After a court verdict in the Southern District of New York on April 19th, 2023, the SEC is pursuing $4.7 billion in civil penalties against Terraform Labs and its founder Do Kwon. The court had previously determined that they had deceived investors.
Courtlistener
Additionally, the SEC seeks a judge’s approval for an injunction barring Kwon from future leadership roles in securities businesses due to allegations of misrepresentation. These accusations concern Terraform Labs, Kwon, and their associated tokens, namely TerraUSD (UST), Luna (LUNA), and wrapped Luna (wLUNA).
The SEC presents evidence of misconduct against Kwon and Terraform Labs, indicating a lack of remorse on their part and raising concerns that they may engage in similar behavior in the future.
Currently, Do Kwon, the head of Terra-form Labs, is being held in Montenegrian custody. Both the United States and South Korea have submitted requests for his extradition.
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2024-04-23 02:12