The original complaint filed by the SEC on February 28, 2023, stated that Kwon and Terraform had sold crypto assets from 2018 to 2022 in unregistered transactions and would perpetrate a fraudulent scheme that would lead to a loss of $40 billion in market value to retailers and investors.
We are pleased with today's jury verdict holding Terraform Labs and Do Kwon liable for a massive crypto fraud. 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.
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