The US Securities and Exchange Commission (SEC) has filed a complaint against Singapore-based Terraform Labs and its founder Do Hyeong Kwon in the US District Court for the Southern District of New York for orchestrating a multi-billion dollar crypto asset securities fraud involving an algorithmic stablecoin and other crypto asset securities. In the statement released on 16 February, the SEC alleged that Terraform and Kwon raised billions of dollars from investors by selling an inter-linked suite of crypto asset securities, many of which were not registered transactions. The regulator also alleged that they failed to provide the public with full, fair, and truthful disclosure, especially for Terra and TerraUSD.