Terraform labs sentenced to 4.5 billion dollar fine, Fed decision sends Bitcoin tumbling further, Toncoin rises
Last Updated on 14 June 2024 by CryptoTips.eu
Terraform Labs, the company responsible for one of the largest crypto scandals of the disaster year that was 2022, has been sentenced by the United States to pay a fine of $ 4.5 billion. It is unclear whether the money will actually be paid. Do Kwon, the founder of Terraform labs who is currently imprisoned in Montenegro, was ordered personally to pay $200 million.
Toncoin
In the top 10 of CoinMarketCap we clearly see that only Toncoin did well last week. Rumors of an impending IPO for Telegram continue to push their digital currency higher.
The other major cryptocurrencies struggled after the Fed admitted this week that it expected only one interest rate cut to take place this year. At the time of writing, Bitcoin is trading for $66,700.
Do Kwon
Both the United States and South Korea are seeking the extradition of Do Kwon, the founder of Terraform Labs who remains imprisoned in Montenegro.
Although it is still unclear where he will ultimately have to stand trial, the United States has already issued an initial warning with a fine of several billion dollars.
Terraform was the company behind the TerraUSD stablecoin, which was pegged to the US dollar. After the peg broke and the company’s stablecoin quickly lost value, Luna, Terraform labs’ other digital coin, crashed even faster. Luna lost 99% of its value in one week at the beginning of 2022, starting a disastrous year for crypto.
