The SEC’s claims against the company are related to misleading investors about the sustainability of the TerraUSD (UST) stablecoin immediately before its collapse.
SEC Chairman Gary Gensler emphasized that the collapse of UST had a serious negative impact on the entire crypto market, causing significant damage to numerous investors.
The collapse of TerraUSD in May 2022 was a shock to the entire industry and one of the key events preceding the onset of the so-called “crypto winter”. The stablecoin lost its peg to the dollar after a large sale worth $285 million, which triggered a chain reaction of liquidations and led to its value falling to $0.67.
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