A New York jury is deciding whether Terraform Labs and its co-founder Do Kwon are liable for allegedly misleading investors about the stability of Terra USD, an algorithmic stablecoin. The stablecoin was supposed to maintain a peg to the U.S. dollar but de-pegged in May 2022, causing a significant loss in market value.
A New York jury has begun deliberations in the SEC ’s civil fraud case against Terraform Labs and its co-founder Do Kwon . The SEC has accused the defendants of misleading investors about the stability of its so-called “ algorithmic stablecoin ,” Terra USD. The so-called “ algorithmic stablecoin ” was supposed to maintain a peg to the U.S. dollar through on-chain mint-and-burn mechanics with its sister token, LUNA.
But in May 2022, the UST de-pegged and began a death spiral that eventually took down the entire Terra ecosystem, wiping out approximately $40 billion in market value in its wake
New York Jury SEC Fraud Case Terraform Labs Do Kwon Algorithmic Stablecoin Terra USD Peg U.S. Dollar De-Pegged Market Value
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