The Securities and Exchange Commission (SEC) filed a complaint against Terraform Labs PTE Ltd. and its founder Do Hyeong Kwon on February 16.
The SEC alleged that the defendants offered and sold cryptocurrency securities in unregistered transactions and carried out fraudulent schemes.
“Defendants’ cryptocurrency securities offering included a series of interrelated tokens created, developed, promoted, offered and sold by Defendants as a profit-seeking investment.”
Defendants violated the securities offering registration provisions of the federal securities laws. SEC filing.
Do Kwon first appeared on CryptoSlate after the SEC file complaint against Terraform Labs.