Sounds like we’re going to be backing up a U-Haul to the Southern District,” District Judge Paul Engelmayer of the Southern District of New York (SDNY)
https:
//www.securitiesdocket.com/2025/01/09/do-kwon-criminal-trial-set-for-2026-as-lawyers-deal-with-massive-trove-of-evidence/
==Terraform and Kwon to Pay $4.5 Billion Following Fraud Verdict
Kwon to contribute more than $200 million, Terraform to wind down, and assets to be distributed to investor victims and creditors in bankruptcy==
For Immediate Release
2024-73
Washington D.C., June 13, 2024 —
The Securities and Exchange Commission today announced that Terraform Labs PTE, Ltd. and Do Kwon agreed to pay more than $4.5 billion following a unanimous jury verdict holding them liable for orchestrating a years-long fraud involving crypto asset securities that led to massive investor losses when the scheme unraveled.
A nine-day jury trial in April exposed the extent of the defendants’ lies to victims about the false use of the Terraform blockchain to settle transactions and about the stability of their crypto asset security, UST. The SEC also offered evidence at trial showing that, in May 2022, after UST de-pegged from the U.S. dollar, the price of UST and Terraform’s other tokens plummeted to close to zero. This wiped out $40 billion in market value nearly overnight and caused devastating losses to countless investors, including numerous retail investors who believed defendants’ lies and poured their life savings into Terraform’s ecosystem.