SEC Sues Terraform Labs

SEC Sues Terraform Labs -Check out the story here

The collapse of TerraUSD last year led to a wave of bankruptcies in the crypto industry.

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[{"selector":"#anim-8b0f3e02-421e-441c-b02c-19c2b163dda0 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-31.249999886225726%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] The U.S. Securities and Exchange Commission (SEC) sued Terraform Labs, the company behind the failed TerraUSD stablecoin, and its co-founder Do Kwon on Thursday. Arrow

[{"selector":"#anim-4c83c17d-4807-48fc-930c-0d630281bd95 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-34.179687404002955%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] The SEC is charging Terraform and Kwon with fraud, selling unregistered securities, selling unregistered security-based swaps and other related claims. Arrow

Bloomberg first reported the SEC would sue Terraform earlier on Thursday.

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[{"selector":"#anim-e9c1018f-b191-4c25-98c5-77b862b928d5 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(30.343866051731062%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] The complaint alleged that Kwon and Terraform worked with a U.S. trading firm, which was not named, to restore UST's peg after it fell nearly 10 cents in May 2021. Arrow

Specifically, Terraform and Kwon emphasized the purported effectiveness of the algorithm underlying UST in maintaining UST pegged to the dollar

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The collapse of TerraUSD last year led to a wave of bankruptcies in the crypto industry.

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