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\n

Despite attempts by Terraform Labs and Do Kwon's legal team to downplay Jump Trading's involvement, arguing it was standard market activity, the jury found their defense unconvincing, highlighting the extent of the deception, Coindesk<\/em> reported.<\/p>\n\n\n\n

While Terraform Labs contests the verdict, Do Kwon faces additional criminal charges in the US and South Korea related to the Terra ecosystem's collapse. His extradition status remains uncertain as multiple countries vie for jurisdiction.<\/p>\n","post_title":"Terraform Labs And Do Kwon Found Liable In SEC Fraud Case","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terraform-labs-and-do-kwon-found-liable-in-sec-fraud-case","to_ping":"","pinged":"","post_modified":"2024-04-09 18:57:14","post_modified_gmt":"2024-04-09 08:57:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

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\n

During the trial, the SEC's attorney, Laura Meehan, disclosed a secret agreement between Terraform Labs, Do Kwon, and institutional investor Jump Trading to salvage UST's value during a de-pegging incident in May 2021. This intervention was concealed from the public to bolster the illusion of the algorithm's efficacy.<\/p>\n\n\n\n

Despite attempts by Terraform Labs and Do Kwon's legal team to downplay Jump Trading's involvement, arguing it was standard market activity, the jury found their defense unconvincing, highlighting the extent of the deception, Coindesk<\/em> reported.<\/p>\n\n\n\n

While Terraform Labs contests the verdict, Do Kwon faces additional criminal charges in the US and South Korea related to the Terra ecosystem's collapse. His extradition status remains uncertain as multiple countries vie for jurisdiction.<\/p>\n","post_title":"Terraform Labs And Do Kwon Found Liable In SEC Fraud Case","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terraform-labs-and-do-kwon-found-liable-in-sec-fraud-case","to_ping":"","pinged":"","post_modified":"2024-04-09 18:57:14","post_modified_gmt":"2024-04-09 08:57:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

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\n

Critical Verdict By SEC's Attorney<\/h2>\n\n\n\n

During the trial, the SEC's attorney, Laura Meehan, disclosed a secret agreement between Terraform Labs, Do Kwon, and institutional investor Jump Trading to salvage UST's value during a de-pegging incident in May 2021. This intervention was concealed from the public to bolster the illusion of the algorithm's efficacy.<\/p>\n\n\n\n

Despite attempts by Terraform Labs and Do Kwon's legal team to downplay Jump Trading's involvement, arguing it was standard market activity, the jury found their defense unconvincing, highlighting the extent of the deception, Coindesk<\/em> reported.<\/p>\n\n\n\n

While Terraform Labs contests the verdict, Do Kwon faces additional criminal charges in the US and South Korea related to the Terra ecosystem's collapse. His extradition status remains uncertain as multiple countries vie for jurisdiction.<\/p>\n","post_title":"Terraform Labs And Do Kwon Found Liable In SEC Fraud Case","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terraform-labs-and-do-kwon-found-liable-in-sec-fraud-case","to_ping":"","pinged":"","post_modified":"2024-04-09 18:57:14","post_modified_gmt":"2024-04-09 08:57:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

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\n
\nhttps:\/\/twitter.com\/SECGov\/status\/1776354285132902411\n<\/div><\/figure>\n\n\n\n

Critical Verdict By SEC's Attorney<\/h2>\n\n\n\n

During the trial, the SEC's attorney, Laura Meehan, disclosed a secret agreement between Terraform Labs, Do Kwon, and institutional investor Jump Trading to salvage UST's value during a de-pegging incident in May 2021. This intervention was concealed from the public to bolster the illusion of the algorithm's efficacy.<\/p>\n\n\n\n

Despite attempts by Terraform Labs and Do Kwon's legal team to downplay Jump Trading's involvement, arguing it was standard market activity, the jury found their defense unconvincing, highlighting the extent of the deception, Coindesk<\/em> reported.<\/p>\n\n\n\n

While Terraform Labs contests the verdict, Do Kwon faces additional criminal charges in the US and South Korea related to the Terra ecosystem's collapse. His extradition status remains uncertain as multiple countries vie for jurisdiction.<\/p>\n","post_title":"Terraform Labs And Do Kwon Found Liable In SEC Fraud Case","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terraform-labs-and-do-kwon-found-liable-in-sec-fraud-case","to_ping":"","pinged":"","post_modified":"2024-04-09 18:57:14","post_modified_gmt":"2024-04-09 08:57:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

