Terraform Labs Pte. has agreed to pay $4.47 billion to settle a civil complaint launched by the US Securities and Exchange Commission following the firm’s 2022 collapse, which wiped out $40 billion in investor assets and shocked the cryptocurrency industry.
The entire remedies include disgorgement fines of almost $3.6 billion, a civil penalty of $420 million, and prejudgment interest of nearly $467 million. Do Kwon is liable for $110 million in disgorgement penalties and roughly $14.3 million in pre-judgment interest fines following the settlement plan.
The SEC on Wednesday requested that a federal judge in New York accept the deal with Terraform, which was reached after a jury found the business and co-founder Do Kwon responsible for the collapse after a two-week trial.
Also Read: Terraform Labs, Do Kwon to Reach A Settlement with US SEC
