📊🤧CRYPTO:
#TERRAFORM LABS TO PAY $4.47 BILLION FINE TO SEC.
☑️Agreement in principle.
While the post-halving bull market promised in 2024 is struggling to take off, the legal cases associated with the previous version are finally heading towards an effective outcome. A cataclysm triggered by the collapse of the Terra ecosystem, the epicenter of almost all the bankruptcies that will follow... like the emblematic debacle of the platform
#FTX . It is in this precise context that the founder of Terraform Labs, Do Kwon, had been fighting extradition to the United States for many months. But, following a recent agreement reached with the SEC last May, the case finally seems to be resolved, with the help of a record fine of 4.47 billion dollars.
📊💹☑️🤧TERRAFORM LABS ACCEPT AN AGREEMENT WITH
#SEC .
☑️We understand better why the US SEC wants to control the cryptocurrency sector when the amounts of fines collected are made public. And the last record in the field so far belonged to the platform
#Binance and its 4.3 billion dollars.
🚨 But obviously, this astronomical figure was just an appetizer. Because as of last April, 5.3 billion dollars were claimed from the Terraform Labs structure. The latter considered responsible, with its founder Do Kwon, for the collapse of the Terra ecosystem, then estimated at more than 40 billion dollars.
🤝 An approach supposed to protect injured investors from whom we wonder when – and in what form – they will receive the benefits. But the issue is not yet on the agenda for the US SEC, which is behind the recent filing of a “proposed final consent judgment.” » With the aim of having his latest plan approved by Judge Jed Rakoff of the Southern District of New York, in charge of this case.