• News
    • Bitcoin
    • Altcoins
  • NFT
  • Metaverse
  • Analysis
  • Regulation
  • Learn
  • Market Cap
What's Hot

Belgium to introduce new crypto ad regulation

2023-03-21

Exploring the Metaverse: A Guide to Investing in Metaverse Stocks

2023-03-20

Taiwan orders financial watchdog to take over crypto regulations

2023-03-20
Facebook Twitter Instagram
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
Facebook TikTok Instagram YouTube
CryptoNewsMetaverse
  • News
    • Bitcoin
    • Altcoins
  • NFT

    Meta Shuts Down NFT Project to Focus on FinTech and Content

    2023-03-14

    Solana’s Solend V2 Release, Is SOL Price $50 Next?

    2023-03-06

    Amazon NFT Marketplace To Reportedly Launch Next Month

    2023-03-06

    Blur Coin Under Fire As Allegations Of Wash Trading Emerge

    2023-03-01

    Yuga Labs Launches A New NFT Collection on Bitcoin Network

    2023-02-28
  • Metaverse

    Exploring the Metaverse: A Guide to Investing in Metaverse Stocks

    2023-03-20

    A Guide to Virtual Land Staking in the Metaverse

    2023-03-20

    Nissan Doubles Down on Web3 Innovation

    2023-03-13

    As Fashion Moves into the Metaverse, What Other Industries Could Be Next

    2023-03-13

    South Korea Launches New ‘Metaverse Fund’

    2023-03-13
  • Analysis

    DOJ Officially Seizes Over $456,000,000 Worth of Robinhood Shares Tied to FTX Founder Sam Bankman-Fried

    2023-01-08

    Mark Cuban Makes Prediction on Next Crypto ‘Scandal,’ Warns of Potential Implosion if Exposed: Report

    2023-01-08

    Binance Listings Cause Crypto Assets To Spike an Average of 41%: New Research

    2023-01-08

    Bitcoin Whales Unloaded BTC As Market Reversed and Parked Their Profits in This Crypto Asset Class: Santiment

    2023-01-07

    Crypto Analyst Predicts Breakout for AI-Focused Altcoin, Updates Outlook on Ethereum and Lido DAO

    2023-01-07
  • Regulation

    Belgium to introduce new crypto ad regulation

    2023-03-21

    Taiwan orders financial watchdog to take over crypto regulations

    2023-03-20

    Florida Governor Moves to Ban CBDCs, Calls for Coalition of States to Follow Suit

    2023-03-20

    Florida Governor Ron DeSantis seeks to ban US CBDC in state

    2023-03-20

    Cardano Creator Charles Hoskinson Slams Politicians for Blaming US Banking Crisis on Crypto

    2023-03-20
  • Learn

    What are Dapps (Decentralized Applications) Crypto?

    2023-03-17

    How to Short Sell Bitcoin

    2023-03-17

    Why Decentralized Exchanges Are On Rise? Can INNODEX Surpass Binance and Uniswap?

    2023-03-15

    What is it & List of Top defi 2.0 Projects

    2023-03-13

    Centralized (CEX) vs Decentralized (DEX) Cryptocurrency Exchanges

    2023-03-06
  • Market Cap
CryptoNewsMetaverse
Home»Albright Capital drops lawsuit against Terraform Labs and Do Kwon

Albright Capital drops lawsuit against Terraform Labs and Do Kwon

2023-01-11No Comments2 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

Albright Capital has dropped its lawsuit against Terraform Labs and its founder Do Kwon, according to a Notice of Voluntary Dismissal filed in U.S. District Court on January 9. Before its dismissal, the lawsuit had alleged that the company had violated the Racketeer Influenced and Corrupt Organizations Act (“RICO”) by operating the stablecoin, UST, as a “Ponzi scheme.”

