Terra was a ‘house of cards’ — SEC in opening statements for civil trial

Terraform Labs co-founder Do Kwon remained in Montenegro as the SEC trial kicked off in New York on March 25.

Lawyers for the United States Securities and Exchange Commission presented the image of Terraform Labs as a fraudulent empire in which “investors lost nearly everything” on the opening day of its civil trial.in U.S. District Court for the Southern District of New York that Terra was a “house of cards” that collapsed for investors in 2022.

The SEC alleged Terra and Kwon misled investors about the stability of TerraUSD , an algorithm stablecoin that depegged from the U.S. dollar. The impact on Terra (to March in anticipation of the Terraform Labs co-founder joining in his defense in person. In December 2023, Judge Jed Rakoffin favor of the SEC over Terra dealing with unregistered securities and in favor of Kwon and the platform for the offer and sale of security-based swaps.

Terraform’s trial is one of many cases in the crypto space expected in court in 2024. On March 28, former FTX CEO Sam Bankman-Fried will be sentenced following his conviction on seven felony charges. After pleading guilty to one felony charge, former Binance CEO Changpeng Zhao isTrading Bitcoin’s halving: 3 traders share their thoughts

Source: Law Daily Report (lawdailyreport.net)

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