SEC charges Terraform Labs, CEO Do Kwon with defrauding crypto investors
The U.S. Securities and Exchange Commission on Thursday charged Terraform Labs, a Singapore-based crypto company, and its chief executive Do Kwon, for a multibillion-dollar crypto asset securities fraud.
“We allege that Terraform and Do Kwon failed to provide the public with full, fair, and truthful disclosure as required for a host of crypto asset securities, most notably for LUNA and Terra USD,” said SEC Chair Gary Gensler, in a statement. “We also allege that they committed fraud by repeating false and misleading statements to build trust before causing devastating losses for investors.”
In recent months, the SEC has cracked down on crypto companies, including Kraken, a popular crypto exchange, which was hit with a $30 million fine for failing to register its crypto staking program. The SEC also hit two crypto exchanges known for trading Bitcoin BTCUSD, -0.63%, Gemini and Genesis, in January, with charges related to unregistered securities.
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Breaking: SEC sues Do Kwon and Terraform Labs for fraudThe SEC has filed a complaint alleging Terraform Labs and Do Kwon failed to provide the public with truthful disclosure regarding crypto asset securities, most notably for LUNA and Terra USD.
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