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

REEFUSDT is Now Available on Futures

Bitget launched REEFUSDT futures on September 20 , 2024 (UTC+8) with a maximum leverage of 50x. Welcome to try futures trading via our official website (www.bitget.com) or Bitget APP. REEFUSDT-M perpetual futures: Parameters Details Listing time September 20, 2024 18:30 (UTC+8) Underlying asset REE

Bitget Announcement2024/09/20 10:35

MetaCene (MAK): Unlocking Real Value in Virtual Worlds

What is MetaCene (MAK)? MetaCene (MAK) is a play-to-earn game that offers an innovative economic ecosystem where players can earn cryptocurrency and NFTs through various in-game activities. MetaCene provides players with a rich, immersive gaming experience set in a futuristic world where players ca

Bitget Academy2024/09/20 09:46