Crptocurrency
SEC Asks Court for Summary Judgement Against Do Kwon
Because there is “no genuine dispute as to any material fact” in its lawsuit against Do Kwon and Terraform Labs, the Securities and Exchange Commission (SEC) has asked a federal judge for a summary judgment, sparing everyone the spectacle of a full trial.
“There is no dispute that purchasers made an investment of money, either through fiat currency or crypto assets,” the SEC noted in its complaint, which reiterated the regulator’s contention that Kwon and Terraform offered securities.
The request follows a move by Kwon’s defense team to do the same.
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According to the complaint, money being pooled in a single business with the expectation of gains primarily from the promoters’ efforts fulfills the Howey test and merits judgment in favor of the SEC. The Howey test is a legal test used to assess whether a transaction qualifies as an investment contract and can be classified as a security under federal law in the United States.
The SEC reiterated in the filing that Terraform and Kwon committed fraud by misleading investors about the stability of UST, falsely crediting their algorithm for its price stabilization while secretly arranging third-party intervention, making their claims about the algorithm’s efficiency misleading, and materially omitting crucial information. Terra went bankrupt in May of last year, wiping off billions of dollars in investor money.
All of this comes only days after Kwon’s defense team submitted a similar brief asking the court to agree with them since, in their perspective, the SEC has not proven they were peddling securities.
Kwon is still in Montenegro, where he is serving a term for document forgery after being captured with bogus passports at an airport.
Terraform co-founder Daniel Shin, who is currently on trial in South Korea, recently ascribed Terraform Labs’ failure to former Kwon’s mismanagement, claiming his own departure from the company and its activities two years prior to its demise.
Crptocurrency
Bybit x Block Scholes Quarterly Institution Report: Markets Anticipate Watershed Moments as Trump Returns as the “Crypto President”
Seoul, South Korea, November 21, 2024 – Prom, a scalable network based on Polygon SDK, today announced the launch of its mainnet, following an extensive testnet campaign that saw over 25,000,000 transactions and 2,000,000 unique wallets interacting with a chain. This milestone is a step forward in blockchain scalability, as Prom leverages zero-knowledge proof technology to deliver enhanced throughput, optimized transaction costs, and advanced security.
Prom’s solution addresses the most prevalent problems of modern networks by utilizing ZK-based architecture, which until now have not been widespread due to technical complexity. Its architecture ensures the needed speed, level of security, and seamless interaction with the chain, reducing friction for users and granting developers a flexible framework for building a diverse range of dApps.
“We’re thrilled to open a new chapter for Prom and streamline the expansion of our ecosystem by welcoming developers and users to interact with the chain,” said Iva Wisher, COO of Prom. “We’re committed to constant efficiency improvement, transmitting scalability and convenience of everyday on-chain actions, and we are looking forward to welcoming a wave of products built on our network.”
The Prom network was developed in collaboration with industry leaders such as Polygon, DWF Labs, Ankr, Goldsky, Automata, and Blockscout to ensure the highest standards of performance and security.
The native network token, $PROM, is powering the Prom network. Listed on Binance, HTX, KuCoin, Gate.io, Upbit, and AscendEx, $PROM is driving fast on-chain interactions, and serving as the governance token for the Prom DAO. Through this community-driven governance model, users are empowered to help shape the future of the Prom ecosystem while benefiting from a percentage of the total network fees.
The mainnet launch opens new doors for developers seeking a platform for building decentralized applications (dApps). With a grant-based support mechanism in place, developers can utilize Prom’s platform to be an ideal environment to easily build and deploy, unlocking greater product scalability and reducing the barriers to entry for development. For users, Prom’s technology ensures lower transaction fees, strong security, and enhanced decentralization.
About Prom
Established in 2019, Prom has rapidly grown with innovative products across GameFi, SocialFi, Influencer Marketing, DeFi, and more. Prom looks to address critical shortfalls in various markets, setting the standard for capturing a large share of the market, by introducing its own solution to effortlessly unite diverse product sectors.
Prom creates a competitive landscape for advancing blockchain adoption, enhancing network security, decentralization, and efficiency.
Media Contact
Max Kan
CMO
Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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