SEC charges Terra founder Do Kwon with fraud | CNN Business

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The SEC has charged crypto developer Do Kwon and his company Terraform Labs with defrauding investors in what the regulator deemed a multibillion-dollar scheme, according to a filing in federal court

Kwon founded blockchain platform Terraform Labs and was the primary developer of two cryptocurrencies whose demise roiled crypto markets around the world last year. He raised billions of dollars from investors beginning in April 2018 by selling a series of inter-connected digital assets, many of which were unregistered securities, the SEC alleged in the court filing in the Southern District of New York. The SEC filing did not say where Kwon was living.

Prior to its collapse on May 9, TerraUSD had a market cap of more than $18.5 billion and was the tenth-largest cryptocurrency. According to the SEC’s complaint, Terraform Labs and Kwon misled investors about the stability of UST, and claimed that the firm’s crypto tokens would increase in value. Terraform Labs did not immediately respond to a request for comment.

 

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