đš $4,470,000,000 SEC SETTLEMENT AKA. THE END OF TERRA LUNA đš
đ„ Terraform Labs' Major Settlement and Shutdown:
Terraform Labs has agreed to a significant settlement with the United States Securities and Exchange Commission (SEC), amounting to roughly $4.47 billion. This settlement follows a jury finding Terraform Labs and its co-founder responsible for the collapse of the Terra ecosystem, which led to a $40 billion loss in investor assets.
Key Details:
Settlement Amount: $4.47 billion
Result: Terraform Labs to cease operations
Next Steps: The company plans to sell key projects within the Terra ecosystem and transfer control of the Terra blockchain to the community.
đ Ripple Seeks Appropriate Penalty:
In related news, Rippleâs legal team has asked for an âappropriateâ civil penalty in their ongoing case with the SEC, referencing the recent Terraform Labs settlement. The SEC has requested that Ripple pay around $2 billion in disgorgement, prejudgment interest, and civil penalties. Ripple has argued for a maximum penalty of $10 million, but the SEC countered this request.
SEC's Position: The regulator argued that applying the same penalty ratio from Terraformâs case to Ripple would result in a $102.6 million penalty, which they believe is necessary to fulfill the purposes of civil penalty statutes.
đ Is the SEC still a regulator or are we already getting some Mafia Mob vibe? Drop your opinion below!
Follow @Professor Mende - Bonuz Ecosystem Founder for more updates!
