The US Securities and Exchange Commission (SEC) submitted to the court the penalty it requested for Terraform Labs company and its founder Do Kwon. Defendants want to pay less compensation.
One of the biggest fraud cases in the cryptocurrency markets In the Terraform Labs case A new development took place. The US Securities and Exchange Commission (SEC) filed a lawsuit against the company Terraform Labs and its founder Do Kwon, who are on trial within the scope of the case. the punishment requested presented it to the court.
In its application to the court, the SEC stated that Terraform Labs and Do Kwon should pay a total of $4.7 billion in compensation. On the other hand; It was stated that Terraform Labs should pay 520 million dollars in compensation and Do Kwon should pay another 100 million dollars in compensation. So the total penalty sought is, almost $5.3 billion. The SEC also ordered Do Kwon banned from the markets and Terraform Labs. interim injunction wants it to be implemented.
Terraform Labs and Do Kwon want to pay less fine!
According to the information obtained, the SEC and the defendants submitted their requests simultaneously. In this context; Terraform Labs, up to 3.5 billion dollars He wants to pay a fine. Do Kwon’s sentencing recommendation to the court is 800 thousand dollars.
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The Biggest Crisis in Cryptocurrency History: The Lost Money Is Uncountable!
As we end our news, let’s share the details of the Terraform Labs incident. Terraform Labs has a product called UST. stablecoin There was. However, this cryptocurrency used algorithms instead of offering 1:1 proof of existence like others. One day, this algorithm started giving unexpected reactions and the UST price, which should have a normal price of 1 dollar, It dropped to $0.05. As investors’ money evaporated, cryptocurrency markets experienced one of the biggest crashes in history. Do Kwon, who had an arrogant attitude, made a joke after being caught. you gambled and lost told.