Wu said that the U.S. Securities and Exchange Commission (SEC) accused Tai Mo Shan Limited of misleading investors about the stability of Terra USD (UST), a stablecoin issued by Terraform Labs. The SEC also accused the company of acting as a statutory underwriter in the unregistered trading of the LUNA cryptocurrency. As part of the settlement, Tai Mo Shan agreed to pay $123 million, including disgorged profits, interest, and penalties.