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ADVERTISEMENT
\n

\"Terraform Labs and Kwon, its former CEO, deceived investors about the stability of the crypto asset security and so-called algorithmic stablecoin Terra USD, and they further misled investors about whether a popular payment application used Terraform's blockchain to process and settle payments.\"<\/em><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/SECGov\/status\/1776354285132902411\n<\/div><\/figure>\n\n\n\n

Critical Verdict By SEC's Attorney<\/h2>\n\n\n\n

During the trial, the SEC's attorney, Laura Meehan, disclosed a secret agreement between Terraform Labs, Do Kwon, and institutional investor Jump Trading to salvage UST's value during a de-pegging incident in May 2021. This intervention was concealed from the public to bolster the illusion of the algorithm's efficacy.<\/p>\n\n\n\n

Despite attempts by Terraform Labs and Do Kwon's legal team to downplay Jump Trading's involvement, arguing it was standard market activity, the jury found their defense unconvincing, highlighting the extent of the deception, Coindesk<\/em> reported.<\/p>\n\n\n\n

While Terraform Labs contests the verdict, Do Kwon faces additional criminal charges in the US and South Korea related to the Terra ecosystem's collapse. His extradition status remains uncertain as multiple countries vie for jurisdiction.<\/p>\n","post_title":"Terraform Labs And Do Kwon Found Liable In SEC Fraud Case","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terraform-labs-and-do-kwon-found-liable-in-sec-fraud-case","to_ping":"","pinged":"","post_modified":"2024-04-09 18:57:14","post_modified_gmt":"2024-04-09 08:57:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

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\n

SEC's Director of Division of Enforcement Gurbir Grewal mentioned<\/a>: \"We are pleased with today's jury verdict holding Terraform Labs and Do Kwon liable for a massive crypto fraud.\"<\/em><\/p>\n\n\n\n

\"Terraform Labs and Kwon, its former CEO, deceived investors about the stability of the crypto asset security and so-called algorithmic stablecoin Terra USD, and they further misled investors about whether a popular payment application used Terraform's blockchain to process and settle payments.\"<\/em><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/SECGov\/status\/1776354285132902411\n<\/div><\/figure>\n\n\n\n

Critical Verdict By SEC's Attorney<\/h2>\n\n\n\n

During the trial, the SEC's attorney, Laura Meehan, disclosed a secret agreement between Terraform Labs, Do Kwon, and institutional investor Jump Trading to salvage UST's value during a de-pegging incident in May 2021. This intervention was concealed from the public to bolster the illusion of the algorithm's efficacy.<\/p>\n\n\n\n

Despite attempts by Terraform Labs and Do Kwon's legal team to downplay Jump Trading's involvement, arguing it was standard market activity, the jury found their defense unconvincing, highlighting the extent of the deception, Coindesk<\/em> reported.<\/p>\n\n\n\n

While Terraform Labs contests the verdict, Do Kwon faces additional criminal charges in the US and South Korea related to the Terra ecosystem's collapse. His extradition status remains uncertain as multiple countries vie for jurisdiction.<\/p>\n","post_title":"Terraform Labs And Do Kwon Found Liable In SEC Fraud Case","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terraform-labs-and-do-kwon-found-liable-in-sec-fraud-case","to_ping":"","pinged":"","post_modified":"2024-04-09 18:57:14","post_modified_gmt":"2024-04-09 08:57:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

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ADVERTISEMENT
\n

See Related: <\/em><\/strong>SEC Sues Terraform Labs And Founder Do Kwon For Fraud And Sale Of Unregistered Securities<\/a><\/p>\n\n\n\n

SEC's Director of Division of Enforcement Gurbir Grewal mentioned<\/a>: \"We are pleased with today's jury verdict holding Terraform Labs and Do Kwon liable for a massive crypto fraud.\"<\/em><\/p>\n\n\n\n

\"Terraform Labs and Kwon, its former CEO, deceived investors about the stability of the crypto asset security and so-called algorithmic stablecoin Terra USD, and they further misled investors about whether a popular payment application used Terraform's blockchain to process and settle payments.\"<\/em><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/SECGov\/status\/1776354285132902411\n<\/div><\/figure>\n\n\n\n

Critical Verdict By SEC's Attorney<\/h2>\n\n\n\n

During the trial, the SEC's attorney, Laura Meehan, disclosed a secret agreement between Terraform Labs, Do Kwon, and institutional investor Jump Trading to salvage UST's value during a de-pegging incident in May 2021. This intervention was concealed from the public to bolster the illusion of the algorithm's efficacy.<\/p>\n\n\n\n

Despite attempts by Terraform Labs and Do Kwon's legal team to downplay Jump Trading's involvement, arguing it was standard market activity, the jury found their defense unconvincing, highlighting the extent of the deception, Coindesk<\/em> reported.<\/p>\n\n\n\n

