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Terraform Labs To Settle SEC Case For $4.47 Billion

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  • Terraform Labs reached a $4.47 billion settlement with the US Securities and Exchange Commission (SEC) related to the implosion of TerraLuna (LUNC) and TerraUSD (UST).

Terraform Labs agreed to pay a bigger penalty than the fine the US Justice Department levied on crypto exchange Binance. 

According to court filings on Wednesday, Terraform Labs reached a $4.47 billion settlement with the U.S. Securities and Exchange Commission (SEC) related to the implosion of TerraLuna (LUNC) and TerraUSD (UST).

The proposed penalty submitted by SEC prosecutors followed a two-week trial in March and a preliminary deal disclosed late last month. A jury determined that both Terraform and its founder, Do Kwon, were legally responsible for the company’s crash in 2022. 

The settlement is subject to approval from a New York judge and could be one of the largest settlements between a crypto entity and a U.S. regulator. The SEC initially sought $5.3 billion in fines from both parties.

Federal prosecutors initially argued for $4.7 billion in disgorgement, accompanied by a combined $520 million in civil penalties from the firm and Kwon.

Terraform’s Founder Extradition 

Do Kwon is also awaiting extradition in the Balkans, pending approval for his removal to either the U.S. or his home nation, South Korea.

Kwon’s sentence for travel paper fraud expired in March, and the fugitive was released on home arrest from Spuž prison in Montenegro. 

The one-time crypto mogul was previously on the run, after Terra’s $60 billion collapse reverberated through the digital asset industry and unleashed cascading bankruptcies on several entities.

Extradition to America or South Korea was approved on several occasions. However, the decisions were overturned in a continued back-and-forth between attorneys and Montenegro’s judicial system. 

At press time, Kwon’s extradition destination is yet unknown but the former crypto-billionaire could face long years in prison over his role in Terra’s tumble.



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Press Release

Will A $10,000 Investment In Dogwifhat (WIF), ETFSwap (ETFS), And Ether.fi (ETHFI) Make You A Millionaire?

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Finding good investment opportunities in the current bearish market conditions is like searching for a needle in a haystack. However, Dogwifhat (WIF), ETFSwap (ETFS), and Ether.fi (ETHFI) are worth studying for the bullish promise they hold.

 

ETFSwap (ETFS) Offers An Opportunity For Investors To Become Millionaires

ETFSwap (ETFS) is a platform designed to help investors navigate the competitive financial marketplace. With its advanced market-making algorithms, traders can expect their buy and sell orders to be efficiently matched, with minimal slippage and tight spreads. 

ETFSwap (ETFS) ensures that investors have optimal liquidity to place trading positions on their accounts. To help investors become millionaires, the platform allows traders and investors to leverage larger positions on relatively small capital. The 10% leverage for all trades and 50% leverage option for futures and options trading are intended to amplify the returns on a tokenized asset by up to 100x. 

In addition, ETFSwap (ETFS) enables users to speculate on the price movements of real-world assets through futures contracts to increase profit potential. Whether the market trend is bullish or bearish, traders can engage in futures trading to ride the trend in either direction, enabling them to diversify their trading strategies.

ETFSwap (ETFS) helps traders combat the risks involved in navigating the market by equipping them with the flexibility to open and close positions at any time in response to the ever-changing dynamics of the marketplace, helping them manage their investments effectively. 

Lastly, to reinforce its commitment and transparency for investors looking to invest in ETFSwap (ETFS), the platform completed KYC verification by SolidProof, a smart contract security auditing firm. 

 

ETFSwap (ETFS): The Fastest-selling Token Of 2024

ETFS, ETFSwap’s ERC20 token, has quickly become one of the top-selling tokens of 2024. Investors are showing significant interest in the token due to its clear purpose and strong development team. ETFSwap (ETFS) has already sold over 54 million tokens and raised over $2 million. 

Many top investors and crypto millionaires are further strengthening the token’s upward trajectory by buying the ETFSwap (ETFS) presale in huge tranches as they anticipate massive returns.

Dogwifhat (WIF): Millionaire Potential or Hype? 

Much like most other cryptocurrencies, Dogwifhat (WIF) had been in a bearish drop for much of Q2 2024. However, traders and investors who bought the dip already have something to show for it as Dogwifhat (WIF) has rallied by 28.5% in the last 7 days. 

Dogwifhat is still at about 50% of its ATH, but its current price surge may see it setting a new peak soon. Therefore, Dogwifhat traders and investors may get in now to ride the wave up and enjoy up to 200% profit.

