🚨 The U.S. Securities and Exchange Commission (SEC) is reportedly proposing a staggering $5.3 billion fine against Do Kwon, the founder of the Terra ecosystem, marking a potential record in the cryptocurrency sector.
💼 Following Kwon's recent fraud conviction, the SEC alleges that he and Terraform Labs unlawfully profited nearly $4 billion from selling unregistered securities.
📰 The suggested penalty includes a $4.2 billion disgorgement to reclaim these gains, alongside $545 million in interest, with additional civil penalties of $420 million for the company and $100 million for Kwon himself.
⚖️ Kwon's defense contends that the token sales didn't fall under U.S. jurisdiction and thus didn't breach its laws.
🛂 Kwon's legal woes worsened after his 2023 arrest in Montenegro for possessing a counterfeit Costa Rican passport while en route to the UAE.
🔍 He currently awaits extradition to the U.S. and South Korea to face further charges linked to Terra's $40 billion collapse.
