Golden Finance reported that U.S. District Court Judge Jed Rakoff in New York has approved a $4.5 billion settlement between Terraform Labs and its founder Do Kwon and the U.S. Securities and Exchange Commission (SEC). Under the agreement, Terraform and Kwon will pay a total of $4.47 billion in fines and penalties and will be essentially banned from entering the crypto industry. Among them, Terraform will pay $3.6 billion in confiscation fines, $420 million in civil penalties, and nearly $467 million in pre-judgment interest. Kwon is currently detained in Montenegro after being imprisoned for four months for using a fake passport to try to leave the country. The Montenegrin court is deciding competing extradition requests from the United States and South Korea, where he faces criminal charges.