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Terraform and Kwon also engaged in fraudulent conduct and made misleading statements, the SEC reiterated in the filing, re-emphasizing that they committed fraud by deceiving investors about the stability of UST, falsely crediting their algorithm for its price stabilization while secretly arranging third-party intervention, making their claims about the algorithm's efficiency misleading and materially omitting crucial information. Terra collapsed in May last year, destroying billions of dollars in investor wealth.