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CryptocurrencyCryptocurrency RegulationNewsTerra (LUNA)

Worldcoin Launches Identity Verification Services in Singapore

As per the data issued by the Worldcoin project around five million or 0.06% of the total population have signed up. Worldcoin has incentivized new account holders with free WLD token rewards. The project was paused in India but launched identity verification for Singapore residents. The official website of the project noted that iris-scanning was offered to individuals in five locations.

At the same time, the project also noted that the services were undergoing a steady increase in various national jurisdictions. The site further indicated that verification booths were located in 11 nations including United States.

Meanwhile, there are countries such as Kenya that imposed a comprehensive ban on the project within their jurisdiction on account of privacy reservations.

US Judge Rules in Favor of SEC in Terraform Labs Case

Securities and Exchange Commission has filed a lawsuit against Terraform Labs in regards to unregistered securities. The lawsuit alleges that Terraform co-founder Do Kwon orchestrated multi-billion dollar fraud that included illegal cryptocurrency sales and false advertisements.

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US District Judge Jed Rakoff ruled in favor of SEC in a summary judgment issued on 28th December. The ruling states that Terraform Labs and Kwon offered and sold LUNA, Mirror, and TerraUSD as unregistered security.

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Allegations Against Do Kwon

The judge issued summary judgment for the defendants regarding purported unregistered security offering and selling security-based swaps. Additionally, SEC has also retained that the Kwon manipulated security-based swap transactions by creating mAssets through Mirror protocol.

At the same time, the ruling has stated that mAssets are not security-based swaps. At the same time, judge also decreed that LUNA met the legal definition of Howey Test.

Summary Judgment in Terraform Labs’s Case

The summary judgment dismissed Terraform Labs and Kwon’s motion to exclude the testimony of two SEC experts namely Mattew Edman and Bruce Mizrach. However, the ruling also denied SEC’s motion to exclude testimony of the defense expert.

SEC officials have alleged that Kwon carried out a fraudulent scheme that led to losses of more than $40 billion in market value in 2022. At the time, courts have rejected motion from both sides regarding fraud claims.

The fraud charges will be tried in January. Jury elections will commence on 24th January 2024. A spokesperson for Terraform Labs told media that the firm intends to appeal the decision. Furthermore, the firm does not believe that UST stablecoin or other token offerings are securities.

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Additionally, Securities and Exchange Commission fraud claims are not backed by evidence and the defendants will continue to fight against meritless allegations during the trial. Kwon and his firm are also facing charges in South Korea while his extradition request was rejected by a Montenegro court.


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Hassan Mehmood (Saudi Arabia)

Hassan is currently working as a news reporter for Tokenhell. He is a professional content writer with 2 years of experience. He has a degree in journalism.

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