Cheyenne Ligon is a CoinDesk news reporter with a focus on crypto regulation and policy. She has no significant crypto holdings.
has found Terraform Labs and its co-founder, Do Kwon, liable on civil fraud charges brought by the U.S. Securities and Exchange Commission in connection with the $40 billion implosion of the Terra ecosystem in May 2022, according to a Friday
Jurors agreed with the SEC that Kwon and, under his direction, Terraform Labs deceived everyday investors about the nature of the supposed algorithm that kept UST pegged to the U.S. dollar. Though Kwon insinuated that it could “automatically self-heal” in the event of a de-peg, it actually relied on continuous trading activity, including large-scale trading done by institutional investors.
SEC attorney Laura Meehan told the jury during her closing arguments on Friday that one of those institutional investors – Jump Trading – had made a secret deal with Kwon and Terraform Labs to rescue UST during a de-pegging event in May 2021, stepping in and buying millions of dollars of UST off-chain to reinflate its value and bring it back to parity with the dollar.
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