The SEC is suing Do Kwon for fraud based on claims made about his so-called stablecoin, TerraUSD. Its collapse drained billions in investments and dragged down several other firms in 2021 as “crypto winter” set in.
The US Securities and Exchange Commission is suing the creator of the collapsed Terra blockchain protocol for securities fraud following last year’s meltdown that sent reverberations throughout the cryptocurrency industry. According to the SEC’s complaint, Terraform Labs and its co-founder Do Kwon “perpetuated a fraudulent scheme that led to the loss of at least $40 billion of market value.
That’s why when TerraUSD started crashing last year, so did Luna, vaporizing the billions of dollars hopeful investors threw at the cryptocurrencies. The SEC accuses Terraform and Kwon of misleading investors about the stability of TerraUSD, noting they failed to inform investors that the price of the coin falling below its dollar peg “would spell doom for the entire Terraform ecosystem.
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