3 months ago
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Terraform's hefty SEC fine concludes the legal battle over its 2022 market collapse.
Terraform Labs Pte. has agreed to a $4.47 billion settlement with the US Securities and Exchange Commission (SEC), as reported by Bloomberg Law. This resolution comes in the aftermath of the company’s 2022 collapse, which erased $40 billion of investor assets and sent shockwaves through the crypto market.
The SEC confirmed the agreement on Wednesday, pending a federal judge’s approval in New York. The settlement was reached subsequent to a jury finding Terraform and its co-founder Do Kwon liable for the collapse after a two-week trial.
The fine was initially set to $5.3 billion by US regulators when Terraform was found liable for fraud by a New York jury in April, as also reported by Bloomberg. However, Terraform Labs co-founder Do Kwon told the judge they shouldn’t have to pay the fine because most of the firm’s stablecoins were sold abroad.
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