SEC Trial: US Jury Finds #DoKwon , #Terraform Labs Fraudulent
A US jury held Terraform Labs and co-founder Do Kwon responsible for civil fraud over the 2022 Terra
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ecosystem catastrophe, Bloomberg reported Friday. Do Kwon faces criminal charges in the US and South Korea for the unexpected collapse of the famous crypto project, which lost $40 billion in investor funds.
The SEC sued Terraform Labs and Do Kwon in February 2023 for organizing a multi-billion dollar crypto fraud involving the selling of several digital assets, including LUNA and Terra USD.
Bloomberg reports that a seven-person New York jury has found the defendants guilty of fraud in this federal case, bolstering the SEC's digital asset market crackdown.
Do Kwon and Terraform Lab said Chai, a major South Korean payment processing company, used the Terra blockchain network during the two-week experiment. The jury also found that the defendants misled investors about the soundness of the UST stablecoin, whose de-peg from the US Dollar caused the Terra ecosystem collapse.
In response, SEC enforcement director Gurbir Grewal emphasized the agency's goal for a cryptocurrency legal and regulatory framewor
