🚨⚠️Jury Finds Do Kwon and Terraform Labs Guilty of Securities Fraud
The jury found Do Kwon and his company, Terraform Labs, liable for securities fraud. The ruling, delivered after a two-week civil trial, marks a significant victory for the US Securities and Exchange Commission in its efforts to regulate the crypto market.
The jury agreed with the SEC's allegations that Kwon and Terraform Labs misled investors before the crash of their stablecoin in 2022, an event that sent shockwaves through the cryptocurrency market. Gurbir S. Grewal, Director of the SEC's Enforcement Division, praised the ruling as a reminder of the consequences of operating without proper registration and compliance in the crypto space.
This decision, along with the recent conviction of FTX founder Sam Bankman-Fried, is seen by some analysts as a turning point for the industry, helping draw a line in the sand in a tumultuous period and paving the way for greater regulatory oversight and investor protection .
