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Attempts from Terraform Labs and its founder Do Kwon to avoid a class-action lawsuit have been dashed after the Singapore High Court rejected their attempts to dismiss the case this week. As reported by the Business Times, the lawsuit was filed in September 2022, by Julian Moreno Beltran and Douglas Ganon on behalf of 375 other investors.  It claimed Terraform, Luna Foundation Guard, and its co-founders Do Kwon and Nikolaos Alexandros Platias, fraudulently misrepresented its enterprise causing losses of $57 million.  However, Do Kwon ’s appeals against the lawsuit have been rejected by the Singaporean High Court on Thursday, opening up the doors for a lawsuit.  Do Kwon initially claimed that the lawsuit should be settled out of court using arbitration and referred to a clause within its website that waivered user rights to a trial or lawsuit. Do Kwon granted extradition, but to US or South Korea? Read more: Do Kwon granted extradition, but to US or South Korea? Ho...

Prosecutors have asked for an eight-year sentence for former Bithumb Chairman Lee Jung Hoon, who is charged with violating the law for certain economic crimes. The 5th criminal division of the Seoul High Court held an appeal hearing on the charges against former Chairman Lee Jong-hoon. He is accused of causing damages amounting to 110 billion won after deceiving BK Group Chairman Kim Byung-gun by offering to acquire and jointly manage Bithumb and claiming that he would list BXA (Bithumb Coin) on Bithumb. At his first trial, the prosecution sought eight years’ imprisonment for former Chairman Li, but the court acquitted him. The prosecution did not agree with this and immediately filed an appeal. “The defendant planned to change the management structure to one in which a foreign company controls Bithumb in order to avoid regulation by financial authorities and make a profit by exchanging coins.” Prosecution statement In February, South Korean authorities arrested the former...