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Which cryptocurrency firm will face the next major SEC fine or settlement by end of 2024?
5
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Coinbase • 25%
Binance • 25%
Ripple • 25%
Other • 25%
Official SEC announcements or media reports
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Terraform Labs and Do Kwon Settle SEC Fraud Case for $4.47 Billion
Jun 12, 2024, 07:04 PM
Terraform Labs has agreed to pay $4.47 billion to settle a civil fraud lawsuit filed by the U.S. Securities and Exchange Commission (SEC). The lawsuit, which followed the firm's collapse in 2022 that wiped out $40 billion in investor assets, accused Terraform Labs and its co-founder Do Kwon of securities fraud. As part of the settlement, Do Kwon will pay an additional $204 million and will be banned from serving as an officer or director in a public company. The settlement, pending court approval, includes approximately $3.5 billion in disgorgement of ill-gotten gains and $460 million in penalties. The SEC's case highlighted the significant impact of Terraform's collapse on the cryptocurrency market.
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