SEC: Chai has never operated on Terra, it is only a server mirror controlled by Do Kwon and mirrored onto Terra
According to The Block, Judge Jed Rakoff of the Southern District Court in New York ruled that Do Kwon and Terraform Labs sold four types of encrypted tokens that met the conditions for unregistered securities: UST, LUNA, wLUNA, and MIR. In addition, Judge Rakoff also detailed the evidence provided by the U.S. Securities and Exchange Commission (SEC), which proved that the Chai payment platform was used for promotional purposes but had never operated on the Terra blockchain. Instead, it settled payments using traditional methods and then "mirrored" them onto the Terra blockchain controlled by Do Kwon's server.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Netflix (NFLX.US) reportedly plans to lay off about 5% of its staff: The streaming giant faces growth pressure and trims its workforce ahead of earnings report.
According to reports, Netflix plans to lay off about 5% of its employees as early as next week.
Citi: Besent May "Slash" Long-term Bond Issuance Next Month, 20-year US Treasury Issuance Could Be Directly Canceled
Citi published a research report indicating that US Treasury Secretary Scott Besant is highly likely to reduce the issuance size of long-term US Treasury bonds, and may even completely cancel the issuance of 20-year Treasury bonds.
Rising energy prices intensify inflation concerns; US Treasury yields increase again, with the 10-year rising to 5.25%.
Persistently high energy prices have intensified market concerns about the inflation outlook and reinforced investor expectations of further interest rate hikes by the Federal Reserve. After experiencing significant volatility earlier this week, U.S. Treasury yields are edging back toward recent highs.
Crypto prices
More
