Breaking: SEC sues Do Kwon and Terraform Labs for fraud

The USA Securities and Trade Fee (SEC) has filed a lawsuit in opposition to Terraform Labs and its founder Do Kwon for allegedly “orchestrating a multi-billion greenback crypto asset securities fraud.”

In a Feb. 16 assertion, the SEC stated Kwon and Terraform provided and bought an “inter-connected suite of crypto asset securities, many in unregistered transactions.” It pointed to its now collapsed algorithmic stablecoin, TerraClassicUSD (USTC) and its related cryptocurrency Luna Basic (LUNC).

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