Disgraced South Korean cryptocurrency entrepreneur Do Kwon and his company, Terraform Labs, have been found liable for fraud as the result of a two-week trial, Bloomberg reports.
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Kwon’s fall from grace happened in early 2022, with more than $40 billion worth of investor assets being wiped out during one of the biggest cryptocurrency crises.
The SEC argued that the Terra co-founder made misleading claims about the nature of the TerraUSD algorithmic stablecoin.
Kwon is also facing criminal fraud cases on his home turf as well as in the US.
As reported by U.Today, Kwon was arrested in Montenegro last year. Earlier today, the country’s Supreme Court ruled that the South Korea native could be extradited to the US, overturning the decision by the Appellate Court of Montenegro that was announced in early March.
