LIVE๐ฑ Whoa, talk about a plot twist in the Terra (LUNA) saga! ๐ The SEC is bringing the thunder with a hefty $5.3 billion fine thundercloud over Terraform Labs and its co-founder, Do Kwon! โก Looks like they're not playing around when it comes to alleged fraud and deception in the crypto world. ๐ต๏ธโโ๏ธ
The jury's verdict paints a grim picture: Terraform Labs and Kwon allegedly led investors astray about the stability of their algorithmic stablecoin, Terra USD (UST), and the Terra blockchain's potential. ๐ดโโ ๏ธ Now, the SEC is aiming to reel in over $4 billion in "illicit profits" from these murky waters. ๐ฐ
According to court documents, the sales figures read like a crypto thriller: from LUNA and MIR to UST, the numbers are staggering! ๐ธ But amidst the chaos, the SEC claims to have a "conservative but reasonable approach" to reclaiming these ill-gotten gains. ๐
But wait, there's more! The SEC isn't stopping at fines โ they're also seeking injunctive relief and a ban on Kwon serving as an officer or director of a public company! ๐ซ It's a high-stakes game of legal chess in the crypto realm. โ๏ธ