Terraform Labs co-founder Do Kwon dismisses US SEC evidence in court

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Terraform Labs co-founder Do Kwon dismisses US SEC evidence in court

Terraform Labs co-founder Do Kwon dismissed the evidence in court as irrelevant Slack messages submitted by the US SEC in a court filing. The US Department of Justice has also revealed its plans to question witnesses in the imminent FTX case, a mysterious exploiter of FTX has suddenly begun moving crypto assets after 10 months, and the third quarter saw about $900 million in crypto losses to hacks and scams. Do Kwon, the co-founder of Terraform Labs, disputed the significance as evidence of his Slack messages from 2019 discussing manipulating transactions to attract investors, Bitcoin Insider reported. Kwon and his legal team allege that the messages were taken out of context.

The SEC also filed a civil action against Kwon and co-founder Daniel Shin in a court filing. Kwon is currently being held in Montenegro, from which U.S. authorities are seeking to extradite him and, in a parallel effort, to depose him.

The US Department of Justice is planning to ask former FTX clients, investors and cooperation with former staff members in the forthcoming trial of the bankrupt company's ex-chief executive, Sam Bankman-Fried, Cointelegraph reported.

About 10 months after FTX was reportedly exploited for hundreds of millions of dollars, a unidentified hacker is reportedly moving more than $17 million worth of ETH, Cointelegraph reported.

CryptoPotato reported that the original exploit took place last November, just after FTX filed for bankruptcy, which also revealed the sudden transfer of ETH, citing data from Arkham Intelligence.

Crypto projects lost almost $900 million during the third quarter, CryptoSlate reported, citing blockchain security company Beosin.

The report said 43 hacks were responsible for losses of $540 million, $283 million lost to rug-pulls across 81 incidents, and $66 million was lost to phishing schemes.

Crypto trading platform Coinbase notified users in India by email that it has extended the withdrawal time of their funds from their accounts to October 31 from September 25, Crypto News reported.

Coinbase has faced regulatory challenges that led it to discontinue crypto trading services in India, though the company maintains it is dedicated to the Indian market in the long term.

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