{"id":32322,"date":"2024-06-12T20:20:55","date_gmt":"2024-06-12T20:20:55","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/terraform-labs-agrees-4-5-billion-settlement-with-sec\/"},"modified":"2024-06-12T20:20:55","modified_gmt":"2024-06-12T20:20:55","slug":"terraform-labs-agrees-4-5-billion-settlement-with-sec","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/terraform-labs-agrees-4-5-billion-settlement-with-sec\/","title":{"rendered":"Terraform Labs agrees $4.5 billion settlement with SEC"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin 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\/2024\/04\/sec-logo-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/04\/sec-logo-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/04\/sec-logo-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/04\/sec-logo-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li><span style=\"font-weight: 400\">Terraform Labs is to pay $4.47 billion to settle with the US Securities and Exchange Commission (SEC).<\/span><\/li>\n<li>The SEC sued Terraform Labs and its former CEO Do Kwon after the firm\u2019s collapse in 2022.<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">Terraform Labs has agreed to a $4.47 billion settlement with the US Securities and Exchange Commission (SEC).<\/span><\/p>\n<p><span style=\"font-weight: 400\">The news follows an earlier report that Terraform Labs and its founder and former CEO Do Kwon had reached agreement over a settlement.<\/span><\/p>\n<p><span style=\"font-weight: 400\">On Wednesday, it emerged that the company had agreed to pay the hefty $4.47 billion as part of the resolution of a fraud case the SEC filed after the firm\u2019s implosion in 2022.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The SEC <a href=\"https:\/\/coinjournal.net\/news\/terra-luna-price-plunges-sec-charges-terraform-labs-for-fraud\/\">filed its lawsuit<\/a> in February last year and in April, it emerged the regulator <a href=\"https:\/\/coinjournal.net\/news\/sec-seeks-5-3-billion-from-terraform-labs-and-do-kwon\/\">sought $5.3 billion<\/a> from Terraform Labs and Do Kwon.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The $4.47 billion settlement awaits court approval.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Terraform Labs\/SEC agreement<\/span><\/h2>\n<p><span style=\"font-weight: 400\">According to <a href=\"https:\/\/storage.courtlistener.com\/recap\/gov.uscourts.nysd.594150\/gov.uscourts.nysd.594150.271.0.pdf\" target=\"_blank\" rel=\"noopener\">court filings<\/a>, Terraform Labs will pay approximately $3.5 billion as disgorgement, $460 million in prejudgment interest, and $420 million in civil penalties.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The firm\u2019s former CEO Kwon is also to pay just over $200 million, this going to the Terraform Labs bankruptcy estate.<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cPayment of the monetary remedies against Kwon shall be deemed satisfied, provided that all transfers by Kwon to the SEC and the Terraform bankruptcy estate in the Bankruptcy Case total no less than $204,320,196, excluding the value of any Terraform Crypto Assets transferred to the Terraform bankruptcy estate, only if and until Kwon completes: (1) transferring into an escrow account agreed by Kwon and the Commission staff $4,700,000 within 30 days of Final Judgment,\u201d the settlement reads in part.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Terraform Labs\u2019 collapse in 2022 saw massive contagion across the crypto industry, with billions of dollars wiped from the market as prices nosedived. <\/span><\/p>\n<p><span style=\"font-weight: 400\">Terra Luna Classic (LUNC) and Terra (LUNA) traded 5% and 6% up respectively after the news.<\/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\/terra-agrees-to-4-5-billion-settlement-with-sec-over-fraud-case\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison ) Terraform Labs is to pay $4.47 billion to settle with the US Securities and Exchange Commission (SEC). The SEC sued Terraform Labs and its former CEO Do Kwon after the firm\u2019s collapse in 2022. Terraform Labs has agreed to a $4.47 [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":32323,"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\/32322"}],"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=32322"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/32322\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/32323"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=32322"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=32322"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=32322"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}