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Countless people lost money in Do Kwon’s high-interest crypto scheme, and the time has finally come to start a formal loss claim. At its peak, the market capitalization for Luna peaked at around $40 billion, and the Anchor protocol had a peak Total Value Locked of approximately $17 billion. Many people simply saw Kwon’s advertised 19-20% interest rate, bought Kwon’s Terra stablecoin, and deposited it into his Anchor protocol in order to earn yield. Others speculated on Luna or Anchor governance tokens. It sounded too good to be true, and it was. All of Kwon’s tokens – Terra, Luna, and Anchor – have lost over 99.9% of their peak value. The SEC sued. A jury in New York agreed, deciding Kwon and his company, Terraform, are guilty of defrauding investors. Kwon and his company must pay billions of dollars to victims. Kwon is now a felon and international fugitive . If you held Terra (UST), Luna (LUNA), Anchor (ANC), or Mirror (MIR) in or prior to May 2022, you might be eligible for com...

Disgraced FTX founder Sam Bankman-Fried and perpetrator of the 2022 Mango Markets exploit Avraham Eisenberg are once again sharing the same prison . It’s unclear at this stage if the two are ‘bunk buddies.’ Prison records show that Bankman-Fried was returned to the Metropolitan Detention Center (MDC) in Brooklyn on June 4. He was previously held here before being transferred to the Federal Transfer Center in Oklahoma City on May 23. He was then moved to a prison in Pennsylvania on his way back to New York.  Meanwhile, Eisenberg was moved to the MDC in November while awaiting trial and so shared the prison for some time with Bankman-Fried. Now, following the former FTX chief’s brief tenure in Oklahoma, the pair are back serving time under the same roof.  Sam Bankman-Fried and the Mango Markets exploiter are bunk buddies at Brooklyn MDC lol pic.twitter.com/flbwWawZSz — okHOTSHOT (@NFTherder) June 5, 2024 Despite NFTherder’s post, it’s unclear i...

Former Southern District of New York prosecutor Josh Naftali said Caroline Ellison, Gary Wang and Nishad Singh will probably skip time behind bars due to their cooperation with federal attorneys in United States v Sam Bankman-Fried. “it’s the exception, not the rule,” Naftali noted on TechCrunch’s Chain Reaction podcast, referring to witnesses serving time after testifying for the government. In a white collar case, where you’re a first time offender, as a cooperator , it’s pretty typical for the cooperating witness not to do actual jail time Josh Naftali, former prosecutor Naftali’s comments, backed by first-hand experience on the matter, correspond with prosecutor questioning and witness testimony during the criminal trial of FTX founder Sam Bankman-Fried. The three-star witness,  ex-CEO of Alameda Research Caroline Ellison, former FTX and Alameda CTO Gary Wang and Nishad Singh, who was chief developer at both firms, all signed plea deals in exchange for a 5K letter.  This ...

As the crypto -verse continues to recover from the FTX crash that occurred back in Nov. 2022, the CEO of the defunct crypto exchange continues to make headlines. Sam Bankman-Fried submitted pretrial motions seeking the dismissal of a significant portion of the charges brought against him based on various legal justifications. JUST IN: Sam Bankman-Fried asks judge to dismiss all criminal charges against him in FTX fraud case, citing not guilty. — Watcher.Guru (@WatcherGuru) May 9, 2023 Following the downfall of FTX, SBF went on to plead not guilty to 13 counts of fraud and conspiracy. His charges ranged from wire, securities, and commodities fraud allegations to even bribery. While the FTX chief’s trial is scheduled for Oct. 2, 2023, he was seen trying to avoid dealing with a few of these charges. During his pretrial motions, SBF’s lawyers requested the dismissal of charges like conspiring to commit wire fraud against FTX customers, wire fraud against FTX customers,...