The U.S. Securities and Exchange Commission (SEC) revealed suspicious movements of Terraform Labs’ funds. Here’s a summary:
- Suspicious Fund Movements: The SEC has identified questionable transfers of funds from Terraform Labs to its lawyers, Dentons firm. Specifically, $166 million was paid to Dentons, with $122 million transferred 90 days before the company filed for bankruptcy, followed by an additional $44 million.
- Potential Misuse of Funds: The SEC suspects that these funds may have been transferred to an “opaque fund” to finance a legal battle with the SEC. More than half of the amount has reportedly been spent, with $81 million remaining in Dentons’ account. The SEC demands that the Delaware bankruptcy court prohibit Terraform Labs from involving Dentons in the process until the spent funds are returned.
- Involvement in Legal Proceedings: Some of the funds were allegedly used to pay consulting bills for Do Kwon, Terraform Labs’ former founder, relating to his extradition case. Kwon is currently in custody in Montenegro for allegedly using a fake passport and faces extradition to the United States on charges of organizing large-scale fraud.
Overall, these developments raise serious concerns about the financial management and legal proceedings surrounding Terraform Labs, as well as potential implications for Do Kwon’s extradition case.
PolkaDot Surges To $8.6: Will DOT Reach $15 Next?
The PolkaDot cryptocurrency is gaining momentum, spurred by Bitcoin’s surge past $62,000. With new investments pouring into the market, PolkaDot is experiencing bullish sentiments, along with other altcoins like Cardano’s ADA, Ripple’s XRP, and VeChain’s VET, which have also reached new monthly highs. This price rally is injecting fresh optimism among investors after a nearly two-year hiatus.
As PolkaDot continues to trade positively, reaching $8.6, the question arises: will it continue its upward trajectory or face a downturn? In this article, we’ll explore the potential direction of DOT’s movement in the coming weeks, considering both bullish and bearish scenarios.
Update the price DOT/USDT: https://fmcpay.com/exchange/DOT_USDT
PolkaDot: The next Price Target For DOT is $15.
PolkaDot, known for its price volatility, often experiences significant movements during bullish phases in the cryptocurrency market. Its all-time high of $54.98 in November 2021 coincided with Bitcoin’s peak at $69,044. As a parachain-based altcoin, PolkaDot’s price closely follows Bitcoin’s performance.
If Bitcoin sustains its positive momentum and surpasses its previous all-time high, PolkaDot could mirror BTC’s success. DOT’s immediate target is $10, and a breakthrough could propel its price to $12.
However, reaching $12 may encounter resistance due to potential profit-taking and sell-offs, potentially exerting downward pressure on PolkaDot. To surpass $15, Bitcoin must continue its upward trend, attracting fresh investments to support PolkaDot’s rally.
Currently trading at $8.87, PolkaDot has seen a 5.75% increase in 24-hour trading. Despite this, it remains significantly lower, down around 85%, from its November 2021 peak of $54.98.