Do Kwon, Terraform Labs Should Get $5.3B Fine, SEC Tells Court

The SEC asked a New York judge to impose $5.3 billion in fines against Terraform Labs and Do Kwon to resolve the civil fraud case against them.

Terraform Labs and Kwon were found liable on civil fraud charges earlier this month, when a Manhattan jury concluded that they had misled investors about the stability of their so-called “algorithmic” native stablecoin, Terra USD , and the use cases for the Terra blockchain. Sales of LUNA and MIR to institutional investors totaled $65.2 million and $4.3 million, respectively, sales of LUNA and UST through the Luna Foundation Guard totaled $1.8 billion, and investors bought $2.3 billion in UST on various crypto asset trading platforms between June 2021 and May 2022, according to court documents.

Source: Law Daily Report (lawdailyreport.net)

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