According to PANews, lawyers for Terraform Labs and its founder Do Kwon are expected to make closing arguments on Friday on charges that Terraform and Do Kwon defrauded investors before their stablecoin collapsed in 2022. Terraform and Kwon's lawyers previously told the jury that the U.S. SEC took their statements out of context and relied on witnesses who could only receive whistleblower bonuses if the SEC won the case.
The regulator is seeking civil penalties and a ban on Kwon and Terraform from engaging in securities business. Kwon was arrested in Montenegro in March 2023 and did not appear for his trial, which began on March 25. Both the United States and South Korea, where Kwon holds citizenship, have filed extradition requests for criminal charges against him.