While Terraform Labs contests the verdict, Do Kwon faces additional criminal charges in the US and South Korea related to the Terra ecosystem's collapse. His extradition status remains uncertain as multiple countries vie for jurisdiction.<\/p>\n","post_title":"Terraform Labs And Do Kwon Found Liable In SEC Fraud Case","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terraform-labs-and-do-kwon-found-liable-in-sec-fraud-case","to_ping":"","pinged":"","post_modified":"2024-04-09 18:57:14","post_modified_gmt":"2024-04-09 08:57:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The SEC accused Terraform Labs and Do Kwon of deceiving investors about UST's functionality and the Terra blockchain's potential applications. The nine-day trial concluded swiftly, with the jury siding with the SEC's claims.<\/p>\n\n\n\n

See Related: <\/em><\/strong>SEC Sues Terraform Labs And Founder Do Kwon For Fraud And Sale Of Unregistered Securities<\/a><\/p>\n\n\n\n

SEC's Director of Division of Enforcement Gurbir Grewal mentioned<\/a>: \"We are pleased with today's jury verdict holding Terraform Labs and Do Kwon liable for a massive crypto fraud.\"<\/em><\/p>\n\n\n\n

\"Terraform Labs and Kwon, its former CEO, deceived investors about the stability of the crypto asset security and so-called algorithmic stablecoin Terra USD, and they further misled investors about whether a popular payment application used Terraform's blockchain to process and settle payments.\"<\/em><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/SECGov\/status\/1776354285132902411\n<\/div><\/figure>\n\n\n\n

Critical Verdict By SEC's Attorney<\/h2>\n\n\n\n

During the trial, the SEC's attorney, Laura Meehan, disclosed a secret agreement between Terraform Labs, Do Kwon, and institutional investor Jump Trading to salvage UST's value during a de-pegging incident in May 2021. This intervention was concealed from the public to bolster the illusion of the algorithm's efficacy.<\/p>\n\n\n\n

Despite attempts by Terraform Labs and Do Kwon's legal team to downplay Jump Trading's involvement, arguing it was standard market activity, the jury found their defense unconvincing, highlighting the extent of the deception, Coindesk<\/em> reported.<\/p>\n\n\n\n

While Terraform Labs contests the verdict, Do Kwon faces additional criminal charges in the US and South Korea related to the Terra ecosystem's collapse. His extradition status remains uncertain as multiple countries vie for jurisdiction.<\/p>\n","post_title":"Terraform Labs And Do Kwon Found Liable In SEC Fraud Case","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terraform-labs-and-do-kwon-found-liable-in-sec-fraud-case","to_ping":"","pinged":"","post_modified":"2024-04-09 18:57:14","post_modified_gmt":"2024-04-09 08:57:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The verdict followed accusations of misleading investors regarding the stability of Terra USD (UST), an algorithmic stablecoin, and the purported capabilities of the Terra blockchain.<\/p>\n\n\n\n

The SEC accused Terraform Labs and Do Kwon of deceiving investors about UST's functionality and the Terra blockchain's potential applications. The nine-day trial concluded swiftly, with the jury siding with the SEC's claims.<\/p>\n\n\n\n

See Related: <\/em><\/strong>SEC Sues Terraform Labs And Founder Do Kwon For Fraud And Sale Of Unregistered Securities<\/a><\/p>\n\n\n\n

SEC's Director of Division of Enforcement Gurbir Grewal mentioned<\/a>: \"We are pleased with today's jury verdict holding Terraform Labs and Do Kwon liable for a massive crypto fraud.\"<\/em><\/p>\n\n\n\n

\"Terraform Labs and Kwon, its former CEO, deceived investors about the stability of the crypto asset security and so-called algorithmic stablecoin Terra USD, and they further misled investors about whether a popular payment application used Terraform's blockchain to process and settle payments.\"<\/em><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/SECGov\/status\/1776354285132902411\n<\/div><\/figure>\n\n\n\n

Critical Verdict By SEC's Attorney<\/h2>\n\n\n\n

During the trial, the SEC's attorney, Laura Meehan, disclosed a secret agreement between Terraform Labs, Do Kwon, and institutional investor Jump Trading to salvage UST's value during a de-pegging incident in May 2021. This intervention was concealed from the public to bolster the illusion of the algorithm's efficacy.<\/p>\n\n\n\n

Despite attempts by Terraform Labs and Do Kwon's legal team to downplay Jump Trading's involvement, arguing it was standard market activity, the jury found their defense unconvincing, highlighting the extent of the deception, Coindesk<\/em> reported.<\/p>\n\n\n\n

