šØ Terraform Labs' proxy lawyer opposes SEC's $5.3 billion demand!
š Terraform's legal team suggests a maximum civil penalty of $1 million, arguing against injunctive relief or recoupment. They highlight the need to obtain funds from the Luna Foundation Guard (LFG), a 'non-party' in the case.
š¼ On April 5, a New York jury suspected Terraform and Do Kwon of deceiving investors in TerraUSD (UST), Luna, and wLUNA sale statements. The SEC demands recovery of $5.3 billion in illegal proceeds and civil penalties, proposing a ban on Do Kwon's executive roles and detailed account disclosures.
