In a significant development in the ongoing legal battle between the United States Securities and Exchange Commission (SEC) and Terraform Labs, a jury has found the blockchain protocol and its co-founder Do Kwon liable for civil fraud over the crash of the Terra ecosystem in 2022.
In response, the SEC has filed a motion seeking billions of dollars in disgorgement and civil penalties against the defendants.
SEC Scores Victory As Jury Finds Terraform Labs And Do Kwon Guilty
The SEC’s initial lawsuit, filed in February 2023, accused Terraform Labs and Do Kwon of orchestrating a large-scale crypto scam involving the sale of various digital assets, particularly LUNA and the algorithmic stablecoin Terra USD (UST).
Following the recent verdict in the civil case, the jury has determined that the defendants are indeed responsible for fraud, providing the SEC with a significant boost in its ongoing efforts to crack down on fraudulent activities within the digital asset industr
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