Sam Bankman-Fried Found Guilty: Is Do Kwon Next?

  • The SEC filed a summary judgment in the Do Kwon and Terraform Labs case. 
  • According to the SEC, Do Kwon and Terraform were involved in misleading marketing.
  • Sam Bankman-Fried has been found guilty of all seven charges in the FTX trial.

Sam Bankman-Fried (SBF), the former FTX CEO, has been found guilty of all seven charges in the FTX trial. Shortly after the judgment, the U.S. Securities and Exchange Commission (SEC) filed a summary judgment in the Terraform Labs and Terraform’s CEO Do Kwon case. The SEC alleged the pair were involved in misleading marketing of Terra and LUNA tokens as securities.

Several users on X (formerly Twitter) who appear to be following both cases seem to be impressed with the latest developments. One who shared a post about SBF’s judgment posted that Do Kwon should be the next. He found the support of other users, one of whom asked which jurisdiction would get the former Terra Labs CEO first.

Users continued to express their feelings about both cases, with another responding to the SEC’s move against Do Kwon and Terra, noting that the case demonstrated the lengths some cryptocurrency companies would go to avoid compliance with securities laws. There appeared to be a general idea among the users that the SEC was doing what it needed to in an attempt to regulate the crypto industry.

SBF’s case started about a year ago, after the FTX exchange collapsed, with users losing a significant amount of funds. The former CEO was arrested in the Bahamas and brought back to the U.S. to face prosecution. He was handed a guilty verdict on all seven counts of fraud and money laundering after five weeks of trial.

On Do Kwon and Terraform’s part, the pair recently asked the U.S. judge to dismiss the SEC’s accusations that they engaged in securities fraud. They argued that the regulator hadn’t managed to prove the crypto company was offering securities.

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