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The Fortunes of wLUNA Investors Were Tied To One Another: Here's Why
by SEC vs. the WorldOctober 7th, 2023
Too Long; Didn't Read
Here's the reason why wLUNA investors' fortunes were tied together.
SEC v. Terraform Court Filing, retrieved on February 16, 2023, is part of HackerNoon’s Legal PDF Series. You can jump to any part in this filing here. This is part 15 of 38.
B. “Wrapped“ LUNA
2. Common Enterprise
63. Investors in wLUNA invested in a common enterprise with other wLUNA investors and LUNA investors. To create wLUNA, LUNA was pooled together in an address or smart contract on the Terraform blockchain. For each LUNA that entered into the pool, a new wLUNA would be created on a different blockchain, such as Ethereum.
64. As LUNA and wLUNA were exchangeable on a one-to-one basis, the price of wLUNA generally equaled the price of LUNA. Therefore, holders of wLUNA shared in the rise and fall of the value of the wLUNA and LUNA token. As a result, the fortunes of wLUNA investors were tied to one another and to the fortunes of Defendants.
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This court case 1:23-cv-01346 retrieved on September 12, 2023, from sec.gov is part of the public domain. The court-created documents are works of the federal government, and under copyright law, are automatically placed in the public domain and may be shared without legal restriction.
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