Terraform Labs and Do Kwon challenge the $5.8 billion demanded by the U.S. Securities and Exchange Commission (SEC) following the crash of Terra (Luna), a cryptocurrency they are heavily involved with. Instead, they propose a settlement of $1 million.
Terraform Labs is the company behind the development of Terra blockchain, and Do Kwon is the co-founder of Terraform Labs. The SEC legal action is presumably based on claimed violations of federal securities laws, related to the function and management of the Terra-Luna infrastructure.
The outcome of this dispute could have profound implications for the cryptocurrency industry, given the large scale of the demanded fine and the possible precedent it could set. However, the terms of the settlement will most probably be determined through negotiations between Terraform Labs, Do Kwon, and the SEC.
Terraform Labs And Do Kwon Push For $1 Million SEC Fine Opposed To $5.8 Billion Demanded After Terra-Luna Crash
Terraform Labs and Do Kwon challenge the $5.8 billion demanded by the U.S. Securities and Exchange Commission (SEC) following the crash of Terra (Luna), a cryptocurrency they are heavily involved with. Instead, they propose a settlement of $1 million.
Terraform Labs is the company behind the development of Terra blockchain, and Do Kwon is the co-founder of Terraform Labs. The SEC legal action is presumably based on claimed violations of federal securities laws, related to the function and management of the Terra-Luna infrastructure.
The outcome of this dispute could have profound implications for the cryptocurrency industry, given the large scale of the demanded fine and the possible precedent it could set. However, the terms of the settlement will most probably be determined through negotiations between Terraform Labs, Do Kwon, and the SEC.
