As a seasoned crypto investor who has witnessed the ups and downs of this volatile market, I can’t help but feel a mix of disappointment and caution regarding the latest developments with Terraform Labs and its founder Do Kwon.
Terraform Labs consented to dish out a more substantial penalty than the one imposed by the U.S. Justice Department on crypto exchange Binance.
As a researcher, I’ve come across recent court filings indicating that Terraform Labs has reached a settlement worth $4.47 billion with the U.S. Securities and Exchange Commission (SEC). This development stems from the collapse of TerraLuna (LUNC) and TerraUSD (UST).
As a researcher examining this case, I would put it as follows: The SEC prosecutors proposed a penalty after a two-week trial in March and following the disclosure of a preliminary deal towards the end of last month. The jury’s verdict, reached in 2022, held Terraform and its founder, Do Kwon, accountable for the company’s collapse.
As an analyst, I would express it this way: I’m currently working on an analysis involving a potential settlement between a crypto entity and the US Securities and Exchange Commission (SEC). This agreement, which requires approval from a New York judge, could mark one of the largest resolutions between a cryptocurrency firm and American regulators. Originally, the SEC demanded penalties totaling $5.3 billion from both parties.
At the outset, federal prosecutors proposed that Kwon’s firm and he himself pay a total of $5.22 billion – $4.68 billion in disgorgement and $519.9 million as civil penalties.
Terraform’s founder extradition
Kwon Do is currently facing extradition proceedings in the Balkans. Once approved, he will be sent either to the United States or back to South Korea.
As a researcher studying financial crimes, I came across Kwon’s case of travel document expiration in March, which led to his release from Spuž prison in Montenegro under home arrest. Prior to this, the former crypto tycoon had been evading authorities following the catastrophic collapse of Terra, resulting in a $60 billion loss and triggering a ripple effect of bankruptcies across the digital asset sector.
As an analyst, I’ve observed that there have been multiple approvals for the extradition of an individual to both America and South Korea. However, these decisions have been reversed due to legal challenges and back-and-forth proceedings between the attorneys and Montenegro’s judicial system. At present, it is uncertain where Kwon will be extradited, but given his involvement in Terra’s collapse, he may face significant prison time if brought to trial in either country.
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2024-06-12 21:42