 

Ether.fi (ETHFI): The Governance Token That Sets You Up For Financial Freedom

Ether.fi (ETHFI) is a decentralized platform with a focus on Ethereum staking. Through Ether.fi’s (ETHFI) liquid staking solution, token holders can govern how eETH functions and earn staking yields as rewards. Ether.fi’s ecosystem thrives on the potential increase in the utility of eETH as Ether.fi (ETHFI) collaborates with influential auditing firms to create protocol upgrades for its investors, making it a viable investment option.

Ether.fi (ETHFI) has seen a significant price increase in Q3 of 2024. The price has risen from $1.7 to $2.3, with further bullish potential expected before the year ends.

 

Conclusion

A $10,000 investment in Dogwifhat (WIF) and Ether.fi (ETHFI) could yield potential gains of up to 10 times in a short period. Meanwhile, with the fast-selling presale token of ETFSwap (ETFS), investors could heighten their returns by up to 100 times, making them millionaires. 

Join the presale now, as the token is at the best price possible, $0.01831. Use the promo code “ETFS50” to get a 50% bonus.

 

For more information about the ETFS Presale:

Visit ETFSwap Presale

Join The ETFSwap Community



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LI.FI Provides Information About The Recent Hack

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LI.FI, a bridging API connecting numerous blockchains that allows users to port assets cross-chain to use on DeFi protocols and other applications, has provided information about its recent hack attack. 

While the amount of funds increased as the hack progressed, about $11.6 million got stolen from the protocol. LI.FI let its community know how this incident occurred.

It integrated a new smart contract facet, shortly after which it experienced the attack. In its blog, LI.FI stated, “A vulnerability in this facet allowed the attacker to gain unauthorized access to user self-custodial wallets that had set infinite token approval for the LI.FI contract.”

Users on Ethereum and Arbitrum chains who had the “infinite approval” option turned on suffered from the breach. Everyone else was unaffected. Drained assets included stablecoins like USDT, USDC, and DAI.

About 153 wallets were affected, and LI.FI has taken the initiative to refund all the users 100% of their losses. 

It mentioned in an X post, “Our team will start contacting users starting tomorrow with details on a voluntary compensation scheme we are currently working on.” 

It followed that up with, “We and our major investors are working flat out on a voluntary compensation scheme covering 100% of the losses.”

This news came after LI.FI announced that it successfully controlled the hack and made its platform safe for users. Simultaneously, it informed law enforcement authorities immediately to get hold of the hacker(s) responsible for the $11.6 million losses.

“The protocol is fully operational again. Bridging and swapping on most of our partner protocols have resumed. We continue to engage with law enforcement authorities and industry participants to trace and recover funds,” LI.FI’s X account informed.

Furthermore, LI.FI announced it would increase its security levels by inculcating numerous measures to make its platform bulletproof against cyber criminals. It will also change its contract deployment process, as this fiasco was caused by a human error.





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Microsoft Outage Exposes Vulnerabilities of Centralized Systems

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  • An outage in Microsoft’s operations has caused significant disruptions across several sectors, exposing the vulnerabilities of centralized systems.
  • However, the crypto industry remains unaffected by the situation.
  • Crypto executives give credit to the underlying blockchain technology.

A glitch in Microsoft’s operations has caused significant disruptions across several sectors of the global tech system. 

The London Stock Exchange, airlines, and banks were hit hard following the tech giant’s early-morning challenges. However, the crypto industry remains unaffected, with industry participants praising the sector’s robustness.

As of the time of writing, no major crypto exchange, DeFi project, or blockchain protocol has reported disruption of operations. 

Top cryptocurrencies have maintained their trends without experiencing unusual volatility. Crypto executives attribute this resilience to the underlying blockchain technology, which they argue is superior to financial intermediaries whose operations were significantly affected by the glitch.

Meanwhile, apart from financial institutions, several airlines have grounded flights due to the Microsoft outage. The cause of the outage remains unclear. 

There were no official reports on whether the outage was linked to Microsoft’s earlier notice that CrowdStrike, a cybersecurity company serving multiple industries, was down across the world.

However, Australian telecommunications company Telstra informed customers via X (formerly Twitter) that their inability to reach the company was due to a global issue affecting both Microsoft and CrowdStrike.

The situation was similar in other parts of the world, including the UK, where the BBC reported a disruption in the operations of the National Health Service’s system that coordinates appointments for family doctors. 

There were also reports of Sky News going off air and railway firms experiencing delays due to “widespread technology issues.”

The incident highlights the vulnerability of centralized systems and the interconnectedness of the global tech infrastructure. The crypto sector, at least, appears to have weathered the storm due to its decentralized nature.





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