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In one of the most important developments of the day, Terraform Labs, the developer company behind Terra (LUNA), began its hearing with the Securities and Exchange Commission (SEC). The case involving Terraform Labs and its founder Do Kwon is attracting a lot of attention from the cryptocurrency community.
Chris Amani, the newly appointed CEO of Terraform Labs, broke his silence on the ongoing hearing:
“SEC litigation has begun. “I have been quiet for the last month as I have been focusing on preparations, and you will not hear from me during the hearing.”
Amani did not mince words about the gravity of the situation:
“I won't beat around the bush, the next few weeks will determine the future of TFL.”
The lawsuit follows multiple allegations against Terraform Labs. But Amani sees this as an opportunity for the company to present its side of the story. “We hope you follow the case closely, see all the facts, and make up your own mind,” he said.
Despite the ongoing legal battle, Amani thanked the Terra community for their unwavering support. “Thank you to the Terra community for supporting us throughout this process. Thank you to the teams that continue to develop Terra and all the incredible partners we continue to work with,” he said.
However, the SEC argues that Terraform Labs and its founder Do Kwon lied to and misled investors.
*This is not investment advice.