Do Kwon repeatedly lied to investors about Chai and used it to get them to invest.
SEC v. Terraform Court Filing, retrieved on February 16, 2023, is part of . You can jump to any part in this filing . This is part 28 of 38. HackerNoon’s Legal PDF Series here a. Terraform and Kwon Deceived Investors about Chai 121. Terraform and Kwon marketed the Terraform blockchain as having a real-world use.
has more than 2 million active users in Korea. 132. And on March 31, 2022, in an interview posted to the public YouTube channel Blockworks Macro, Kwon again touted Chai and its use of the Terraform blockchain: So, we've launched apps like Chai in Korea. And so, the idea was that we were close to retail loop with things that people can buy, and transact with using, you know, Terra payments. So, you could take it to most e-commerce merchants of your choice.
by consumers and merchants. 149. Defendants' efforts worked. U.S.-based retail and institutional investors believed that Chai operated on the Terraform blockchain and found it significant in deciding to invest in Terraform crypto assets, including LUNA. For example, on December 3, 2020, the CEO of a U.S. based institutional investor posted to Twitter: "Terra's payment app Chai is up to 80k daily active users. Koreans are fast adopters. Watch this grow. $LUNA.
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