The Securities and Exchange Commission (SEC) has filed a complaint on Feb. 16 against Terraform Labs PTE Ltd. and its founder Do Hyeong Kwon.
The SEC alleged that the defendants offered and sold crypto asset securities in unregistered transactions and perpetrated a fraudulent scheme.
“Defendants’ crypto asset securities offerings involved an array of interrelated tokens that were created, developed, promoted, offered, and sold by Defendants as profit-seeking investments.”
The defendants violated the securities offering registration provisions of the federal securities law, according to the SEC filing.
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