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Due to volatile market conditions last week, the total value locked in DeFi protocols dropped below $50 billion again. Although many tokens returned positive weekly gains, others traded in the red.
According to a report published by a popular newsletter Finance Redefined, the yield platform Stablegains has been sued for promoting UST.
A lawsuit has been filed in a Californian district court seeking damages from DeFi yield platform Stablegains, which has been shuttered since May.
The SEC is charging Terraform and Kwon for fraud, selling unregistered securities, selling unregistered security-based swaps, and other related claims.
South Korea isn't the only country with problems regarding Do Kwon and his company. Another cryptocurrency firm is in trouble with the law. The Securities and Exchange Commission (SEC) recently charged Singapore-based crypto fintech firm Terraform Labs and its CEO for defrauding investors in crypto schemes.