Terraform Labs began trial Monday over civil fraud claims tied to the 2022 implosion of its TerraUSD stablecoin, while co-founder Do Kwon remains in Montenegro waiting to learn whether he¡¯ll be extradited to the U.S. or South Korea to face criminal charges.
¡°Terra was a fraud, a house of cards,¡± a lawyer for the U.S. Securities and Exchange Commission told jurors in Manhattan federal court. ¡°And when it collapsed, investors lost nearly everything.¡±
The jury is considering SEC fraud allegations tied to the collapse, which wiped out $40 billion in investor assets, shook the crypto world and contributed to the failure of the FTX crypto exchange.
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