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U.S. Securities and Exchange Commission@SECGov

Today, after a nine-day trial, a jury in the United States District Court for the Southern District of New York found Terraform Labs PTE Ltd. & Do Kwon liable for defrauding investors in crypto asset securities. More: t.co

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. Through these deceptions, the defendants caused devastating losses for investors and wiped out tens of billions of market value nearly overnight.
For all of crypto’s promises, the lack of registration and compliance have very real consequences for real people. As the hard work of our team shows, we will continue to use the tools at our disposal to protect the investing public, but it is high time for the crypto markets to come into compliance. | Gurbir Grewal, Director, Division of Enforcement | sec.gov

673 likes257 repliesPosted Apr 5, 2024

View the original on X Written by U.S. Securities and Exchange Commission. Captured Sep 4, 2026.

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