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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

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