According to a Friday report by Bloomberg, a United States jury found Terraform Labs and its co-founder Do Kwon liable for civil fraud over the crash of the Terra ecosystem in 2022. This development comes as Do Kwon continues to battle criminal cases in the US and South Korea over the sudden collapse of the popular crypto project, which resulted in a $40 billion loss of investor assets.
SEC Wins Liability Suit Against Terraform Labs
In February 2023, the US Securities and Exchange Commission (SEC) filed a lawsuit against Terraform Labs and Do Kwon for orchestrating a multi-billion dollar crypto scam involving the sale of multiple digital assets, especially LUNA and the algorithmic stablecoin Terra USD (UST).
Based on Bloomberg’s latest report, a seven-man jury in New York has now deemed the defendants liable for fraud in this government case, thus providing the SEC with a boost in its ongoing crackdown on the digital asset industry.
While the trial lasted for two week
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