A jury in a New York court has found Do Kwon liable for defrauding investors through the $40 billion crypto disaster orchestrated by Terraform Labs through LUNA and UST cryptos.
Terraform Labs said it’s disappointed with the ruling and vowed to fight back, claiming that the SEC has no authority against the company or its founders.
Do Kwon and his company Terraform Labs (TFL) are liable for defrauding investors through the $40 billion crypto catastrophe that was LUNA and UST. This is the ruling of a jury in a New York court that handed the victory to the Securities and Exchange Commission (SEC) in its case against the fallen crypto king.
The Manhattan court has presided over the case between the SEC and TFL/Kwon for the past two weeks. The SEC alleged that Kwon and his company misled American investors about the stability of TerraUSD, or UST, the company’s algorithmic stablecoin. UST folded like a house of cards in mid-2022, taking out its sister token, LUNA, and eroding over $40 bi

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