The SEC has accused fugitive Terraform founder Do Kwon of multibillion-dollar crypto fraud linked to TerraUSD's collapse

• The SEC has charged fugitive crypto boss Do Kwon and his company Terraform Labs with alleged fraud. 
• The suit is linked to the collapse of stablecoin TerraUSD which led to a $60 billion wipeout last year.
• Terraform was "simply a fraud propped up by a so-called algorithmic 'stablecoin'," the SEC alleges.

US regulators have charged fugitive Terraform Labs boss Do Kwon and his company with multibillion-dollar fraud linked to two cryptocurrencies whose failure sent reverberations through the market.

The Securities and Exchange Commission has accused them of misleading US investors about the stability of algorithmic stablecoin TerraUSD, or UST, which was meant to be pegged to the US dollar. Its civil fraud lawsuit filed Thursday also alleges they fooled people about Terra's sister token luna.