#LUNC✅ SEC seeks $5.3B judgment against Terraform Labs and Do Kwon
After a jury found Terraform Labs and Do Kwon liable for fraud in its case with the SEC, the commission filed a motion requesting $5.3 billion in disgorgement and civil penalties.The United States Securities and Exchange Commission (SEC) has filed a motion requesting billions of dollars in disgorgement and civil penalties against Terraform Labs and its co-founder Do Kwon following a verdict in its civil case.
In an April 19 filing in U.S. District Court for the Southern District of New York, the SEC requested Kwon and Terraform pay roughly $4.7 billion in disgorgement and prejudgment interest after the civil case ruling, as well as a combined $520 million in civil penalties — $420 million from Terraform and $100 million from Kwon. The commission, Terraform and Kwon filed their briefs for potential remedies in the civil case simultaneously, with the crypto firm suggesting a maximum civil penalty of $3.5 million and Kwon proposing only $800,000
