US Jury Finds Do Kwon, Terraform Labs Liable For Fraud In SEC Trial
- Terraform Labs and co-founder Do Kwon found liable for civil fraud over Terra ecosystem crash in 2022, resulting in $40 billion investor loss. - US SEC filed lawsuit in February 2023, alleging multi-billion dollar crypto scam involving LUNA and Terra USD. - New York jury deemed defendants liable for fraud, boosting SEC's crackdown on digital asset industry. - Defendants deceived investors about Chai's use of Terra blockchain and UST stablecoin stability. - SEC seeks court order for civil penalties, recovery of gains, and prejudgment interests. - Montenegro's Supreme Court overturns extradition order of Do Kwon to South Korea, citing procedural violations and breach of authority. - Do Kwon arrested in March 2023 for traveling with falsified documents, subject to extradition contest between US and South Korea.
