Terra founder Do Kwon charged with fraud over its $40 billion crypto crash

Terraform Labs Co-Founder Do Kwon
Image: Getty Images

The US Securities and Exchange Commission is suing the creator of the collapsed Terra blockchain protocol for securities fraud following last year’s meltdown that sent reverberations throughout the cryptocurrency industry. According to the SEC’s complaint, Terraform Labs and its co-founder Do Kwon “perpetuated a fraudulent scheme that led to the loss of at least $40 billion of market value.”

Last September, South Korea issued a warrant for Kwon’s arrest, while Interpol reportedly issued a “red notice” for him or a call to international law enforcement agencies to “locate and provisionally arrest a person pending extradition, surrender, or similar legal action.” Despite Kwon insisting that he’s “not on the run,” the complaint notes that...

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