📣 Terraform Labs Fights Back Against SEC Fine
posted 3 May 2024
Terraform Labs has declared its opposition to paying the $5.3 billion fine levied by the American regulatory authority, pointing out that most investors in the TerraUSD (UST) stablecoin are based outside the U.S. It should be noted that the project saw a total of $40 billion in assets obliterated.
The company’s lawyers contend that the SEC has failed to demonstrate that American investors suffered any financial losses, let alone losses totaling billions. They particularly highlighted the activities of Do Kwon, attempting to link him with the Asian region.
Mr. Kwon’s role in the conduct that forms the basis of the SEC’s requested judgment was performed entirely abroad, in Korea and Singapore,the attorneys claimed.
The SEC issued its demand for the crypto industry’s largest ever fine of $5.3 billion right after a court verdict that accused Terraform Labs and its CEO, Do Kwon, of fraud. The authorities believe that this fine will act as a strong warning to potential fraudsters of the inevitable consequences.
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