Terraform Labs, the entity behind the stablecoin TerraUSD, will pay the Securities and Exchange Commission $4.47 billion in penalties to resolve a civil lawsuit, according to a settlement announced Wednesday.
Do Kwon, founder of Terraform Labs and the target of ongoing criminal litigation from the Justice Department, will pay another $204 million to the SEC.
The final judgement is still pending a federal judge’s approval.
This story is breaking and will be updated accordingly.