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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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.
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. Securities and Exchange Commission (SEC) has raised objections to a $166 million retainer payment to lawyers of Terraform, according to Reuters.
The appeal is a minor victory for Kwon, who initially won an appeal in November only for it to be subsequently overturned.
Local courts may be facing political pressure regarding Kwon’s extradition to the U.S. or South Korea, his lawyer Goran Rodic told CoinDesk.
The former CEO of Terra is being held in Montenegro after being caught in Podgorica’s airport with falsified documents.
The U.S. Securities and Exchange Commission (SEC) has been blowing a horn in its various legal clashes with crypto exchanges, asking courts to see how its recent win in the Terraform Labs dispute should convince other judges that the regulator is right about platforms like Coinbase and Binance trading unregistered securities.