🚨Crypto enthusiasts, buckle up! Do Kwon, the former crypto mogul and founder of Terraform Labs, has been found guilty of misleading investors during the 2022 crash. 📉 The fallout? A whopping $40 billion investor loss! 😱

Kwon's crypto brainchild, Terraform Labs, was under scrutiny when unknown actors exploited the project's algorithmic stablecoin UST and its native token - LUNA. 🕵️‍♂️ Kwon tried to evade the law but was captured in Montenegro last year. 🚔

The US and South Korea are still in a tug-of-war over his extradition, with South Korea currently holding the upper hand. 🌏 Meanwhile, a New York jury has ruled against Kwon and Terraform in a legal case filed by the SEC. 🏛️

The case revolved around Kwon and Terraform's claim that Chai, a Korean payment app, used their blockchain network for transactions. The jury decided that Kwon and his company lied about UST's stability. 🤥

SEC's enforcement director, Gurbir Grewal, commented, "It's high time for the crypto markets to come into compliance." 📣 Terraform's legal team, however, expressed disappointment with the verdict and maintained that the SEC lacked legal authority for the case. 🤔

This marks one of the few court victories the SEC has secured against a crypto company, following its losses against Grayscale and Ripple in 2023. 🏅 Stay tuned for more updates! 🚀