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.

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

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

WATCH | Jeff Bezos' R9 billion megayacht sets sail for its first sea trials | Business InsiderJeff Bezos' yacht sparked uproar when its passage threatened to the dismantling of a historic bridge. Now, it's hitting open water for the first time.
Source: BISouthAfrica - 🏆 34. / 51 Read more »

Microsoft has pretty much admitted its Bing chatbot can go rogue if prodded | Business InsiderSome users say they have found ways to prompt Microsoft's new AI-boosted Bing to argue with them and express anger.
Source: BISouthAfrica - 🏆 34. / 51 Read more »

Warren Buffett's right-hand man says Elon Musk is gifted but weird | Business InsiderCharlie Munger said he doesn't bet on Musk or against him, and touted BYD as one of his greatest contributions to Buffett's Berkshire Hathaway. I’m didn’t need him to tell me. I’m ok with weird. You know , diversity etc.
Source: BISouthAfrica - 🏆 34. / 51 Read more »

Tim Cook's mysterious silence on ChatGPT is making Apple look out of touch | Business InsiderApple must show it will integrate AI like ChatGPT into products even though it's not known for AI innovation. It's a tall order for a company facing plenty of other challenges.
Source: BISouthAfrica - 🏆 34. / 51 Read more »

Headloading puts girls at risk of falls and leaves them in pain, study finds | Business InsiderGirls are prone to losing their balance when they negotiate steep and rocky terrain with water, firewood and food on their heads, sports rehabilitation experts found in the first South African study of its kind.
Source: BISouthAfrica - 🏆 34. / 51 Read more »

Alex Jones bankruptcy filing shows he has guns that belong to January 6 rioters | Business InsiderThe bankruptcy filing says he has approximately $10 million in assets. It's unclear how many firearms he's holding or where they are being kept.
Source: BISouthAfrica - 🏆 34. / 51 Read more »