Accéder au contenu principal

SEC Drops Bombshell: Terra Founder Do Kwon Chat History Leaked

A court filing by the SEC has shown the contents of leaked chats between Do Kwon, founder of the Terra blockchain which collapsed in 2022, and co-founder Daniel Shin, the CEO of the Chai payment app.

Chat History Between The Two Co-founders

On September 22, 2023, a court filing revealed the chat history between Do Kwon and Daniel Shin, the founder of the payment app Chai. The chats between both founders date back to 2019. 

In the filing, it was revealed that Do Kwon and Shin had allegedly planned to create fake transactions to generate fees during the project’s development and to help support their activities.

“I can just create fake transactions that look real…which will generate fees… and we can wind that down as Chai grows.” Do Kwon said this to Shin in response to a question asking about when will participants start engaging in staking and when the token airdrops end.

Shin was concerned about Do Kwon’s suggestion and he asked “What if people find out it is fake?” Do Kwon responded saying, “All the power to those that can prove it’s fake… because I will try my best to make it indiscernible. I won’t tell if you won’t.”

Nevertheless, after a series of texts, Daniel Shin concurred with Do Kwon’s suggestion and demanded they test it on a smaller scale in the meantime, which Do Kwon agreed to.

The US Securities and Exchange Commission (SEC) claimed in filing that Terraform Labs partnered with the payment app Chai in 2019, so the app could settle transactions on-chain. 

Meanwhile, Chai payments were carried out traditionally and the executives generated false Chai payments onto the Terraform blockchain to make it seem as if the payments were occurring on the blockchain to deceive investors.

According to the SEC, investors bought hundreds of millions of LUNA and other tokens in the belief that the relevant Chai transactions were carried out on the Terra blockchain.

So far, the SEC has requested, if possible, that Do Kwon be extradited to the United States from Montenegro where he was arrested and sentenced to prison for forging travel documents.

The defendant’s attorneys were against the SEC’s request saying that it was impossible to allow Do Kwon to leave Montenegro. The attorneys therefore requested that the court should dismiss the SEC’s request, positing that it would prevent Terraform Labs from presenting a statement from Do Kwon during the summary judgment process if granted.

The relationship between Terraform Labs and Chai did not last for a long time as it ended back in 2020. However, the SEC believes that the relationship lasted long enough to carry out such a deceptive plan effectively.

Terraform Labs Partnership With Chai

Terraform Labs partnered with Chai in 2019 to speed up Terra’s payment. The blockchain announced its partnership with Chai on Medium noting that it would rebuild the payments stack on the Terra blockchain to simplify the legacy payment system and provide transaction fees at a discounted rate to merchants.

Another reason for the partnership between Terraform Labs and Chai was to incorporate Terra’s Korean won-pegged stablecoin KRT into the payment app.

However, both parties cut ties when Shin moved on to establish Chai Corporation in 2020. Following this development, Chai has been operating independently.

LUNA price struggles below $0.5 | Source: LUNAUSDT on Tradingview.com

Featured image from Bitcoin News, chart from Tradingview.com


Source link

The post SEC Drops Bombshell: Terra Founder Do Kwon Chat History Leaked appeared first on Job From Home Blog.

Commentaires

Posts les plus consultés de ce blog

Jojobet (464)

Jojobet bahis adresi ua – En Güvenilir Bahis Sitesi 2021 Jojobet bahis adresi ua – En Güvenilir Bahis Sitesi 2021 Geri dönüşü yüksek bir heyecana hazır olun! Heybetli rekabet atmosferinde keyifli bir oyun deneyimi sunan öncü bir bahis platformuna hoş geldiniz. İnternetin en güvenilir ve güçlü adreslerinden biri olarak, size en üst düzey kalite standartlarına sahip online bahis fırsatlarını sunmaktan gurur duyuyoruz. Bahis ve şans oyunları tutkunlarının beklentilerini aşan kapsamlı hizmetlerimizle sizi unutulmaz bir yolculuğa çıkarmak için buradayız. Profesyonel ekibimiz, Türkiye’nin en donanımlı ihtiyaçlarına uygun olarak sürekli yenilenen bahis seçenekleriyle geniş bir kumarhane atmosferi ile etkileyici deneyimler sunar. Farklı spor dallarında eşsiz tahmin ve analiz araçlarıyla dolu olan platformumuz, kazandıran oranlarla sizden tam not alacaktır. En yeni teknolojik yazılım alt yapımız sayesinde, kesintisiz ve sorunsuz oyunculuk deneyiminin tadını çıkarabilirsiniz. Şansın, yetene...

Shiba Inu Gets Listed On Major Japanese Crypto Exchange

The Shiba Inu (SHIB) ecosystem is riding high at the moment as it continues to celebrate several significant milestones. The latest of them happens to be the meme coin being listed by a prominent and leading crypto exchange in Japan .  Coincheck Lists Shiba Inu In a press release , Japanese crypto exchange Coincheck announced that it will begin handling the meme coin on its crypto asset trading service. The crypto exchange also mentioned that it will integrate SHIB as a payment currency on its NFT marketplace. Following this listing, SHIB joins a relatively narrow list of cryptocurrencies traded on the platform.  Coincheck also went as far as to highlight SHIB’s growth in its announcement, something which could have spurred the exchange to list the crypto token. It stated that Shiba inu, which was created as a meme coin, is “progressing,” and “the use cases for its as a currency are expanding.” The crypto exchange specifically alluded to SHIB’s utility in the NFT a...