🚨Shocking!
Terraform Labs pays $4.55 billion fine
Will Do Kwon still go to jail? 💥
According to the latest news, Terraform Labs has agreed to pay a huge fine of up to $4.47 billion to settle the case with the SEC. This amount is second only to Binance's $4 billion fine, making it another major event in the history of cryptocurrency. Recalling the collapse of LUNA two years ago, the sell-off of only $84 million in UST triggered a disaster in the Terra ecosystem, evaporating nearly $40 billion in just two days.
The SEC accused Terraform Labs and its former CEO Do Kwon of securities fraud in February 2023, claiming that they had planned "multi-billion-dollar crypto asset securities fraud." Although the SEC requested a fine of up to $5.22 billion, it eventually reached a settlement of $4.55 billion.
With the fine in place, whether Do Kwon still needs to face criminal charges and go to jail has become a focus of attention. Previously, he had been imprisoned in a Montenegrin prison for allegedly defrauding investors, and the SEC is seeking to ban him from the securities industry. As the verdict approaches, Do Kwon's fate remains undecided.
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