stablecoin helped accelerate a brutal cryptocurrency downturn that obliterated billions in market value, wiped out many crypto investors — and eventually culminated in FTX's dramatic implosion.
Kwon eventually went into hiding, sparking a wild extradition saga that spanned Montenegro, South Korea and the U.S.against Terraform and Kwon also raises questions about the commission's views on stablecoins, and whether they're securities.The seven-person jury deliberated for less than two hours, finding that investors were misled about the stability of Terraform's UST stablecoin, which the company and Kwon was algorithmically pegged to the dollar.
It also found that Kwon and Terraform falsely claimed that Korean payments app Chai used Terraform's blockchain tech for transactions."We are very disappointed with the verdict, which we do not believe is supported by the evidence," a Terraform spokesperson said in a statement to Bloomberg. "We continue to maintain that the SEC does not have the legal authority to bring this case at all, and we are carefully weighing our options and next steps."Share on facebook Share on email
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: FXStreetNews - 🏆 14. / 72 Read more »
Source: CoinDesk - 🏆 291. / 63 Read more »