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Kwon and Terraform Labs will face a civil fraud trial in New York, while the CEO faces a possible extradition from Montenegro for criminal charges in the U.S. and South Korea.
Key Points ...
Key Points - In SEC v. Terraform, the court has granted summary judgment for the SEC on its claim that the defendants offered and sold unregistered securities in the form of “crypto...
Terraform Labs founder Do Kwon is still in Montenegro waiting to be extradited, but the SEC’s case against him will proceed, with a January 29th scheduled start date. The TerraUSD (UST) stablecoin, its linked Luna crypto token, and the whole Anchor Protocol crashed in May 2022, wiping out about $40 billion. According to the judge, while UST on its own is not a security, when combined with the Anchor Protocol, it is, while Luna joined investors in a “common, profit-seeking enterprise.”