Close Menu
  • News
    • Bitcoin
    • Altcoins
    • DeFi
    • Regulation
    • Market Cap
    • Web 3
    • Scam
  • Blockchain
  • NFT
  • Metaverse
  • Analysis
  • Learn
  • Blog
  • Contact
    • Tech7685@gmail.com
What's Hot

Sophon reveals ZKTLS-based social oracle to integrate private web2 data

2025-05-22

Hashrate Hackers introduces Ordinals NFT collections supported by Bitcoin Hashrate

2025-05-22

Bitcoin knew $ 110k -but will this’ only -all ‘rally’ only without retailing?

2025-05-22
Facebook X (Twitter) Instagram
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Advertise
  • BitcoinPlatform.com
Facebook X (Twitter) Instagram
Free Cryptocurrency – Bitcoin | Altcoins | Blockchain | News Stories Updated Daily
  • News
    • Bitcoin
    • Altcoins
    • DeFi
    • Regulation
    • Market Cap
    • Web 3
    • Scam
  • Blockchain

    Sophon reveals ZKTLS-based social oracle to integrate private web2 data

    2025-05-22

    Solana to get a big design prevention

    2025-05-22

    World3 Powers AI-driven Governance on-Chain with Quack AI

    2025-05-22

    Validation Cloud implements AI -Engine on Hedera

    2025-05-22

    Sony announces the Mavet launch of Soneium Blockchain

    2025-05-21
  • NFT

    Hashrate Hackers introduces Ordinals NFT collections supported by Bitcoin Hashrate

    2025-05-22

    FIFA starts Avalanche L1 to Power Soccer NFT Collectibles Platform

    2025-05-22

    Guild of Guardians leads with a huge volume of $ 796.62k

    2025-05-20

    Solana Meme Coin Ponke Set to release assembly objects, clothing via Jcorp Spinout

    2025-05-19

    The most popular collections of the moment on blockchain

    2025-05-18
  • Metaverse

    Shib: The Metaverse – Part of the expanding Shiba Inu ecosystem

    2025-01-03

    Experience to Earn: Everdome’s Metaverse Frontier

    2024-12-30

    Beyond Bots: Meta Motivo and the Dawn of Human Digital Life

    2024-12-13

    Exploring NetVRk: What’s Behind This AI-Powered Virtual Universe?

    2024-10-28

    Council of Europe emphasizes the impact of Metaverse on privacy and democracy

    2024-09-05
  • Analysis

    Strategy tries to pick up $ 2.1 billion from the supply of STRF shares to strengthen its bitcoin holdings

    2025-05-22

    Solana (SOL) strives higher with strong copper support, next stop $ 200?

    2025-05-22

    Bitcoin price reaches new all time above $ 111,000

    2025-05-22

    Analyst predicts huge Bitcoin outburst based on one gold graph, sees the Altcoin market following

    2025-05-22

    Bitcoin price rays to New All Time Bulls takes the lead

    2025-05-22
  • Learn

    What Is a DEX (Decentralized Exchange)?

    2025-05-21

    Blockchain Explained: What It Is, How It Works and Why We Need It

    2025-05-21

    Types of Blockchain Layers Explained: Layer 0, Layer 1, Layer 2 and Layer 3

    2025-05-16

    Token vs. Coin: Key Differences You Must Know as a Beginner

    2025-05-15

    Inside Changelly: 10 years of steadfast support and compliance

    2025-05-15
  • Blog
  • Contact
    • Tech7685@gmail.com
Free Cryptocurrency – Bitcoin | Altcoins | Blockchain | News Stories Updated Daily
Home»Regulation»Terra’s Do Kwon and Daniel Shin conspired to falsify transactions, chat logs show
Terra’s Do Kwon and Daniel Shin conspired to falsify transactions, chat logs show
Regulation

Terra’s Do Kwon and Daniel Shin conspired to falsify transactions, chat logs show

2023-09-29No Comments3 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

According to a September 22 filing, the co-founders of the now-defunct Terra blockchain project allegedly plotted to create fraudulent transactions during the project’s development.

There, the Securities and Exchange Commission (SEC) noted that Terraform Labs partnered with a payment app called Chai, ostensibly so the latter app could handle transactions on-chain. The SEC alleges that the leaders “faked Chai payments on the Terraform blockchain” when in fact Chai payments were made traditionally.

While Terraform Labs was led by co-founder and then-CEO Do Kwon, Chai was founded and led by another Terraform Labs co-founder, Daniel Shin.

In chat logs from 2019, Shin and Kwon discussed how spoofed transactions could support their operations. Shin started by asking Kwon when participants would begin striking and when token airdrops would end.

Kwon suggested that early activities would be faked when he replied:

“I can just create fake transactions that look real, which generates fees… and we can phase that out as Chai grows.”

Shin then expressed concern that end users would find out that the activity in question was spoofed. About that criticism, Kwon said:

“All power to those who can prove it’s fake… because I’ll do my best to make it invisible. I won’t tell if you don’t.”

