Fugitive CEO at the center of 2022 crypto crash found liable for fraud

A jury found that Do Kwon and Terraform Labs misled investors before the collapse of the company's namesake cryptocurrency

A jury in Manhattan found a Singapore-based former crypto CEO liable on civil fraud charges on Friday, agreeing with the US Securities and Exchange Commission that both he and his firm misled investors before the 2022 collapse of the company's namesake cryptocurrency wrecked cryptocurrency markets.

The jury delivered the verdict in federal court after a two-week trial after hearing closing arguments earlier in the day. The Terraform Labs founder Do Kwon did not attend the trial, as he has been detained in Montenegro since March 2023. He was intercepted while on his way to Dubai on the lam from authorities in multiple countries, traveling using forged Costa Rican travel documents.