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A New York court has been told to impose a $10,000-per-day fine on Three Arrows Capital (3AC) founder Kyle Davies after he once again failed to respond to a subpoena to address the circumstances surrounding the Singapore-based crypto hedge fund’s collapse. As reported by CoinDesk, documents filed by 3AC’s estate on Wednesday also demand that Davies be found in contempt of court for not responding to the subpoena which was issued in March and gave him an April 13 deadline. 3AC collapsed in spectacular fashion when a British Virgin Islands court ordered its liquidation in June last year . 3AC founders could be in contempt if they ignore new court order Read more: Kyle Davies has time to launch Crypto exchange but not to answer court s At its peak, the company managed somewhere in the region of $18 billion. However, its managers bet big on LUNA, the token that backed the failed ‘algorithmic’ stablecoin, TerraUST. The fund also held significant amounts of poor-performing altcoi...

Jump Trading, a leading trading company specializing in high-frequency and algorithmic trading approaches, seeks to move a lawsuit accusing it of manipulating the prices of Terraform’s stablecoin from Illinois to California. The company justifies this motion based on the grounds of expediency and practicality. In a motion filed on June 9, Jump Trading presented its argument to the presiding judge in Illinois, contending that the lawsuit would be better served through consolidation with a separate ongoing case involving Nick Patterson and Terraform Labs in California’s Northern District. The motion emphasizes the synergy that could arise from combining these related legal proceedings. Notably, Jump Trading’s case originated from a class action lawsuit initiated by Kim, a resident of New Jersey, represented by a California and New York-based law firm. However, the lawsuit was filed in an Illinois federal court . The company highlights that the ongoing lawsuit is n...

Crypto mining firm Riot Platforms seeks to terminate “certain hosting agreements” with Rhodium and requests exemption from any owed power credits to the counterparty. Crypto mining firm Riot Platforms – formerly Riot Blockchain – is seeking to recover “more than $26 million” in alleged unpaid fees from Texas-based Bitcoin (BTC) miner , Rhodian Enterprises, according to its Q1 2023 report. Published on May 10, Riot's Q1 2023 financial report stated that Whinstone – a wholly owned subsidiary of Riot – has filed a petition against Rhodium Enterprises on May 3, alleging a breach of contract for failing to pay “certain hosting and service fees under agreements." Riot seeks to recover “more than $26 million,” plus legal fees and other expenses that are incurred during the legal proceedings, as outlined in the report. It was further requested that “certain hosting agreements” with Rhodium are terminated and "no power credits are owed to Rhodium.” Extract of Riot Platforms qua...

Delphi Lab's general counsel said the SEC was being "more thorough than usual" in its lawsuit against Terraform Labs and its co-founder Do Kwon. The United States Securities and Exchange Commission’s (SEC's) lawsuit against Terraform Labs and its co-founder Do Kwon could be seen as an SEC “roadmap” to taking down other stablecoins, according to a lawyer. Gabriel Shapiro, general counsel at investment firm Delphi Labs, explained to his 33,800 Twitter followers on Feb. 16 that the SEC’s arguments in its complaint against Kwon and Terraform were “more thorough than usual.” whew lad, lots to digest in the SEC lawsuit vs Do Kwon and Terraform Labs right off the bat, a very interesting fact is that the SEC is being more thorough than usual--specifically running through the Howey test for various assets (UST, LUNA, and wLUNA) and also alleging that… https://t.co/1JsBQijMnw pic.twitter.com/qHuL6mKpeo — _gabrielShapir0 (@lex_node) February 16, 2023 Shapiro’s analysis follo...