"Terraform Founder Do Kwon Found Liable in SEC's Crypto Fraud Trial"

A jury in Manhattan found Terraform Labs and its founder Do Kwon liable on civil fraud charges brought by the SEC, alleging that they misled investors about the stability of TerraUSD, a stablecoin, and falsely claimed that Terraform’s blockchain was used in a popular Korean mobile payment app. The SEC estimates investors lost over $40 billion when the TerraUSD peg to the dollar could not be maintained in May 2022, leading to wider havoc in the crypto market and several companies filing for bankruptcy. Kwon, who was arrested in Montenegro in March 2023, did not attend the trial, and both the US and South Korea have sought his extradition on criminal charges.