{"id":29571,"date":"2024-04-23T09:53:32","date_gmt":"2024-04-23T09:53:32","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/sec-seeks-5-3-billion-from-terraform-labs-and-do-kwon\/"},"modified":"2024-04-23T09:53:32","modified_gmt":"2024-04-23T09:53:32","slug":"sec-seeks-5-3-billion-from-terraform-labs-and-do-kwon","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/sec-seeks-5-3-billion-from-terraform-labs-and-do-kwon\/","title":{"rendered":"SEC seeks $5.3 billion from Terraform Labs and Do Kwon"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Crypto News, Alt Coin News and Cryptocurrency Comparison )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/10\/us-flag-with-judges-hammer-and-dollar-bills-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/10\/us-flag-with-judges-hammer-and-dollar-bills-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/10\/us-flag-with-judges-hammer-and-dollar-bills-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/10\/us-flag-with-judges-hammer-and-dollar-bills-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li><span style=\"font-weight: 400\">The US Securities and Exchange Commission (SEC) seeks a $5.3 billion judgement against Terraform Labs and co-founder &amp; CEO Do Kwon.<\/span><\/li>\n<li><span style=\"font-weight: 400\">Terraform Labs filed a motion for settlement at $3.5 million; dO Kwon offered $800,000.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">The US Securities and Exchange Commission (SEC) is after a $5.3 billion judgement against Terraform Labs and its co-founder and CEO Do Kwon.<\/span><\/p>\n<p><span style=\"font-weight: 400\">SEC recently <a href=\"https:\/\/storage.courtlistener.com\/recap\/gov.uscourts.nysd.594150\/gov.uscourts.nysd.594150.231.0.pdf\" target=\"_blank\" rel=\"noopener\">filed a motion<\/a> in the US District Court for the Southern District of New York, outlining the disgorgement and civil penalties it wants imposed against Terraform Labs and Kwon. <\/span><\/p>\n<p><span style=\"font-weight: 400\">The $5.3 billion amount includes $4.7 billion in disgorgement and prejudgment interest following the recent fraud verdict against the crypto company.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Terraform Labs offers $3.5 million, Do Kwon $800,000<\/span><\/h2>\n<p><span style=\"font-weight: 400\">SEC also seeks $520 million in civil penalties, of which the SEC wants $420 million imposed against Terraform Labs and $100 million against Kwon. The securities watchdog has also filed for injunctions against Kwon, seeking a ban against him taking any executive roles in the market. <\/span><\/p>\n<p><span style=\"font-weight: 400\">The regulator also wants Kwon to comply with full financial disclosures requirements.<\/span><\/p>\n<p><span style=\"font-weight: 400\">SEC\u2019s filing and suggested charges contrast massively to that of the Terraform Labs and Kwon. In their brief, the company and the detained Kwon proposed civil remedies of $3.5 million, while Kwon offered just $800,000.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The proposed penalties and civil remedies await judicial approval, with this the next step after the jury\u2019s verdict on April 5, 2024. The verdict was that Do Kwon and his company was liable for defrauding investors, particularly offering misleading statements about the stablecoin TerraUSD (UST), crypto token Luna (LUNA) and wLUNA.<\/span><\/p>\n<p><span style=\"font-weight: 400\"><a href=\"https:\/\/coinjournal.net\/news\/de-pegged-ust-sends-luna-tumbling-token-price-down-almost-95-in-the-last-24-hours\/\">LUNA and UST\u2019s collapse in 2022<\/a> saw a massive contagion across crypto. Do Kwon <a href=\"https:\/\/coinjournal.net\/news\/terra-founder-do-kwon-says-hes-making-zero-effort-to-hide\/\">went on the run<\/a> before being arrested in Montenegro in May 2023. He remains in custody amid potential extradition \u2013 Kwon is wanted by both the US and South Korea.<\/span><\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/sec-seeks-5-3-billion-from-terraform-labs-and-do-kwon\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Crypto News, Alt Coin News and Cryptocurrency Comparison ) The US Securities and Exchange Commission (SEC) seeks a $5.3 billion judgement against Terraform Labs and co-founder &amp; CEO Do Kwon. Terraform Labs filed a motion for settlement at $3.5 million; dO Kwon offered $800,000. The US Securities and Exchange [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":29572,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/29571"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=29571"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/29571\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/29572"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=29571"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=29571"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=29571"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}