The U.S. Securities and Exchange Commission (SEC) has charged Terraform Labs and its CEO, Do Hyeong Kwon, with fraud, alleging that Kwon and his company orchestrated “a multibillion-dollar crypto-asset securities fraud.” The securities watchdog insists that Kwon raised billions from investors by creating an “interconnected suite of crypto-asset securities,” many of which were involved in unregistered transactions.
SEC Charges Terra’s Do Kwon and Terraform Labs With Defrauding Investors
Nine months after the entire Terra blockchain ecosystem collapsed, the U.S. Securities and Exchange Commission (SEC) charged the Singaporean company Terraform Labs Pte. Ltd. and the firm’s CEO, Do Kwon. The SEC detailed on Thursday that Terraform and Kwon raised billions from venture capitalists and created a suite of unregistered securities and mirrored assets that replicated the value of U.S. stocks. The government’s complaint also mentions the now-defunct UST algorithmic stablecoin.
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