A federal jury in New York has found South Korean crypto magnate Do Kwon—and his company Terraform Labs—liable for defrauding investors who collectively sank billions of dollars into cryptoassets whose value later fell to near zero.
Filed in February 2023 by the Securities and Exchange Commission, a regulatory body responsible for protecting US investors, the civil complaint alleged that Kwon and Terraform had “perpetrated a fraudulent scheme that led to the loss of $40 billion of market value,” whereby they lied to investors about the prospects and stability of the cryptotokens they issued. Kwon, who went into hiding after the tokens crashed in 2022, is facing criminal charges in the United States and South Korea. He was recently released on bail from a prison in Montenegro, where he was arrested last year and awaits extraditio
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