🤓 The SEC demanded more than $5 billion in fines from Terraform Labs and Do Kwon

The US Securities and Exchange Commission (SEC) has filed a motion seeking $5.3 billion in compensatory and civil penalties against Terraform Labs and its co-founder Do Kwon.

In turn, Terraform offered to pay a civil penalty of $3.5 million, and Kwon - $800K.

The SEC also proposed to prohibit Kwon from holding the position of director of a company issuing securities and to provide full information about his accounts and assets.

Terraform may also be banned from its activities.

On April 5, a jury found Terraform and Kwon guilty of defrauding investors regarding UST and Luna.

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