Do Kwon’s Huge Fine Shows the SEC Is Ratcheting Up Penalties Against Crypto Firms
Suggested fines the securities watchdog suggested for Terraform Labs and Ripple are out-of-line with what it has collected from crypto firms in the past.
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Do Kwon
Suggested fines the securities watchdog suggested for Terraform Labs and Ripple are out-of-line with what it has collected from crypto firms in the past.
The U.S. Securities and Exchange Commission (SEC) has asked a New York court to impose $5.3 billion in fines on Terraform Labs and co-founder Do Kwon for their role in the $40 billion implosion of the Terra ecosystem in 2022.
The SEC accused Kwon and his company of misleading investors about the stability of their so-called “algorithmic stablecoin” Terra USD.
NEW YORK – Lawyers for the U.S. Securities and Exchange Commission (SEC) rested their case against Terraform Labs and its co-founder, Do Kwon, on Friday, releasing a New York jury to decide whether Kwon and his company are liable for allegedly misleading investors about the stability of Terra USD (UST) and its integration with a Korean mobile payments app.
Montenegro’s Supreme Court placed a pause on Terra founder Do Kwon’s pending extradition from the Balkan country, issuing an order on Friday that overturns earlier decisions from two lower courts to extradite Kwon to his native South Korea.
Terraform Labs co-founder Do Kwon’s pending extradition to South Korea has apparently been put on ice following a legal challenge issued Thursday by Montenegro’s top prosecutor.
The U.S. is also seeking Kwon’s extradition despite the Montenegrin court’s decision to send him to South Korea.
The U.S. will appeal the ruling of a Montenegro Court to hand Terraform Labs co-founder Do Kwon to South Korea, according to Bloomberg.
Kwon successfully appealed a previous decision by the same court to send him to the U.S. instead.
The U.S. Securities and Exchange Commission (SEC) has raised objections to a $166 million retainer payment to lawyers of Terraform, according to Reuters.