As the U.S. Securities and Exchange Commission (SEC) continues to tighten its grip over the crypto space, the latest bait for the securities regulator is Terra LUNA creator Do Kwon. Last May 2022, the Terra ecosystem witnessed a major crash eroding more than $40 billion worth of investors’ wealth.
In its complaint filed with a U.S. federal court in Manhattan, the SEC accused Do Kwon of orchestrating a $40 billion securities fraud involving LUNA and Terra’s algorithmic stablecoin TerraUSD (UST).
Do Kwon has been on the wanted list of global regulators! Over the last few months, South Korean regulators have been seeking his location and also issued an Interpol notice. As per reports, the fugitive Terra founder was last seen in Serbia.
This is also the first time that the US SEC has initiated action against Do Kwon. SEC’s complaint notes Terraform Labs sold securities as “unregistered transactions” billed as “profit-seeking investments” and with the promise of offering up to
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