U.S. SEC orders Terraform Labs and its founders to pay approximately $5.3 billion
The post US SEC orders Terraform Labs and founders to pay about $5.3 billion appeared on BitcoinEthereumNews.com.
The U.S. Securities and Exchange Commission (SEC) handed down approximately $5.3 billion in final judgment against both defendants, Terraform Labs, a crypto asset (virtual currency) company, and its founder, Mr. Do Kwon. They are asking the court to order payment. This was revealed in the trial materials dated April 19th. According to court documents, the SEC is demanding payment of approximately $4.7 billion in ill-gotten gains and interest from the two defendants, as well as $420 million in civil penalties from Terraform Laboratories and $100 million from Mr. Kuhn. The SEC is also requesting a ‘conduct-based injunction’ against the two defendants, ‘Kwon’s sworn financial reporting’, and ‘suspension of (Kuhn’s) officer and director status.’ On April 5, the jury found the two defendants guilty of defrauding investors by making promises about the offer and sale of Terra USD (UST) and Luna (LUNA). The SEC received this jury verdict and applied to the court to reflect the motion’s demands in the final decision. “We are extremely disappointed by the verdict, which appears to be unsupported by the evidence,” Terraform Institute said in a statement to X following the announcement of the same verdict. “We continue to assert that the SEC has absolutely no legal authority to bring this lawsuit and are carefully reviewing our options and next steps,” the company said in a statement. Terraform Labs Statement on Verdict in SEC Proceedings: We are very disappointed with the verdict, which we do not believe is supported by the evidence. We continue to maintain that the SEC does not have the legal authority to bring this case at are carefully… — Terra Powered by LUNA (@terra_money) April 5, 2024 Related News Former CFO of Terra (LUNA)’s Terraform Laboratory extradited from Montenegro to Korea , Mr. Kuhn’s lawyer denies US SEC’s complaint Reference: Trial materials
