Crypto Magnate Do Kwon Found Liable for MultibillionDollar Fraud WIRED
News Source : Wired
News Summary
- A federal jury in New York has found Do Kwon and his company Terraform Labs liable for defrauding investors
- Investors collectively sank billions of dollars into cryptoassets whose value later fell to near zero
- Kwon, who went into hiding after the tokens crashed in 2022, is facing criminal charges in the United States and South Korea
The defense attempted to draw a distinction between the failure of Terraforms crypto assets, whose risk profile it implied was well understood by investors, and the acts of fraud alleged by the SEC. [+3666 chars]
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