SEC: Chai has never operated on Terra, it is only a server mirror controlled by Do Kwon and mirrored onto Terra
According to The Block, Judge Jed Rakoff of the Southern District Court in New York ruled that Do Kwon and Terraform Labs sold four types of encrypted tokens that met the conditions for unregistered securities: UST, LUNA, wLUNA, and MIR. In addition, Judge Rakoff also detailed the evidence provided by the U.S. Securities and Exchange Commission (SEC), which proved that the Chai payment platform was used for promotional purposes but had never operated on the Terra blockchain. Instead, it settled payments using traditional methods and then "mirrored" them onto the Terra blockchain controlled by Do Kwon's server.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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