The U.S. securities regulator has accused Kwon and his company Terraform of “orchestrating a multi-billion dollar crypto asset securities fraud” using the stablecoin TerraUSD and other digital assets. (The Logic)
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The U.S. securities regulator has accused Kwon and his company Terraform of “orchestrating a multi-billion dollar crypto asset securities fraud” using the stablecoin TerraUSD and other digital assets. (The Logic)
Talking point: The SEC is on a crypto enforcement roll now and its latest target is a big one. The implosion of Terraform Labs’ token Luna and related stablecoin Terra was the catalyst for a massive crypto selloff in May. “The Terraform ecosystem was neither decentralized, nor finance. It was simply a fraud,” SEC enforcement director Gurbir S. Grewal said in a release. Like FTX, another massive crypto firm that fell from grace and sparked more industry contagion in November, Kwon and Terraform had built ties across the global industry. Kwon was an investor in Canadian crypto unicorns Axelar and LayerZero. Mike Novogratz, CEO of TSX-listed Galaxy Digital, infamously has a large Luna tattoo.
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