Lawyers for Terraform Labs and its founder Do Kwon are reportedly expected to make closing arguments this Friday on charges that Terraform and Do Kwon defrauded investors before the 2022 ust stablecoin crash that shocked the crypto market. Terraform and Kwon's lawyers previously told the jury that the U.S. SEC quoted out of context and relied on witnesses intent on receiving whistleblower bonuses. The regulator is seeking civil penalties and a ban on Kwon and Terraform from engaging in securities business.
Previously, Do Kwon was arrested in Montenegro in March 2023 and did not attend the trial that began on March 25. Both the United States and South Korea, where Do Kwon holds citizenship, are seeking his extradition on criminal charges. (Reuters)