Quick access to main page (top) Direct access to main contents Quick access to main page (bottom)

From Boom to Bust: Terraform Labs Faces $4.7 Billion SEC Settlement

Daniel Kim Views  

Terraform Labs CEO Kwon Do Hyung was taken into custody by Montenegrin police on March 24 last year.

Cryptocurrency issuer Terraform Labs and co-founder Kwon have agreed to pay a total of $4.47 billion in restitution and fines regarding the collapse of Terra and Luna with the U.S. Securities and Exchange Commission (SEC). According to Reuters and Bloomberg on the 12th (local time), the SEC and the legal representatives of Kwon and Terraform Labs have agreed on the number of fines imposed in the civil lawsuit filed against them and have requested approval from the judiciary, as reported by Yonhap News.

The final agreed amount submitted by both sides by the deadline for submitting documents related to the agreement was less than the initially set restitution and fines of $5.26 billion by the SEC. This trial, a separate civil lawsuit filed against Kwon, was held without Kwon’s direct attendance.

The jury stated in their opinion, “Terraform Labs and Kwon deceived investors by claiming Terra is safe, causing them significant losses.” Previously, the New York prosecutor’s office handed Kwon over to trial on eight charges, including securities fraud, wire fraud, commodity fraud, and conspiracy to manipulate prices, following his arrest in Montenegro last year. Kwon, who had been on the run, has been detained in Montenegro since his arrest there last March on charges of passport forgery. Kwon has also been indicted in South Korea, and it is still undecided where he will be extradited to.

Daniel Kim
content@viewusglobal.com

Comments0

300

Comments0

[LATEST] Latest Stories

  • Pfizer Ends Obesity Drug Trial After Liver Risk Emerges
  • Not Just Old Age: The Pneumonia That Affected Pope Francis’ Final Years
  • China Just Cranked U.S. Tariffs to 84% — And That’s Not the End of It
  • BMW's Next-Gen EV: The Bold New i3 Touring Concept Revealed
  • LEGO Technic Ferrari SF-24 F1 Car: A 1,361-Piece Tribute to Ferrari’s 2024 F1 Season
  • Hyundai’s Ioniq 6 Just Took the Top Spot in J.D. Power’s EV Ownership Study

You May Also Like

  • 1
    Why You Crave Junk Food When You’re Sad—And What to Eat Instead

    LIFESTYLE 

  • 2
    Mulberries May Help with Fatigue, Digestion, and Even Aging

    LIFESTYLE 

  • 3
    Cold Medicine Doesn’t Kill the Cold—Here’s What It Really Does

    LIFESTYLE 

  • 4
    One Cup a Day: What Tomato Juice Can Really Do for Your Health

    LIFESTYLE 

  • 5
    Foil-Wrapped Leftovers Could Be a Bacteria Hotspot

    LIFESTYLE 

Popular Now

  • 1
    Worried About Your Parents’ Memory? Here’s What to Watch For

    LIFESTYLE 

  • 2
    Is That After-Work Beer Hurting You? Here’s What Happens Over Time

    LIFESTYLE 

  • 3
    Sitting Too Long? Your Brain Might Be Paying the Price

    LIFESTYLE 

  • 4
    Lemon Water’s Glow-Up: 7 Easy Add-Ins That Make It Healthier (and Tastier)

    LIFESTYLE 

  • 5
    Cutting Fat May Help Cut the Blues, New Study Says

    LIFESTYLE 

Must-Reads

  • 1
    Why You Crave Junk Food When You’re Sad—And What to Eat Instead

    LIFESTYLE 

  • 2
    Mulberries May Help with Fatigue, Digestion, and Even Aging

    LIFESTYLE 

  • 3
    Cold Medicine Doesn’t Kill the Cold—Here’s What It Really Does

    LIFESTYLE 

  • 4
    One Cup a Day: What Tomato Juice Can Really Do for Your Health

    LIFESTYLE 

  • 5
    Foil-Wrapped Leftovers Could Be a Bacteria Hotspot

    LIFESTYLE 

Popular Now

  • 1
    Worried About Your Parents’ Memory? Here’s What to Watch For

    LIFESTYLE 

  • 2
    Is That After-Work Beer Hurting You? Here’s What Happens Over Time

    LIFESTYLE 

  • 3
    Sitting Too Long? Your Brain Might Be Paying the Price

    LIFESTYLE 

  • 4
    Lemon Water’s Glow-Up: 7 Easy Add-Ins That Make It Healthier (and Tastier)

    LIFESTYLE 

  • 5
    Cutting Fat May Help Cut the Blues, New Study Says

    LIFESTYLE 

Share it on...