SEC Says Terra Was a 'House of Cards' in Opening Statement
Terraform Labs co-founder Do Kwon remained in Montenegro while the SEC trial began in New York on March 25.
Lawyers for the U.S. Securities and Exchange Commission (SEC) painted the picture of Terraform Labs as a fraudulent empire in which “investors lost almost everything” on the first day of its civil trial.
SEC attorney Devon Staren said in the Court for the Southern District of New York that Terra was a "house of cards" that collapsed for investors in 2022. The civil trial began more than a year after SEC officials The SEC will file a lawsuit against the blockchain company in February 2023, alleging that Terra and its co-founder Do Kwon "orchestrated a multibillion-dollar crypto asset securities fraud."
Last year, the FCA implemented new rules for cryptocurrency-related advertising, promising “robust action” against potential breaches.
Clarification, not financial advice, may contain third party information