While Terraform Labs contests the verdict, Do Kwon faces additional criminal charges in the US and South Korea related to the Terra ecosystem's collapse. His extradition status remains uncertain as multiple countries vie for jurisdiction.<\/p>\n","post_title":"Terraform Labs And Do Kwon Found Liable In SEC Fraud Case","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terraform-labs-and-do-kwon-found-liable-in-sec-fraud-case","to_ping":"","pinged":"","post_modified":"2024-04-09 18:57:14","post_modified_gmt":"2024-04-09 08:57:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

A Manhattan jury has pronounced Terraform Labs and its co-founder, Do Kwon, liable for civil fraud charges brought forth by the US Securities and Exchange Commission (SEC).<\/p>\n\n\n\n

The verdict followed accusations of misleading investors regarding the stability of Terra USD (UST), an algorithmic stablecoin, and the purported capabilities of the Terra blockchain.<\/p>\n\n\n\n

The SEC accused Terraform Labs and Do Kwon of deceiving investors about UST's functionality and the Terra blockchain's potential applications. The nine-day trial concluded swiftly, with the jury siding with the SEC's claims.<\/p>\n\n\n\n

See Related: <\/em><\/strong>SEC Sues Terraform Labs And Founder Do Kwon For Fraud And Sale Of Unregistered Securities<\/a><\/p>\n\n\n\n

SEC's Director of Division of Enforcement Gurbir Grewal mentioned<\/a>: \"We are pleased with today's jury verdict holding Terraform Labs and Do Kwon liable for a massive crypto fraud.\"<\/em><\/p>\n\n\n\n

\"Terraform Labs and Kwon, its former CEO, deceived investors about the stability of the crypto asset security and so-called algorithmic stablecoin Terra USD, and they further misled investors about whether a popular payment application used Terraform's blockchain to process and settle payments.\"<\/em><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/SECGov\/status\/1776354285132902411\n<\/div><\/figure>\n\n\n\n

Critical Verdict By SEC's Attorney<\/h2>\n\n\n\n

During the trial, the SEC's attorney, Laura Meehan, disclosed a secret agreement between Terraform Labs, Do Kwon, and institutional investor Jump Trading to salvage UST's value during a de-pegging incident in May 2021. This intervention was concealed from the public to bolster the illusion of the algorithm's efficacy.<\/p>\n\n\n\n

Despite attempts by Terraform Labs and Do Kwon's legal team to downplay Jump Trading's involvement, arguing it was standard market activity, the jury found their defense unconvincing, highlighting the extent of the deception, Coindesk<\/em> reported.<\/p>\n\n\n\n

While Terraform Labs contests the verdict, Do Kwon faces additional criminal charges in the US and South Korea related to the Terra ecosystem's collapse. His extradition status remains uncertain as multiple countries vie for jurisdiction.<\/p>\n","post_title":"Terraform Labs And Do Kwon Found Liable In SEC Fraud Case","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terraform-labs-and-do-kwon-found-liable-in-sec-fraud-case","to_ping":"","pinged":"","post_modified":"2024-04-09 18:57:14","post_modified_gmt":"2024-04-09 08:57:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

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Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

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ADVERTISEMENT
\n
  • Do Kwon faces additional criminal charges in the US and South Korea.<\/li>\n<\/ul>\n\n\n\n

    A Manhattan jury has pronounced Terraform Labs and its co-founder, Do Kwon, liable for civil fraud charges brought forth by the US Securities and Exchange Commission (SEC).<\/p>\n\n\n\n

    The verdict followed accusations of misleading investors regarding the stability of Terra USD (UST), an algorithmic stablecoin, and the purported capabilities of the Terra blockchain.<\/p>\n\n\n\n

    The SEC accused Terraform Labs and Do Kwon of deceiving investors about UST's functionality and the Terra blockchain's potential applications. The nine-day trial concluded swiftly, with the jury siding with the SEC's claims.<\/p>\n\n\n\n

    See Related: <\/em><\/strong>SEC Sues Terraform Labs And Founder Do Kwon For Fraud And Sale Of Unregistered Securities<\/a><\/p>\n\n\n\n

    SEC's Director of Division of Enforcement Gurbir Grewal mentioned<\/a>: \"We are pleased with today's jury verdict holding Terraform Labs and Do Kwon liable for a massive crypto fraud.\"<\/em><\/p>\n\n\n\n

    \"Terraform Labs and Kwon, its former CEO, deceived investors about the stability of the crypto asset security and so-called algorithmic stablecoin Terra USD, and they further misled investors about whether a popular payment application used Terraform's blockchain to process and settle payments.\"<\/em><\/p>\n\n\n\n

