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April

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<ul class="news-points"> 
 <li>SEC demands over $5B from Terraform Labs and Do Kwon for defrauding investors.</li> 
 <li>A jury previously found them liable for misleading statements about Luna and UST.</li> 
 <li>Terraform suggested a maximum civil penalty of $5.28 million, while Kwon proposed $828,000.</li> 
</ul> 
The United States Securities and Exchange Commission (SEC) has moved to request billions of dollars in disgorgement and civil penalties from <a href="https://coinedition.com/sec-vs-terralabs-defense-presents-final-arguments-to-jury-in-do-kwon-case/">Do Kwon and Terraform Labs</a>, the team behind the ill-fated Terra Luna and UST tokens. 
In a recent <a href="https://storage.courtlistener.com/recap/gov.uscourts.nysd.594150/gov.uscourts.nysd.594150.231.0.pdf" target="_blank" rel="nofollow">filing</a> in the U.S. District Court for the Southern District of New York, the SEC sought approximately $4.7 billion in disgorgement and prejudgment interest from Terraform Labs and its co-founder, Do Kwon. 
Alongside the $4.7 billion for disgorgement and prejudgment, the U.S. regulator requested a total of $520 million in civil penalties. In particular, Terraform Labs is asked to pay $420 million, while Kwon faces a $100 million penalty. Cumulatively, the U.S. regulator is requesting over $5 billion in penalties from Do Kwon and Terraform Labs. 
Notably, on April 5, a jury found Terraform and Kwon guilty of defrauding investors concerning statements regarding the offer and s…
The post <a href="https://coinedition.com/do-kwon-terraform-labs-face-5b-penalty-after-luna-fiasco/">Do Kwon, Terraform Labs Face $5B Penalty After LUNA Fiasco</a> appeared first on <a href="https://coinedition.com">Coin Edition</a>.

Do Kwon, Terraform Labs Face $5B Penalty After LUNA Fiasco

Coin Edition

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