SEC Sues Do Kwon and TerraForm for Conspiring to Cheat Investors
full version at dailycoin
U.S. Securities and Exchange Commission (SEC) charges Do Kwon with fraud. The complaint concludes that the failed UST stablecoin’s price was manipulated. SEC Director of Enforcement says Terra is “neither decentralized, nor finance." While the downtrodden crypto entrepreneur Do Kwon is still out in the open, the South Korean authorities are no longer the only law enforcement institution on his back. The U.S. Securities and Exchange Commission (SEC) filed a complaint against TerraForm Labs and co-founder Do Kwon in New York on Thursday. Moreover, the complaint claims that TerraForm Labs and Do Kwon has sold unregistered crypto tokens since April 2018, which include Terra (LUNA), Terra (UST), and are all deemed as securities. The lawsuit also points out that the fraud had stripped the United States retail and institutional investors of more than $40 billion. whew lad, lots to digest in the SEC lawsuit vs Do Kwon and Terraform Labs right off the bat, a very interesting fact is that the SEC is being more thorough than usual--specifically running through the Howey test for various assets (UST, LUNA, and wLUNA) and also alleging that… https://t.co/1JsBQijMnw pic.twitter.com/qHuL6mKpeo— _gabrielShapir0 (@lex_node) February 16, 2023 More Conspiracies Emerge on Crypto Twitter Gary Gensler and the SEC had earned themselves a reputation for numerous attempts to curb crypto - from Elon Musk’s 420 Tweet to the recent crackdown on Kraken’s staking products with a solid $30 million fine. Without any doubt, the most popular case is The SEC vs. XRP, which plays a key role in shaping cryptocurrency legislation. However, the SEC waited nine months to tackle the $2 trillion crypto wipeout caused by TerraForm Labs and the shady South Korean entrepreneur Do Kwon. In response to this, the controversial LUNC DAO, one of the main validators of the Terra (LUNA) network, had uttered that no one has sincerely tried to repeg Terra’s own monstrosity of a stablecoin. “It’s now clear that Do Kwon is paying him to stall The Community to prevent the re-peg and stop $LUNC from reaching $1,” concludes LUNC DAO, also sarcastically remarking that the FBI “is going to arrest anyone who has ever uttered the words Lord Do Kwon.” Duncan claims he has been trying to re-peg $USTC to $1 for 9 months nowHowever, if he or anyone was doing it sincerely it would be $1 alreadyIt’s now clear that Do Kwon is paying him to stall The Community to…Continue reading on DailyCoin.
