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Business, Spoken
Crypto Magnate Do Kwon Found Liable for Multi-Billion-Dollar Fraud
Apr 15, 2024
Explore the legal repercussions faced by Do Kwon for defrauding investors in the crypto market. Learn about the rise and fall of TerraUSD and allegations of fraud in the crypto ecosystem. Dive into the debate on crypto classification and the evolving landscape of regulations.
10:26
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Quick takeaways
- Do Kwon misled investors about stability of crypto-assets, leading to $40 billion loss.
- Terraform's faulty mechanism caused massive sell-off, triggering collapse of crypto companies.
Deep dives
Crypto-Magnet Do-Kwan Found Liable for Multi-Billion Dollar Fraud
Do-Kwan, the South Korean crypto-magnet behind Terraform Labs, was found liable for defrauding investors of billions of dollars in a fraudulent scheme involving Terraform's crypto-tokens. The civil complaint filed by the SEC alleged that Kwan and Terraform misled investors about the stability of their crypto-assets, leading to a loss of $40 billion in market value. Kwan, now facing criminal charges in the US and South Korea, fled after the tokens crashed in 2022 and was arrested in Montenegro.
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Discover
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