Shin in turn agreed to test this plan on a small scale. Kwon concluded, “Okay.”

It is unclear to what extent the co-founders actually falsified data in practice, as the relationship between Terraform Labs and Chai ended in 2020. However, the partnership allegedly lasted long enough to lead to a highly effective deception: the SEC alleges that investors transferred “hundreds of millions of dollars” of LUNA and other tokens under the belief that the relevant Chai transactions were executed on Terra’s blockchain.

See also  US judge denies Tornado Cash developer Roman Storm's motion to dismiss, trial set for December: report

SEC wants Kwon brought to the US

The SEC included the above chat logs as part of a filing seeking to have Kwon deposed and testify in a securities case.

If the SEC’s request is successful, Kwon will be extradited from Montenegro to the United States, where he was recently sentenced to prison for falsifying travel documents. On September 27, defense attorneys attempted to challenge the SEC’s request, stating that it is “impossible” to have Kwon leave Montenegro.

Defense attorneys also claimed at the time that the above chat logs discuss transactions related to staking rather than transactions related to the Chai partnership.

The SEC originally filed charges against Terraform Labs, Kwon and other entities in February, alleging unregistered securities sales and fraud.

The post that Terra’s Do Kwon and Daniel Shin Conspired to Fake Transactions, Chat Logs Show First appeared on CryptoSlate.

Source link

Chat conspired Daniel falsify Kwon logs Shin Show Terras transactions
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Billionaire Ray Dalio says that FED should not lower rates yet, warns against aggressive relaxation of the monetary policy for the bond market

2025-05-22

Lawyers for Tornado -Contant developer say that federal prosecutors have withheld critical evidence from the court

2025-05-22

Sec -complaint of $ 100 million against tokenized activa company for crypto -effect fraud

2025-05-22

Billionaire Justin Sun To attend the Crypto dinner with President, says he is ‘top holder’ of Trump’s memecoin

2025-05-22
Add A Comment

Comments are closed.

Top Posts

Bloomberg Analyst Issues Bitcoin Alert, Says BTC Correction Is ‘Telling Us Something’ – Here’s His Outlook

2023-09-08

Polygon’s Sandeep Nailwal Warns That Memecoin Tapestries Like QUANT Could Lead to Repressive Action from Regulators

2024-11-21

According to Crypto Analyst, Bitcoin Could Form a Bullish Reversal Pattern After BTC’s Recapture of $40,500

2024-01-29
Editors Picks

THORChain: Reasons RUNE may be an ideal portfolio addition this quarter 

2022-10-18

Elon Musk Reveals He Still Owns Dogecoin, Spacex Owns ‘a Lot of Bitcoin’

2024-11-18

Mitt Romney and Three Other Senators Target Crypto in New Bipartisan Bill to Enforce Sanctions

2023-12-10

Bitcoin Bears Asking To Be ‘Obliterated’ As BTC Flashes Reversal Signals, According to Crypto Strategist

2023-08-27
About
About

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, Defi, NFT, Metaverse and more.

We're social. Connect with us:

Facebook X (Twitter) Instagram Pinterest YouTube
Top Insights

Sophon reveals ZKTLS-based social oracle to integrate private web2 data

Hashrate Hackers introduces Ordinals NFT collections supported by Bitcoin Hashrate

Bitcoin knew $ 110k -but will this’ only -all ‘rally’ only without retailing?

Get Informed

Subscribe to Updates

Get the latest news and Update from Free.cc about Crypto, Metaverse, NFT and more.

  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Advertise
  • BitcoinPlatform.com
© 2025 Free.cc - All rights reserved. Contact: info@free.cc

Type above and press Enter to search. Press Esc to cancel.

