🚀SEC is seeking a whopping $5.3B in fines from Terraform Labs & co-founder Do Kwon over the $40B Terra ecosystem collapse in 2022! The fines are deemed a "conservative" estimate of their "ill-gotten gains" from the fraud.

🔍Terraform & Kwon were found guilty of misleading investors about the stability of their Terra USD (UST) stablecoin & the use cases for the Terra blockchain. The SEC is also seeking injunctions preventing further securities violations & an officer-and-director ban on Kwon.

💰Sales of LUNA & MIR to institutional investors totaled $69.5M, sales of LUNA & UST through the Luna Foundation Guard (LFG) totaled $1.8B, & investors bought $2.3B in UST on various crypto trading platforms from June 2021 to May 2022.

👀What's your take on this? Do you think the fines are justified? Let's discuss in the comments! #CryptoNews #Blockchain #TerraformLabs #SEC

P.S. Terraform Labs is currently in bankruptcy with approx $150M in assets remaining. Kwon is in Montenegro, facing extradition requests from the U.S. & South Korea. Stay tuned for more updates! 🍿