$4.5 M Fine from Terra crypto scam
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In a firm move against fraud in the cryptocurrency sector, a federal judge has approved a $4.5 billion settlement between the Securities and Exchange Commission and Terraform Labs, along with its former CEO, Do Kwon, stemming from the company's 2022 collapse and subsequent market turmoil.
US District Court Judge Jed Rakoff has approved a $4.5 billion settlement. The agreement resolves ongoing cases following the collapse of the Terra ecosystem in May 2022.
Announced on June 14, 2024, the settlement includes a comprehensive ban prohibiting Kwon and Terraform Labs from buying and selling âcrypto asset securities.â Additionally, Terraform Labs and Kwon must pay a combined $4.5 billion in disgorgement, prejudgment interest, and civil penalties. This resolution follows a New York jury's civil liability ruling against Terraform Labs and Kwon.