Three Arrows Capital (3AC) co-founder Su Zhu posted the dismissal to Twitter, saying:

Curious how long it will take cryptonative media to report on this sudden voluntary dismissal of class action against Luna foundation and Luna investors pic.twitter.com/8SyMhB4u4g

— Zhu Su (@zhusu) January 10, 2023

Zhu had previously claimed that the bankruptcy of 3AC was partially caused by UST’s collapse. The lawsuit was dismissed “without prejudice,” meaning that the plaintiff has the option to refile it in the future if desired.

Related: Terra accidentally airdropped tokens to the wrong person

In a statement to Cointelegraph, a Terraform Labs spokesperson struck a triumphant tone in regard to the dismissal, saying:

In another victory for Terraform Labs, the plaintiff in Albright v. Terraform Labs voluntarily dismissed the case after it was demonstrated that he had sustained no injury. From the moment the Terra ecosystem was attacked and UST depegged, TFL has been adamant that neither the company nor its principles committed any wrongdoing[…]The intervening months have confirmed that the facts are on our side, and more are and will continue to come to light.

US Dollar Terra (UST) was an algorithmic stablecoin created by Terraform labs. It ran on the Terra network, whose native coin was LUNA. UST was backed by an equivalent dollar amount of LUNA as collateral, and each UST coin was supposed to be pegged to $1 on the secondary market. However, LUNA collapsed in value in May, causing UST to become undercollateralized. UST lost its peg as a result and is now worth only $0.02 per coin.

South Korean authorities issued an arrest warrant for Kwon in September, and the company has faced multiple lawsuits alleging that UST was a fraud. This particular lawsuit alleged that UST “amounted to a Ponzi scheme that was only sustained by the demand for UST created by Anchor’s excessive yields.” However, the lawsuit has now been dismissed by the plaintiff.

Cast your vote now!

Source link

Albright Capital Drops Kwon Labs lawsuit Terraform
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Executives From Circle, Ava Labs and Fireblocks Recruited by CFTC to New Tech Advisory Group

2023-03-16

Crypto lawyer rallies Ethereum investors in class action lawsuit against NYAG’s ‘securities’ label

2023-03-10

Pro-XRP Lawyer Says SEC’s Lawsuit Against Ripple Edging Closer to Summary Judgement

2023-03-09

Terraform Labs co-founder Do Kwon gets probed by Singaporean authorities

2023-03-07
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Kevin O’Leary-backed WonderFi to acquire Canadian crypto exchange Coinberry for $38.5M

2022-04-19

Bitcoin Prices Can Reach This Level By End Of 2022; Reveals Deutsche Bank

2022-06-30

Will Mt. Gox Release The 140K BTC On January 2023? Repayment Methods Revealed

2022-10-08

Subscribe to Updates

Get the latest news and Update from Cryptonewsmetaverse.com about Crypto, Metaverse and NFT.

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, NFT, Metaverse and more.

We're social. Connect with us:

Facebook Instagram YouTube TikTok
Top Insights

Belgium to introduce new crypto ad regulation

2023-03-21

Exploring the Metaverse: A Guide to Investing in Metaverse Stocks

2023-03-20

Taiwan orders financial watchdog to take over crypto regulations

2023-03-20
Get Informed

Subscribe to Updates

Get the latest news and Update from Cryptonewsmetaverse.com about Crypto, Metaverse and NFT.

  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
© 2023 Cryptonewsmetaverse.com. Designed by ProdigitalX.

Type above and press Enter to search. Press Esc to cancel.

  • bitcoinBitcoin(BTC)$28,256.001.01%
  • ethereumEthereum(ETH)$1,818.462.20%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.01-0.06%
  • binancecoinBNB(BNB)$338.630.22%
  • usd-coinUSD Coin(USDC)$1.00-0.45%
  • rippleXRP(XRP)$0.4222449.80%
  • cardanoCardano(ADA)$0.3529342.56%
  • Lido Staked EtherLido Staked Ether(STETH)$1,817.862.23%
  • matic-networkPolygon(MATIC)$1.171.67%