The SEC has charged Terraform Labs founder Do Kwon with fraud

The United States Securities and Exchange Commission (SEC) has charged Terraform Labs founder Do Kwon for his actions during the Terra Luna collapse.

South Korea issued a warrant for Do Kwon’s arrest last year but his capture has yet to come to fruition.

The SEC charged Kwon for “orchestrating a multi-million dollar crypto” fraud.

SEC charges Do Kwon with fraud

On February 16 the United States Securities and Exchange Commission announced that they have charged Do Kown with fraud.

The SEC mentioned Luna’s algorithmic stablecoin and MIR (Mirror) tokens in their official statement.

• Read more: El Salvador plans to open a Bitcoin Embassy in the U.S.

Gary Gensler, Chair of the SEC said:

• Read more: Elon Musk Shiba dog Tweets pump crypto dog-themed tokens

Over the last 24 hours, the Terra Luna 2.0 token has fallen -6.5%. In 2022 South Korean authorities led a search for Do Kwon but news related to the investigation and Kwon’s whereabouts have since dwindled.

Many investors and those affected by the Terra Luna collapse are hoping that the SEC's collaboration with South Korean authorities will bring the long-running ordeal to an end.

• Read more: Will Bitcoin go back up? Let's find out!