@zGuz: Do Kwon and Terra vs. The SEC ...


Do Kwon and Terra vs. The SEC recap Day 5

We are down to the penultimate day of the SEC’s case.

The SEC called Terra’s former Head of Comms Brian Curran to the stand for a peek into how messaging at Terra was handled 🧵

First up, the SEC showed a back and forth set of messages between Brian and Terra’s Head of Business Development Jeff Kuan

The two had discussed the 2021 de-peg and how Do had decided to handle the issue via $200M of stability reserves deployed via Jump Crypto

Again, the SEC is trying to show Terra purposefully misled investors by not mentioning Jump’s intervention in the de-peg

The SEC brings up this tweet thread: Did you ask Do to include mention of Jump Crypto’s intervention

A: “He said, ‘No.’”

On re-cross, Terra’s defense team did well to try and show the jury that Jump’s intervention was part of the intended mechanics and that they transparently created the Luna Foundation Guard to have even larger stability reserves for the second de-peg

But they did fumble one

During re-cross they opened the door to have one clip of evidence admitted because they accidentally asked about it

The SEC played a clip of Do on a podcast omitting any of that in his response

Damning? Not really. But defense team def didn’t mean to have that played

Down to the SEC’s final day of their case. Follow me @zGuz for all the top crypto updates

Catch the full story on @coinage_media



Save unrolled Twitter threads to Notion.


Try Free