The SEC charged Terraform and its CEO, Do Kwon, with fraud, alleging that they bilked investors out of billions of dollars.
Kwon and Terraform perpetrated a "multi-billion" dollar fraud against investors as part of marketing the TerraUSD and luna coins, which collapsed in May 2022.Do Kwon, co-founder and chief executive officer of Terraform Labs, in the company's office in Seoul, South Korea, April 14, 2022.
But the price of luna grew unstable and forced UST to break its $1 peg, an effort which sent both terra and luna spiraling. The SEC alleges that Kwon marketed those assets, including those mAsset swaps and Terra, as profit-bearing securities, "repeatedly claiming" the tokens would increase in value.
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