The post Here’s How SEC Unfolded The Terra Scam! appeared first on Coinpedia Fintech News
Terraform Labs, the company behind the Terra blockchain, and its co-founder, Do Kwon, are being sued by the Securities and Exchange Commission (SEC) for allegedly defrauding investors. The complaint alleges that the company made false claims about TerraUSD payments and other matters, leading investors to believe that Terra was a legitimate decentralized financial project. However, the SEC has accused Terraform and Kwon of fraud, selling unregistered securities and security-based swaps, and other offences.
If you’ve missed out on what went down in 2022 and how the crypto industry was brought to it’s knees- we’ve got you. Read on to know how the scam unfolded.
The Collapse Of TerraUSD (UST) and The Impact On The Crypto Industry
TerraUSD (UST) is a stablecoin created by Terraform Labs, pegged to the value of the US dollar and used for various purposes on the Terra blockchain. It reached a
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