๐๐ฅ Terraform Labs and former CEO Do Kwon are set to pay the SEC a whopping $4.5 billion in disgorgement, prejudgment interest, and civil penalties. Talk about a hefty bill! ๐ธ๐ธ
The settlement, which still needs a nod from the New York judge, would also permanently ban Kwon and Terraform Labs from trading crypto asset securities. So, no more crypto shopping for them! ๐ซ๐๏ธ
This agreement comes after a New York jury found Kwon and Terraform Labs guilty of civil fraud charges related to the $40 billion collapse of the Terra ecosystem in May 2022. Kwon, currently in custody in Montenegro, was noticeably absent from the trial. ๐๏ธ๐
What's your take on this? Drop your thoughts below! ๐๐ #DeFi #Web3 #CryptoNews
