Terraform and Kwon also engaged in fraudulent conduct and made misleading statements, the SEC reiterated in the filing, re-emphasizing that they committed fraud by deceiving investors about the stability of UST, falsely crediting their algorithm for its price stabilization while secretly arranging third-party intervention, making their claims about the algorithm’s efficiency misleading and materially omitting crucial information. Terra collapsed in May last year, destroying billions of dollars in investor wealth.
Source: https://www.coindesk.com/policy/2023/11/03/sec-asks-court-for-summary-judgement-against-do-kwon-terraform/?utm_medium=referral&utm_source=rss&utm_campaign=headlines