The US Securities and Exchange Commission has launched an investigation into the UST, which caused a major crash in the cryptocurrency markets, according to Bloomberg.
According to Bloomberg’s report on the marketing efforts of the algorithmic stablecoin UST, which should be fixed to one dollar, before the collapse investigation was initiated. The investigation initiated by the SEC will investigate whether the work carried out complies with US law.
The value of UST, whose price should be fixed at $1 $0.10Behind the product after the collapse, which was experienced with the decline to below and affected the entire crypto money market, Terraform Labs and company CEO Do Kwon has been subject to many lawsuits, accusations and investigations.
Terraform Labs said in a statement regarding the SEC claim that such an investigation reported that they were not aware of:
“We were not given a warning by the SEC about this. We currently only have an investigation process with the SEC regarding the Mirror Protocol.”