    \nhttps:\/\/twitter.com\/SECGov\/status\/1776354285132902411\n<\/div><\/figure>\n\n\n\n

    Critical Verdict By SEC's Attorney<\/h2>\n\n\n\n

    During the trial, the SEC's attorney, Laura Meehan, disclosed a secret agreement between Terraform Labs, Do Kwon, and institutional investor Jump Trading to salvage UST's value during a de-pegging incident in May 2021. This intervention was concealed from the public to bolster the illusion of the algorithm's efficacy.<\/p>\n\n\n\n

    Despite attempts by Terraform Labs and Do Kwon's legal team to downplay Jump Trading's involvement, arguing it was standard market activity, the jury found their defense unconvincing, highlighting the extent of the deception, Coindesk<\/em> reported.<\/p>\n\n\n\n

    While Terraform Labs contests the verdict, Do Kwon faces additional criminal charges in the US and South Korea related to the Terra ecosystem's collapse. His extradition status remains uncertain as multiple countries vie for jurisdiction.<\/p>\n","post_title":"Terraform Labs And Do Kwon Found Liable In SEC Fraud Case","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terraform-labs-and-do-kwon-found-liable-in-sec-fraud-case","to_ping":"","pinged":"","post_modified":"2024-04-09 18:57:14","post_modified_gmt":"2024-04-09 08:57:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

    1 2

    Most Read

    Subscribe To Our Newsletter

    By subscribing, you agree with our privacy and terms.

    Follow The Distributed

    Twitter Instagram Youtube LinkedIn Facebook RSS
    ADVERTISEMENT
    \n
  • The SEC accused Terraform Labs and Do Kwon of deceiving investors regarding the functionality of Terra USD.<\/li>\n\n\n\n
  • Do Kwon faces additional criminal charges in the US and South Korea.<\/li>\n<\/ul>\n\n\n\n

    A Manhattan jury has pronounced Terraform Labs and its co-founder, Do Kwon, liable for civil fraud charges brought forth by the US Securities and Exchange Commission (SEC).<\/p>\n\n\n\n

    The verdict followed accusations of misleading investors regarding the stability of Terra USD (UST), an algorithmic stablecoin, and the purported capabilities of the Terra blockchain.<\/p>\n\n\n\n

    The SEC accused Terraform Labs and Do Kwon of deceiving investors about UST's functionality and the Terra blockchain's potential applications. The nine-day trial concluded swiftly, with the jury siding with the SEC's claims.<\/p>\n\n\n\n

    See Related: <\/em><\/strong>SEC Sues Terraform Labs And Founder Do Kwon For Fraud And Sale Of Unregistered Securities<\/a><\/p>\n\n\n\n

    SEC's Director of Division of Enforcement Gurbir Grewal mentioned<\/a>: \"We are pleased with today's jury verdict holding Terraform Labs and Do Kwon liable for a massive crypto fraud.\"<\/em><\/p>\n\n\n\n

    \"Terraform Labs and Kwon, its former CEO, deceived investors about the stability of the crypto asset security and so-called algorithmic stablecoin Terra USD, and they further misled investors about whether a popular payment application used Terraform's blockchain to process and settle payments.\"<\/em><\/p>\n\n\n\n

    \nhttps:\/\/twitter.com\/SECGov\/status\/1776354285132902411\n<\/div><\/figure>\n\n\n\n

    Critical Verdict By SEC's Attorney<\/h2>\n\n\n\n

    During the trial, the SEC's attorney, Laura Meehan, disclosed a secret agreement between Terraform Labs, Do Kwon, and institutional investor Jump Trading to salvage UST's value during a de-pegging incident in May 2021. This intervention was concealed from the public to bolster the illusion of the algorithm's efficacy.<\/p>\n\n\n\n

    Despite attempts by Terraform Labs and Do Kwon's legal team to downplay Jump Trading's involvement, arguing it was standard market activity, the jury found their defense unconvincing, highlighting the extent of the deception, Coindesk<\/em> reported.<\/p>\n\n\n\n

    While Terraform Labs contests the verdict, Do Kwon faces additional criminal charges in the US and South Korea related to the Terra ecosystem's collapse. His extradition status remains uncertain as multiple countries vie for jurisdiction.<\/p>\n","post_title":"Terraform Labs And Do Kwon Found Liable In SEC Fraud Case","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terraform-labs-and-do-kwon-found-liable-in-sec-fraud-case","to_ping":"","pinged":"","post_modified":"2024-04-09 18:57:14","post_modified_gmt":"2024-04-09 08:57:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

    1 2

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    Subscribe To Our Newsletter

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