SEC charges Terra founder Do Kwon with fraud | CNN Business

  • 📰 CNN
  • ⏱ Reading Time:
  • 19 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 11%
  • Publisher: 95%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

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.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 4. in ZA
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Why do some dogs in the United States like to come to Taiwan to beg? Why do you have nothing to eat in the United States? American dog. Pitiful

Now do Justin Sun

Ouch

South Africa South Africa Latest News, South Africa South Africa Headlines