Terraform Labs Reaches $4.47 Billion Settlement With US SEC
Summary
Terraform Labs has agreed to pay a $4.47 billion settlement to the SEC following a civil lawsuit over the collapse that led to a $40 billion loss in investor assets. The SEC alleged that Terraform and its co-founder, Do Kwon, engaged in unregistered crypto asset transactions and a fraudulent scheme. The settlement represents a victory for the SEC, as Terraform and Kwon had previously proposed lower civil penalties. Terraform's Luna Classic token is currently trading at $0.0001076, up nearly 8% in the 24-hour time frame.
