There has been an important development regarding the Terraform Labs case, which plunged the crypto industry into chaos with its sudden collapse in 2022.
It was reported that Terraform Labs and its co-founder Do Kwon, who were tried for fraud in the case held in the USA yesterday, agreed in principle with the US Securities and Exchange Commission (SEC).
According to Reuters, the details of the preliminary agreement with Kwon and Terraform Labs, who were found guilty of civil fraud, have not yet been disclosed. The SEC filed a lawsuit against Terraform Labs, accusing it of deceiving investors through its dollar-pegged crypto asset TerraUSD. The crypto assets of the Terra ecosystem saw serious demand in a short time, with the attractive return rates they offered at that time, and became among the largest assets in the market. However, when it was understood that the service offered was not sustainable, Terra's algorithmic stable cryptocurrency could not recover despite all efforts after breaking the stability of 1 dollar and reset its value along with the other crypto asset of the ecosystem, LUNA.
Terraform Labs caused losses reaching $40 billion
The collapse of Terraform Labs in May 2022 caused a tremendous loss in the crypto market, reaching $40 billion. In addition, many crypto companies that had commercial relations with the platform had to declare bankruptcy.
After all these events, the SEC filed a lawsuit against the crypto platform, demanding compensation of $ 5.3 billion based on its activities in the USA. However, the regulatory body also demanded an administrative fine of 420 million dollars from the company and 100 million dollars from its founder Do Kwon. Meanwhile, while Do Kwon's conviction in Montenegro continues, both the USA and South Korea demand Kwon's extradition to their country.
LUNA and LUNC reacted positively
With the announcement that the parties had reached a preliminary agreement, some market participants thought that the development would positively affect the assets of LUNA and LUNC, while others questioned how the collapsed company could pay the penalty.
Following this development, the LUNA token, which is still trading in the market, quickly gave back half of its gains after recording a value increase of more than 35% yesterday and is now traded at $ 0.67 with a value increase of nearly 15%. LUNC, on the other hand, after rising nearly 15% following the news, reduced its gains to 7% today and is finding buyers in the 0.00012 dollar band.
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