{"id":24768,"date":"2023-02-18T13:08:27","date_gmt":"2023-02-18T18:08:27","guid":{"rendered":"http:\/\/worldjusticenews.com\/news\/?p=24768"},"modified":"2023-02-18T13:08:27","modified_gmt":"2023-02-18T18:08:27","slug":"us-regulator-charges-cryptocrash-boss-do-kwon-with-fraud","status":"publish","type":"post","link":"https:\/\/worldjusticenews.com\/news\/2023\/02\/18\/us-regulator-charges-cryptocrash-boss-do-kwon-with-fraud\/","title":{"rendered":"US regulator charges ‘cryptocrash’ boss Do Kwon with fraud"},"content":{"rendered":"
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US financial regulators have charged failed South Korean cryptocurrency boss Do Kwon and his company Terraform Labs with “orchestrating a multi-billion dollar crypto asset securities fraud”.<\/b><\/p>\n<\/div>\n<\/div>\n

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The Singapore-based firm created the Terra Luna and TerraUSD tokens, which collapsed spectacularly last year.<\/p>\n<\/div>\n<\/div>\n

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The collapse is estimated to have cost investors more than $40bn (\u00a333.5bn).<\/p>\n<\/div>\n<\/div>\n

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Mr Kwon and Terraform Labs did not immediately respond to a BBC request for comment.<\/p>\n<\/div>\n<\/div>\n

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“We allege that Terraform and Do Kwon failed to provide the public with full, fair, and truthful disclosure as required for a host of crypto asset securities, most notably for Luna and TerraUSD,”\u00a0US Securities and Exchange Commission (SEC) chairman Gary Gensler said in a statement<\/a>.<\/p>\n<\/div>\n<\/div>\n

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“We also allege that they committed fraud by repeating false and misleading statements to build trust before causing devastating losses for investors,” he added.<\/p>\n<\/div>\n<\/div>\n

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