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Crypto Magnate Do Kwon Found Liable for Multibillion-Dollar Fraud
When Do Kwon’s crypto empire fell to pieces, tens of billions of dollars were wiped out. A civil jury in the US has found he lied to investors.
A federal jury in New York has found South Korean crypto magnate Do Kwon—and his company Terraform Labs—liable for defrauding investors who collectively sank billions of dollars into cryptoassets whose value later fell to near-zero. “We are pleased with today’s jury verdict holding Terraform Labs and Do Kwon liable for a massive crypto fraud,” said SEC Division of Enforcement Director Gurbir S. Grewal in a statement. Almost as soon as Jump intervened to manually restore UST to its dollar valuation, the SEC claimed, Kwon and Terraform began to make misleading public statements, telling people the token “ automatically self-heals ” by design.
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