Terraform Labs, Do Kwon Agree to Pay SEC a Combined $4.5B in Civil Fraud Case
Summary
Terraform Labs and its former CEO Do Kwon have agreed to a settlement with the SEC, involving a $4.5 billion payment and a permanent ban on trading crypto asset securities. The SEC urged a New York judge to approve the settlement, emphasizing its deterrent message. Kwon, currently in custody, and Terraform Labs' current CEO, Chris Amani, agreed to the terms. The settlement awaits court approval. Kwon is required to pay at least $204,320,196 out of his own pocket. Terraform Labs, in Chapter 11 bankruptcy protection, has around $150 million in remaining assets.
