As a seasoned crypto investor who has witnessed the ups and downs of this volatile market, I cannot help but feel a mix of disappointment, anger, and even a tinge of sadness upon hearing about the SEC’s settlement with Terraform Labs. The collapse of TerraUSD (UST) and Luna in 2022 was a shocking event that wiped out billions in investor assets, including my own.
As a financial analyst, I can share that Terraform Labs Pte., in response to a civil complaint initiated by the US Securities and Exchange Commission (SEC), has reached an agreement to pay a staggering sum of $4.47 billion for the resolution of this case. This comes after the unfortunate collapse of Terraform Labs in 2022, which resulted in the loss of approximately $40 billion worth of investor assets, leaving the cryptocurrency industry in shock.
The total repercussions amount to approximately $4.2 billion in disgorgement fines, a civil penalty of $420 million, and nearly $467 million in prejudgment interest. According to the settlement agreement, Do Kwon is responsible for paying out around $110 million in disgorgement penalties and around $14.3 million in pre-judgment interest fines.
The SEC announced on Wednesday that they are seeking the approval of a federal judge in New York for their settlement with Terraform and its co-founder Do Kwon. This comes after a two-week trial during which a jury held both parties accountable for the collapse of the business.
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2024-06-12 21:24