The U.S. SEC has also filed a lawsuit against Terraform Labs and its founder Do Kwon for allegedly orchestrating a multi-billion dollar crypto asset securities fraud. The regulator said Kwon and Terraform offered and sold an inter-connected suite of crypto asset securities, many in unregistered transactions. It pointed to the firms now-collapsed algorithmic stablecoin, TerraClassicUSD (USTC) and its connected cryptocurrency Terra Classic (LUNC). The complaint seeks charges for violations of registration and anti-fraud provisions of securities laws.
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Source: Cryptocurrency - investing.com
