Terra

Billion

Coin

<ul class="news-points">
 <li>Judge Rakoff approves $4.5B settlement between SEC, Terraform Labs, and Do Kwon.</li>
 <li>Settlement bans Kwon and Terraform from trading crypto asset securities.</li>
 <li>Terra ecosystem collapse led to $40 billion in investor losses and market instability.</li>
</ul>
In a decisive move against fraud in the cryptocurrency sector, a federal judge has <a href="https://www.sec.gov/news/press-release/2024-73" target="_blank" rel="noopener noreferrer nofollow">approved</a> 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.
U.S. District Court Judge Jed Rakoff has approved the $4.5 billion settlement. The agreement resolves an ongoing case that followed the collapse of the Terra ecosystem in May 2022.&nbsp;
Announced on June 14, 2024, the settlement includes a comprehensive ban prohibiting Kwon and Terraform Labs from buying and selling “crypto asset securities.” 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 verdict against Terraform Labs and Kwon for fraud just two months earlier.
The post <a href="https://coinedition.com/terras-4-5-billion-fine-a-warning-shot-to-crypto-fraudsters/" rel="noopener noreferrer nofollow">Terra’s $4.5 Billion Fine: A Warning Shot to Crypto Fraudsters</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.

Terra’s $4.5 Billion Fine: A Warning Shot to Crypto Fraudsters

Coin Edition

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