According to PANews, Terraform Labs and its founder, Do Kwon, are expected to conclude their case on Friday regarding allegations of defrauding investors prior to the collapse of their stablecoin in 2022. Lawyers for Terraform and Kwon previously told the jury that the U.S. Securities and Exchange Commission (SEC) was taking things out of context and relying on witnesses who would only receive a whistleblower reward if the SEC won the case. The regulatory body is seeking civil penalties and a ban on Kwon and Terraform from engaging in securities business.
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 Kwon holds citizenship, have requested his extradition for criminal charges.