Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn

Terraform Labs says bankruptcy filing provides appeal window for securities fraud cases

CointimeCointime2024/01/31 01:48
By:Cointime

Terraform Labs stated that the recent bankruptcy filing will provide an opportunity for its "all-or-nothing" appeal in the securities fraud case filed with the US Securities and Exchange Commission.Last December, a judge ruled that Terraform Labs and its founder had not registered two digital currencies, violating US law and causing turbulence in the cryptocurrency market. Although the case is scheduled for trial on remaining fraud charges in March, Terraform Labs stated in bankruptcy court documents that the company may not be able to pay the undetermined judgment amount or appeal.The company owns approximately $28 million in Bitcoin, $7 million in other cryptocurrencies, and $87 million in Luna tokens.Terraform Labs plans to argue in the appeal that the SEC has no authority to interfere with the company, as its cryptocurrency tokens are not "securities." The company stated that Chapter 11 bankruptcy may allow it to appeal without paying a bond, avoiding liquidation after the trial.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Stake to earn
CEC, QTLX, GDV and other popular new coins are in hot progress!
Stake now!

You may also like

Has Altcoin Season Started With FED Heat? Legendary Analyst Answers

Cryptocurrency analyst il Capo answered the question of whether the altcoin season has started in his statement.

Bitcoinsistemi2024/09/19 21:06

How Much Will Bitcoin Price Be If Trump Wins, How Much If Harris Wins? Standard Chartered Announces Big Bull Forecast

At what price level will Bitcoin, the world's largest cryptocurrency, be after the US elections? Here are analysts' opinions.

Bitcoinsistemi2024/09/19 21:06

Vitalik Buterin’s Wallet is Active Again: Detected in Onchain Data

Another movement was detected in the cryptocurrency wallets of Ethereum founder Vitalik Buterin. Here are the details.

Bitcoinsistemi2024/09/19 21:06