Do Kwon made UST holders believe that they would be raking in the profits.
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 20 of 38. HackerNoon’s Legal PDF Series here C. UST 3. Reasonable Expectation of Profits from Defendants' Managerial Efforts 74. Defendants led UST/Anchor Protocol investors to reasonably expect profits based on Defendants' managerial efforts. 75.
At Kwon's request and authorization, the Luna Foundation Guard directed some of its LUNA to the Anchor Protocol to be converted into UST and deposited into the yield reserve. 79. Defendants touted that returns to UST investors from the Anchor Protocol were derived from their efforts supporting the Anchor Protocol, highlighting in public statements and statements to groups of investors that Defendants' work would support the Anchor Protocol and its yield rate.
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