paying USTC as protocol fees to mint DFC tokens. Staking more through the validator burns more LUNC by the DeFi protocol. The protocol has divided its plan into different stages that ultimately ai...