Terraform Labs and former CEO Do Kwon remain locked in a legal battle with the US Securities and Exchange Commission over the now-infamous depeg and collapse of the stablecoin UST.

The lawsuit was filed back in February, less than a year after the depegging triggered a domino effect for crypto firms. UST’s collapse led to multiple bankruptcies and exposed the weaknesses within FTX’s now-failed exchange empire. 

Yet — as evidenced by the trial of former FTX CEO Sam Bankman-Fried — both FTX and Alameda were in trouble prior to the depegging.

The SEC’s lawsuit isn’t the only one that Kwon faces. Kwon was indicted in March by a grand jury on fraud charges — including wire…

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