Terraform Labs' Founder Do Kwon Fails To Overturn Passport Fraud Conviction
Portfolio Pulse from Mehab Qureshi
Do Kwon, founder of Terraform Labs, failed to overturn his passport fraud conviction in Montenegro. Kwon and associate Han Chang-joon were sentenced to four months in prison for document falsification. Montenegro's court upheld the verdict, and Kwon faces potential extradition to the U.S. or South Korea for charges related to the TerraUSD and Luna collapse. Terraform Labs continues to operate despite Kwon's legal issues. Bitcoin and Terra Classic's prices have fallen in the last 24 hours.
November 17, 2023 | 5:20 am
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NEGATIVE IMPACT
Bitcoin's price has decreased by 2.33% in the last 24 hours, potentially influenced by the ongoing legal issues surrounding Terraform Labs and its founder Do Kwon.
The legal issues surrounding Do Kwon and Terraform Labs could negatively impact investor sentiment in the cryptocurrency market, including Bitcoin, due to increased regulatory scrutiny and concerns about the stability of crypto projects.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50