Terraform and Kwon additionally engaged in fraudulent conduct and made deceptive statements, the SEC reiterated within the submitting, re-emphasizing that they dedicated fraud by deceiving buyers concerning the stability of UST, falsely crediting their algorithm for its value stabilization whereas secretly arranging third-party intervention, making their claims concerning the algorithm’s effectivity deceptive and materially omitting essential info. Terra collapsed in Could final yr, destroying billions of {dollars} in investor wealth.
