Cryptocurrency
Out of context: Reply #862
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Crypto Magnate Do Kwon Found Liable for Multibillion-Dollar Fraud
When Do Kwon’s crypto empire fell to pieces, tens of billions of dollars were wiped out. A civil jury in the US has found he lied to investors.Filed in February 2023 by the Securities and Exchange Commission, a regulatory body responsible for protecting US investors, the civil complaint alleged that Kwon and Terraform had “perpetrated a fraudulent scheme that led to the loss of $40 billion of market value,” whereby they lied to investors about the prospects and stability of the cryptotokens they issued.
Kwon, who went into hiding after the tokens crashed in 2022, is facing criminal charges in the United States and South Korea. He was recently released on bail from a prison in Montenegro, where he was arrested last year and awaits extradition.