Do Kwon, Terraform Labs, others hit with class action lawsuit By michael40712627
Even though the Terra tokens bear all the hallmarks of being investment contracts and, thus, “securities under the Howey test,” the lawsuit says, “no registration statements have been filed with the SEC.”
A class action lawsuit filed on Friday accuses Do Kwon, Terraform Labs and others of selling unregistered securities and making false statements about the stability of the TerraUSD stablecoin and related token luna to induce investors to purchase them, according to theOther defendants named in the case include Jump Crypto, Jump Trading, Republic Capital, Republic Maximal, Tribe Capital, DeFinance Capital , DeFinance Technologies , GSR Markets, Three Arrows Capital and Nicholas Platias.
The lawsuit also claims that members of the Luna Foundation Guard, a nonprofit formed to defend the Terra tokens against severe market volatility, acted on behalf of TFL to promote the stability of UST and misled investors into believing that an available reserve pool would be sufficient to defend against a “proverbial run on the bank by UST/LUNA investors.”
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