A June 29 judgment found Terraform Labs and Do Kwon liable for fraudulent misrepresentations over TerraUSD’s 2022 collapse, with a second phase set to assess claims from 275 more investors.
A Singapore court awarded more than $3 million in damages to 40 investors after finding Terraform Labs and co-founder Do Kwon liable for fraudulent misrepresentations tied to the 2022 collapse of TerraUSD. The June 29 judgment marks an initial stage in a broader case, with a second phase set to calculate damages for 275 additional investors using factors including UST holdings and how long positions were held. The ruling adds a civil liability finding to the fallout from one of crypto’s biggest failures, while the total compensation and enforcement outcome remain unresolved.