LIVE😱 Whoa, talk about a plot twist in the Terra (LUNA) saga! 🌀 The SEC is bringing the thunder with a hefty $5.3 billion fine thundercloud over Terraform Labs and its co-founder, Do Kwon! ⚡ Looks like they're not playing around when it comes to alleged fraud and deception in the crypto world. 🕵️♂️
The jury's verdict paints a grim picture: Terraform Labs and Kwon allegedly led investors astray about the stability of their algorithmic stablecoin, Terra USD (UST), and the Terra blockchain's potential. 🏴☠️ Now, the SEC is aiming to reel in over $4 billion in "illicit profits" from these murky waters. 💰
According to court documents, the sales figures read like a crypto thriller: from LUNA and MIR to UST, the numbers are staggering! 💸 But amidst the chaos, the SEC claims to have a "conservative but reasonable approach" to reclaiming these ill-gotten gains. 📈
But wait, there's more! The SEC isn't stopping at fines – they're also seeking injunctive relief and a ban on Kwon serving as an officer or director of a public company! 🚫 It's a high-stakes game of legal chess in the crypto realm. ♟️