Recorded event
Jury finds civil liability for fraud
A US jury found Terraform Labs liable for securities fraud.
Read context
This was a civil verdict. It should not be described as a criminal conviction.
All timelines From the beginning
The Terra civil case
The legal branch of the Terra story: allegations, a verdict, a response, and a settlement.
Reviewed 9/21/2026
US civil proceedings through June 2024, not a criminal conviction or a record of completed investor repayments.
Dates without a time use the local date of the event.
Attributed claim
Terraform disputes the verdict
Terraform Labs, reported by Axios
A company spokesperson said the verdict was not supported by the evidence.
Read context
This records the company response, not a reversal of the jury verdict.
Recorded event
SEC announces a civil settlement
The SEC announced an agreement totaling more than $4.5 billion involving Terraform and its founder.
Read context
An agreement to pay does not establish that investors have already received the money.
Interpretation
A settlement is a different milestone from repayment
Threadline editorial context
The announcement describes a wind-down and bankruptcy distribution process.
Read context
We distinguish the legal agreement from later implementation because they answer different questions.
Through 6/13/2024
US civil proceedings through June 2024, not a criminal conviction or a record of completed investor repayments.
Explore this branchTerra: from collapse to civil verdict