US regulators accuse fugitive Terraform founder Do Kwon of multibillion-dollar crypto fraud | Business Insider

The American SEC has charged fugitive crypto boss Do Kwon and his company Terraform Labs with alleged fraud.

The suit is linked to the collapse of stablecoin TerraUSD which led to a $60 billion wipeout last year.For more stories,US regulators have charged fugitive Terraform Labs boss Do Kwon and his company with multibillion-dollar fraud linked to two cryptocurrencies whose failure sent reverberations through the market.

The Securities and Exchange Commission has accused them of misleading US investors about the stability of algorithmic stablecoin TerraUSD, or UST, which was meant to be pegged to the US dollar. Its civil fraud lawsuit filed Thursday also alleges they fooled people about Terra's sister token luna. "As alleged in our complaint, the Terraform ecosystem was neither decentralized, nor finance. It was simply a fraud propped up by a so-called algorithmic"stablecoin" — the price of which was controlled by the defendants, not any code," SEC enforcement head Gurbir Grewal said in aAt the same time, the SEC is also charging Terraform and Kwon over the sale of unregistered securities, the markets regulator said.

"Today's action not only holds the defendants accountable for their roles in Terra's collapse, which devastated both retail and institutional investors and sent shock waves through the crypto markets, but once again highlights that we look to the economic realities of an offering, not the labels put on it," he added.

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