According to a recent Bloomberg report, Terraform Labs and its founder, Do Kwon, challenged the huge $5.3 billion penalty proposed by the Securities and Exchange Commission (SEC) in the lawsuit. Claiming that most of the firm’s stablecoins were sold overseas, the company requested the court to charge a significantly lower penalty of $1 million.
On April 5, a jury found Do Kwon liable for the collapse of the collapse of Terraform, which wiped out $40 billion in investor assets, leading to a severe crypto winter. While Kwon and Terraform were found guilty of defrauding investors regarding the sale of TerraUSD (UST), Luna (LUNA), and wLUNA, the regulators sought approximately $4.7 billion in disgorgement and prejudgment interest from them. In addition, the SEC charged a total of $520 million in civil penalties.
The post Terraform Labs and Do Kwon Challenge the Proposed $5.3B Penalty: Report appeared first on Coin Edition.
According to a recent Bloomberg report, Terraform Labs and its founder, Do Kwon, challenged the huge $5.3 billion penalty proposed by the Securities and Exchange Commission (SEC) in the lawsuit. Claiming that most of the firm’s stablecoins were sold overseas, the company requested the court to charge a significantly lower penalty of $1 million.
On April 5, a jury found Do Kwon liable for the collapse of the collapse of Terraform, which wiped out $40 billion in investor assets, leading to a severe crypto winter. While Kwon and Terraform were found guilty of defrauding investors regarding the sale of TerraUSD (UST), Luna (LUNA), and wLUNA, the regulators sought approximately $4.7 billion in disgorgement and prejudgment interest from them. In addition, the SEC charged a total of $520 million in civil penalties.
The post Terraform Labs and Do Kwon Challenge the Proposed $5.3B Penalty: Report appeared first on Coin Edition.