Terraform Labs to make final arguments to jury at end of civil fraud trial
According to Reuters, lawyers for Terraform Labs and its founder Do Kwon are expected to make closing arguments on Friday against allegations that Terraform and Do Kwon defrauded investors before the UST stablecoin collapsed in 2022 and shocked the crypto market. Lawyers for Terraform and Kwon have previously told jurors that the SEC took statements out of context and relied on witnesses intended to receive whistleblower bonuses. Regulators are 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. The United States and South Korea, where Do Kwon is a citizen, are seeking his extradition on criminal charges.
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