The TerraUSD and Luna collapse provoked a cryptocurrency market crash in 2022, so bad that it sent multiple companies into bankruptcy that year.
Do Kwon and Terra form Labs have been found liable in US civil fraud trial. Jury agreed with SEC that defendants misled investors before UST stablecoin collapse in 2022. Terra form spokesperson expressed disappointment, saying company would weigh its options. After a series of pursuits, Terra form Labs founder Do Kwon was arrested in Montenegro in March 2023.
” Grewal added that the commission was pleased with the verdict, highlighting, “It is high time for the crypto markets to come into compliance.” SEC charges against Kwon and Terraform Labs Do Kwon and Terraform Labs had been accused by the US Securities and Exchange Commission of misleading investors in 2021 about the stability of TerraUSD, the network’s stablecoin coined UST. TerraUSD was designed to maintain a value of 1:1 against the dollar.
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New York Jury Finds Do Kwon, Terraform Labs Liable for Fraud in SEC CaseCheyenne Ligon is a CoinDesk news reporter with a focus on crypto regulation and policy. She has no significant crypto holdings.
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Civil trial between SEC and Terraform Labs continues without Do KwonThe civil trial between the U.S. Securities and Exchange Commission and Terraform Labs entered its tenth day without the attendance of Do Kwon. Attorneys alleged the crypto firm made false claims regarding the platform to investors.
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