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US sues founder of cryptocurrency Luna for ‘billionaire scam’

The cost of the moon has dropped from $116 to less than a penny. | Fountain: PTR

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The United States decided to join the international search for the creators of cryptocurrency Moon (Earth): Securities and Exchange Commission (sec) blamed his CEO Do Kwon multimillion dollar scam

According to the agency, the company “misled investors” by developing a stablecoin called TerraUSDwhich should have always cost US dollars.

indictment

Terraform Laboratories and Do Kwon they failed to provide a “full, honest and truthful disclosure” of the value of their crypto assets, the company’s president said. sec, Gary Gensler. The charges include registration and anti-fraud for violations of the Securities Act and the Exchange Act.

Signature adds seche also misled people by claiming that his token Moon will benefit from a Korean mobile payment application that uses the Terra blockchain for transaction settlement.

TerraUSD And Moon they lost their peg to the US dollar in May 2022 and the prices of both dropped to near zero. Investors filed complaints accusing Terraform and Kwon of running a Ponzi scheme, and the free fall contributed to the collapse of cryptocurrency hedge fund Three Arrows Capital.

Although Kwon insisted he was not evading arrest, he fled his native South Korea, refused to answer investigators’ questions, and was placed on Interpol’s “red notice” list.

cryptocurrency scam

accusations sec Join a number of efforts to combat fraud reports among some of the biggest names in the crypto industry.

FTX and its founder Sam Bankman-Fried were particularly targeted by authorities for the exchange’s collapse, and former Celsius Network head Alex Mashinsky has also been accused of defrauding investors.

Although cryptocurrencies may have a future, it is clear that government authorities want more stringent enforcement of financial laws in this area.

We recommend METADATA, the RPP technology podcast. News, analytics, reviews, recommendations and everything you need to know about the world of technology.

Source: RPP

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