US Securities and Exchange Commission accuses Terra founder of fraud

SEC

The US Securities and Exchange Commission raises serious allegations against the Terra founder.

(Photo: Reuters)

Washington The US Securities and Exchange Commission has accused crypto developer Dow Kwon and his company Terraform Labs of defrauding investors. This emerges from documents from a federal court in the southern district of New York.

The suspect operated a fraudulent scheme that resulted in a market loss of at least $40 billion, the document said. Do Kwon is the South Korean co-founder and head of Singapore-based Terraform Labs, parent company of crashed stablecoin TerraUSD and cryptocurrency Luna.

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