  • bitcoinBitcoin(BTC)$111,645.464.74%
  • ethereumEthereum(ETH)$2,661.557.29%
  • tetherTether USDt(USDT)$1.00-0.04%
  • rippleXRP(XRP)$2.433.23%
  • binancecoinBNB(BNB)$681.201.87%
  • solanaSolana(SOL)$179.527.40%
  • usd-coinUSDC(USDC)$1.000.03%
  • dogecoinDogecoin(DOGE)$0.2424277.22%
  • cardanoCardano(ADA)$0.806.75%
  • tronTRON(TRX)$0.2772023.95%
  • suiSui(SUI)$3.911.02%
  • hyperliquidHyperliquid(HYPE)$33.6623.84%
  • chainlinkChainlink(LINK)$16.786.69%
  • avalanche-2Avalanche(AVAX)$25.2111.41%
  • stellarStellar(XLM)$0.3031935.17%
  • shiba-inuShiba Inu(SHIB)$0.0000156.13%
  • bitcoin-cashBitcoin Cash(BCH)$437.969.39%
  • hedera-hashgraphHedera(HBAR)$0.2051575.87%
  • unus-sed-leoUNUS SED LEO(LEO)$8.870.48%
  • the-open-networkToncoin(TON)$3.173.91%
  • polkadotPolkadot(DOT)$4.955.89%
  • litecoinLitecoin(LTC)$99.304.28%
  • moneroMonero(XMR)$393.825.57%
  • bitget-tokenBitget Token(BGB)$5.230.96%
  • pepePepe(PEPE)$0.0000149.51%
  • piPi(PI)$0.820.34%
  • daiDai(DAI)$1.00-0.01%
  • ethena-usdeEthena USDe(USDE)$1.00-0.04%
  • bittensorBittensor(TAO)$473.0910.30%
  • uniswapUniswap(UNI)$6.446.29%
  • aaveAave(AAVE)$258.214.63%
  • nearNEAR Protocol(NEAR)$3.079.81%
  • aptosAptos(APT)$5.7110.37%
  • ondo-financeOndo(ONDO)$1.027.19%
  • okbOKB(OKB)$52.921.53%
  • official-trumpOFFICIAL TRUMP(TRUMP)$15.7511.48%
  • kaspaKaspa(KAS)$0.1168695.73%
  • internet-computerInternet Computer(ICP)$5.637.67%
  • ethereum-classicEthereum Classic(ETC)$19.726.31%
  • render-tokenRender(RENDER)$5.2112.00%
  • gatechain-tokenGateToken(GT)$21.730.55%
  • crypto-com-chainCronos(CRO)$0.1004304.47%
  • vechainVeChain(VET)$0.0305538.31%
  • polygon-ecosystem-tokenPOL (prev. MATIC)(POL)$0.2498506.09%
  • mantleMantle(MNT)$0.763.79%
  • ethenaEthena(ENA)$0.4176967.43%
  • worldcoin-wldWorldcoin(WLD)$1.5635.12%
  • usd1World Liberty Financial USD(USD1)$1.000.02%
  • artificial-superintelligence-allianceArtificial Superintelligence Alliance(FET)$0.8812.09%
  • arbitrumArbitrum(ARB)$0.4312598.55%
  • bitcoinBitcoin(BTC)$111,645.464.74%
  • ethereumEthereum(ETH)$2,661.557.29%
  • tetherTether USDt(USDT)$1.00-0.04%
  • rippleXRP(XRP)$2.433.23%
  • binancecoinBNB(BNB)$681.201.87%
  • solanaSolana(SOL)$179.527.40%
  • usd-coinUSDC(USDC)$1.000.03%
  • dogecoinDogecoin(DOGE)$0.2424277.22%
  • cardanoCardano(ADA)$0.806.75%
  • tronTRON(TRX)$0.2772023.95%
  • suiSui(SUI)$3.911.02%
  • hyperliquidHyperliquid(HYPE)$33.6623.84%
  • chainlinkChainlink(LINK)$16.786.69%
  • avalanche-2Avalanche(AVAX)$25.2111.41%
  • stellarStellar(XLM)$0.3031935.17%
  • shiba-inuShiba Inu(SHIB)$0.0000156.13%
  • bitcoin-cashBitcoin Cash(BCH)$437.969.39%
  • hedera-hashgraphHedera(HBAR)$0.2051575.87%
  • unus-sed-leoUNUS SED LEO(LEO)$8.870.48%
  • the-open-networkToncoin(TON)$3.173.91%
  • polkadotPolkadot(DOT)$4.955.89%
  • litecoinLitecoin(LTC)$99.304.28%
  • moneroMonero(XMR)$393.825.57%
  • bitget-tokenBitget Token(BGB)$5.230.96%
  • pepePepe(PEPE)$0.0000149.51%
  • piPi(PI)$0.820.34%
  • daiDai(DAI)$1.00-0.01%
  • ethena-usdeEthena USDe(USDE)$1.00-0.04%
  • bittensorBittensor(TAO)$473.0910.30%
  • uniswapUniswap(UNI)$6.446.29%
  • aaveAave(AAVE)$258.214.63%
  • nearNEAR Protocol(NEAR)$3.079.81%
  • aptosAptos(APT)$5.7110.37%
  • ondo-financeOndo(ONDO)$1.027.19%
  • okbOKB(OKB)$52.921.53%
  • official-trumpOFFICIAL TRUMP(TRUMP)$15.7511.48%
  • kaspaKaspa(KAS)$0.1168695.73%
  • internet-computerInternet Computer(ICP)$5.637.67%
  • ethereum-classicEthereum Classic(ETC)$19.726.31%
  • render-tokenRender(RENDER)$5.2112.00%
  • gatechain-tokenGateToken(GT)$21.730.55%
  • crypto-com-chainCronos(CRO)$0.1004304.47%
  • vechainVeChain(VET)$0.0305538.31%
  • polygon-ecosystem-tokenPOL (prev. MATIC)(POL)$0.2498506.09%
  • mantleMantle(MNT)$0.763.79%
  • ethenaEthena(ENA)$0.4176967.43%
  • worldcoin-wldWorldcoin(WLD)$1.5635.12%
  • usd1World Liberty Financial USD(USD1)$1.000.02%
  • artificial-superintelligence-allianceArtificial Superintelligence Alliance(FET)$0.8812.09%
  • arbitrumArbitrum(ARB)$0.4312598.55%