Meanwhile, in early February 2023, Do Kwon of cryptocurrency developer Terraform Labs was also sued by the SEC for an embezzlement scandal.
The lawsuit was filed by the SEC through a U.S. federal court after the U.S. Securities Commission conducted an investigation into the price of the Terra LUNA stablecoin plummeting below $1 or near zero.
A report released by the SEC proved that Mr. Do Kwon committed a criminal act of fraud, causing the loss of 60 billion investor funds without anyone being held accountable.
