{"id":169403,"date":"2023-01-10T23:27:14","date_gmt":"2023-01-10T23:27:14","guid":{"rendered":"https:\/\/precoinnews.com\/?p=169403"},"modified":"2023-01-10T23:27:14","modified_gmt":"2023-01-10T23:27:14","slug":"albright-capital-drops-lawsuit-against-terraform-labs-and-do-kwon","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/albright-capital-drops-lawsuit-against-terraform-labs-and-do-kwon\/","title":{"rendered":"Albright Capital drops lawsuit against Terraform Labs and Do Kwon"},"content":{"rendered":"

Albright Capital has dropped its lawsuit against Terraform Labs and its founder Do Kwon, according to a Notice of Voluntary Dismissal filed in U.S. District Court on January 9. Before its dismissal, the lawsuit had alleged that the company had violated the Racketeer Influenced and Corrupt Organizations Act (\u201cRICO\u201d) by operating the stablecoin, UST, as a \u201cPonzi scheme.\u201d<\/p>\n

Three Arrows Capital (3AC) co-founder Su Zhu posted the dismissal to Twitter, saying:<\/p>\n

Zhu had previously claimed that the bankruptcy of 3AC was partially caused by UST\u2019s collapse.\u00a0The lawsuit was dismissed \u201cwithout prejudice,\u201d meaning that the plaintiff has the option to refile it in the future if desired.<\/p>\n

Related: <\/strong>Terra accidentally airdropped tokens to the wrong person<\/strong><\/p>\n

US Dollar Terra (UST) was an algorithmic stablecoin created by Terraform labs. It ran on the Terra network, whose native coin was LUNA. UST was backed by an equivalent dollar amount of LUNA as collateral, and each UST coin was supposed to be pegged to $1 on the secondary market. However, LUNA collapsed in value in May, causing UST to become undercollateralized. UST lost its peg as a result and is now worth only $0.02 per coin.<\/p>\n

South Korean authorities issued an arrest warrant for Kwon in September, and the company has faced multiple lawsuits alleging that UST was a fraud. This particular lawsuit alleged that UST \u201camounted to a Ponzi scheme that was only sustained by the demand for UST created by Anchor\u2019s excessive yields.\u201d However, the lawsuit has now been dismissed by the plaintiff.<\/p>\n


\nSource: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Albright Capital has dropped its lawsuit against<\/p>\n","protected":false},"author":3,"featured_media":169402,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nAlbright Capital drops lawsuit against Terraform Labs and Do Kwon - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/albright-capital-drops-lawsuit-against-terraform-labs-and-do-kwon\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Albright Capital drops lawsuit against Terraform Labs and Do Kwon - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Albright Capital has dropped its lawsuit against\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/albright-capital-drops-lawsuit-against-terraform-labs-and-do-kwon\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-10T23:27:14+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2023\/01\/Albright-Capital-drops-lawsuit-against-Terraform-Labs-and-Do-Kwon.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/albright-capital-drops-lawsuit-against-terraform-labs-and-do-kwon\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/albright-capital-drops-lawsuit-against-terraform-labs-and-do-kwon\/\",\"name\":\"Albright Capital drops lawsuit against Terraform Labs and Do Kwon - 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