According to a Sept. 22 filing, the co-founders of the now-defunct Terra blockchain project are alleged to have planned to create fraudulent transactions during the project’s development.
There, the Securities and Exchange Commission (SEC) noted that Terraform Labs partnered with a payments app called Chai, supposedly so that the latter app could settle transactions on-chain. The SEC claims that the leaders “faked Chai payments onto the Terraform blockchain” when Chai payments were in fact carried out traditionally.
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