A civil fraud trial for controversial crypto CEO Do Kwon and his company Terraform Labs begins on Monday, almost two years after the company’s stablecoin tanked in value and wiped out $40 billion in investors’ funds.and Terraform Labs in February 2023, accusing the company of propping up the stablecoin while misleading investors, claiming its value was controlled by an algorithm and pegged to the price of the U.S.
Kwon will not attend his civil fraud trial on Monday, as he was released from prison in Montenegro after serving a full sentence for using a fake passport on Saturday, but prosecutors have not returned his travel documents, Prosecutors in South Korea charged Kwon with violating the company’s Capital Markets Act, and investors in Singapore filed aagainst Kwon and the other Terraform Labs co-founders—but Kwon disappeared from his Singapore apartment before he could be served an arrest warrant.Kwon was finally arrested two months later in Montenegro after attempting to use a forged Costa Rican passport to leave the country, and was eventually sentenced to four months in prison—while both the U.S.
A Montenegro court approved Kwon’s extradition to South Korea, but the Balkan nation’s Supreme Court stepped in toTerraform Labs managed two cryptocurrency tokens: TerraUSD , a so-called algorithmic stablecoin pegged to the U.S. dollar, and Luna, a token that users could supposedly exchange for UST at any time.
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