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Recently, there have been many voices in the industry community expressing disappointment with the Ethereum ecosystem, because the secondary market performance of Ethereum ecosystem projects has not been good enough in this cycle, or has not met the expectations of the community.

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According to the official announcement, Binance will convert the following token balances into equivalent USDT based on the user’s holdings in the Binance wallet at 08:00 (Eastern Eighth District time) on April 21, the snapshot time. Binance will convert the following token balances in user wallets to equivalent USDT before 07:59 (Eastern Time) on October 21. After 07:59 on April 21 (Eastern Eighth District time), Binance will no longer support the withdrawal business of the following airdrop tokens/delisted tokens. Users can withdraw money before this time. Affected currencies: Moeda Loyalty Points (MDA), Helium (HNT), Mithril (MITH), DFI.Money (YFII), Mirror Protocol (MIR), Venus Reward Token (VRT), TokenClub (TCT), Augur (REP), EasyFi (EZ ), Swerve (SWRV), Boba Network (BOBA), Serum (SRM), Raiden Network Token (RDN), Cobak Token (CBK), OnX Finance (ONX). The exchange will be based on the average exchange rate of the token against USDT from 08:00 on April 21 to 07:59 on October 21 (Eastern Eighth District time) as the exchange rate. Please note: Binance will update this announcement after completing the conversion of the above tokens to USDT and send individual emails to all affected users.

Terraform Labs recently lost a case when a U.S. judge ruled that LUNA and MIR are securities, and is currently facing a class action lawsuit in Singapore. source: https://www.coindesk.com/policy/2024/01/22/terraform-labs-declares-bankruptcy-in-delaware/?utm_medium=referral&utm_source=rss&utm_campaign=headlines

The Securities and Exchange Commission (SEC) has submitted a notice of supplemental authority to the court presiding over its case against Binance. This move highlights the recent Terraform ruling, which deemed UST, LUNA, wLUNA, and MIR securities under the Howey test significant precedents. The SEC parallels this ruling and its allegations that the Binance-issued stablecoin, […] source: https://www.cryptopolitan.com/terraform-decision-cited-by-sec-in-binance/

The U.S. SEC submitted a supplementary basis notice to the court on January 3. The SEC asked the court to consider the ruling in SEC v. Terraform Labs in its lawsuit against defendants including Binance, Binance.US, and CZ because similar arguments exist in those cases. "This view is closely relevant to the court's consideration of defendants BAM Trading Inc and BAM Management US Holdings Inc's motion to dismiss," the SEC said in its filing. In addition, the SEC claimed that if it draws on the findings of the Terra case, the court should deny the above defendants. Seeking a motion to dismiss the lawsuit. The SEC said in the filing that the court defined “investment contract” in the Terra case to reject the defendants’ efforts to “throw aside decades of established law” and that an investment contract does not mean a contract, transaction or plan. In addition, the court also applied the "Howey test" to determine that UST, LUNA, wLUNA and MIR were investment contracts and therefore securities. The SEC said the ruling was related to Binance-related stablecoin BUSD, staking services, BNB Vault and Simple Earn programs. (CoinGape) Previously, in December 2023, Judge Jed Rakoff of the U.S. District Court for the Southern District of New York ruled in a summary judgment that Terraform Labs violated federal securities laws when selling its cryptocurrency to the public because it illegally sold unregistered cryptocurrency securities LUNA and MIR. Summary judgment could impact eventual trial over Terraform Securities violations. At the same time, the judge prevented two other defense witnesses from appearing, one of whom was to testify about the activities of Terraform’s custodial wallet, and the other who was to outline Terraform’s cryptoeconomic system to the jury.

Judge Jed Rakoff of the U.S. District Court for the Southern District of New York ruled in summary judgment that Terraform Labs violated federal securities laws when it sold its cryptocurrency to the public by illegally selling unregistered cryptocurrency securities LUNA and MIR. Summary judgment could impact eventual trial over Terraform Securities violations. At the same time, the judge prevented two other defense witnesses from appearing, one of whom was to testify about the activities of Terraform’s custodial wallet, and the other who was to outline Terraform’s cryptoeconomic system to the jury. (CoinDesk)

A federal judge issued summary judgements siding with the SEC's arguments that Terraform had illegally sold unregistered crypto securities. source: https://www.coindesk.com/policy/2023/12/28/terraform-labs-luna-and-mir-tokens-are-securities-judge-rules/?utm_medium=referral&utm_source=rss&utm_campaign=headlines

According to Blockworks, Judge Jed Rakoff, who is overseeing the US Securities and Exchange Commission's (SEC) case against Terraform Labs and former CEO Do Kwon, has granted a summary judgment in favor of the regulatory agency. The judgment states that both Kwon and Terraform offered and sold unregistered securities, focusing on LUNA and MIR tokens. The SEC argued that the defendants engaged in fraudulent schemes to mislead investors and conducted transactions in unregistered security-based swaps. Rakoff wrote that there is no genuine dispute that UST, LUNA, wLUNA, and MIR are securities because they are investment contracts. He further ruled that Howey's definition of an investment contract is a binding statement of the law. Rakoff found that UST, wLUNA, and the aforementioned LUNA and MIR are investment contracts under the Howey test. The trial will now focus on the fraud claims that the SEC brought against Terraform and Kwon. The SEC filed its charges in February. Rakoff said that Kwon's repeated statements led investors to believe that they could make a profit due to the efforts of Terraform to develop its blockchain. The SEC had asked for the judge to grant a judgment on the securities claims to prevent them from being decided by a jury when the case ultimately proceeds to the courtroom. The filing confirms that jury selection is set to begin on Jan. 24, with the actual trial beginning Jan. 29. Additionally, the court denied a motion from the defendants to exclude two SEC experts, and a motion from the SEC to exclude one expert for the defense. Judge Rakoff did, however, grant the SEC's motion to exclude two other defense experts: Raj Unny and Dr. Christine Parlour.

According to Foresight News, Terraform Labs lawyer David Kornblau has written a letter to New York District Judge Jed Rakoff, requesting that the judge allow a jury to determine whether UST and LUNA tokens are securities. Kornblau stated that the jury should decide if the U.S. Securities and Exchange Commission (SEC) has fulfilled its responsibility to prove that UST, LUNA, and MIR tokens are securities. Foresight News noted that in February this year, the SEC filed a lawsuit against Terraform Labs and its co-founder Do Kwon, accusing them of raising billions of dollars from investors by 'offering and selling a suite of interrelated crypto asset securities, many of which were unregistered transactions'.

Terraform Labs and the SEC are fighting in court over who should define the legal status of Terra, LUNA wLUNA, and MIR tokens. source: https://www.theblock.co/post/266389/terraform-labs-asks-judge-to-let-jury-decide-if-ust-and-luna-tokens-are-securities?utm_source=cryptopanic&utm_medium=rss