The Ledger: Terraform Labs’ founder wanted, as Celsius case continues

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Updated September 21, 2022 | Published September 16, 2022

2 mins read

The co-founder of Terraform Labs is now a wanted man with a South Korean court issuing an arrest warrant.

Kwon, whose company is linked to the crash of the Terra and Luna tokens, which ended up wiping billions off cryptocurrency value, has denied any fault in the case.

He is reportedly hiding in Singapore and may soon be extradited to South Korea if an international manhunt is successful.

Meanwhile, the Celsius Network case continues with the defendant and plaintiffs agreeing to appoint an independent examiner with limited scope – this is done to lower the costs that Celsius Network will most likely have to pick up in the end of the legal proceedings.

Celsius Network went bankrupt a few months ago and it has been making some difficult and incendiary decisions.

The company brought back some of its former members of staff and offered to pay as much as $100,000 a month, while consumers have not been able to access their funds.

This week, the Thai Securities and Exchange Commission said that it’s banning crypto staking and lending services in the country.

SEC is becoming ever-more hawkish against the cryptocurrency industry, and it’s hardly the only regulator to do so.

The US homologue has also reportedly passed rules that will severely restrict the management of cryptocurrency assets by banks for third-party clients.

According to Reuters, the US Securities and Exchange Commission wants banks to treat cryptocurrency assets they manage for their clients as liabilities.

This would create a lot of pressure on banks, as they would need to find capital and assets to back the cryptocurrency assets in the first place.

Meanwhile, Dogecoin co-founder Jackson Palmer had a strong outburst on social media about influencers and investors who ask people to put money down on crypto.

Palmer called out Mark Cuban for doing so and criticized the famed investor over his unfaltering commitment to the crypto sector, which he thought was exploitative.

In Argentina, tax authorities swept in on a secret mining operation and busted it, with the country beginning to crack down on crime involving cryptocurrency mining more actively.

Argentina wants to make sure that people who engage in crypto mining do so above-board and are subject to tax.

If you want to spend the weekend without worrying too much about crypto, but just having fun, we recommend visiting 1xBit, Bitcasino or FortuneJack instead.

Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.

Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.
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