2024

April

Billion

<h4><strong>After a jury found Kwon and TFL liable for defrauding investors on April 5, the SEC is seeking a final judgment.</strong></h4> 
<p>This could impose severe restrictions on Kwon’s future activities and financially penalize both him and his company.</p> 
<h5><strong>SEC Seeks Final Judgment Against Kwon and Terraform Labs</strong></h5> 
<p>On April 19, SEC lawyers <a href="https://storage.courtlistener.com/recap/gov.uscourts.nysd.594150/gov.uscourts.nysd.594150.231.0.pdf" target="_blank" rel="noopener">filed</a> a motion seeking to enact a conduct-based injunction against both Kwon and TFL. This legal restraint would prevent Kwon from serving as an officer or director of any entity that issues securities. This could potentially curtail his future business endeavors in the U.S. securities sector.</p> 
<p>The financial stakes are high, with the SEC outlining a comprehensive penalty structure to address <a href="https://www.altcoinbuzz.io/?s=terra" target="_blank" rel="noopener">Terraform Labs</a>‘ fraudulent activities. The commission is seeking a total of $5.3 billion in monetary penalties. This includes $4.7 billion in disgorgement, accounting for the profits illegally obtained by the defendants. Additionally, it covers the prejudgment interest calculated on those profits. Additionally, the SEC has proposed direct civil penalties amounting to $420 million for TFL and $100 million for Kwon individually.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/SEC?src=hash&amp;ref_src=twsrc%5Etfw">#SEC</a> seeks $5.3 billion against TerraformLabs &amp; DoKwon after fraud verdict:</p> 
 <p>– Jury finds Terraform &amp; Kwon liable for deceptive practices.</p> 
 <p>– SEC requests $4.7B in disgorgement and interest, plus $520M in civil penalties.<br>– In response, Terraform proposes a $3.5M penalty, Kwon… <a href="https://t.co/ZDw8w7Vw3C">pic.twitter.com/ZDw8w7Vw3C</a></p> 
 <p>— @TheLordofEntry (@thelordofentry) <a href="https://twitter.com/thelordofentry/status/1782691619080114537?ref_src=twsrc%5Etfw">April 23, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>The legal actions follow a nine-day trial that concluded earlier this month, where Kwon was notably absent. The <a href="https://unchainedcrypto.com/why-do-kwons-extradition-to-the-us-looks-more-likely/" target="_blank" rel="noopener">trial</a> proceeded without Kwon, who remains in Montenegro as courts deliberate his potential extradition to the US or South Korea.&nbsp;The outcome of these extradition proceedings could significantly impact the enforcement of any judgments rendered by the U.S. courts.</p> 
<h5><strong>More About The SEC</strong></h5> 
<p>Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-04-22/sec-lawyers-resign-after-judge-blasts-agency-for-abuse-of-power-in-crypto-case?sref=" target="_blank" rel="noopener">reported</a> on Monday that two SEC lawyers, Michael Welsh and Joseph Watkins, have resigned. This occurred after a federal judge sanctioned the SEC for abusing power in its case against crypto firm Debt Box.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">Two SEC lawyers just resigned after a judge sanctioned them for gross abuse of power in a crypto case.</p> 
 <p>The SEC's lawsuit was "marred by false statements and misrepresentations, as well as a lack of evidence."</p> 
 <p>Gary G hanging on by a thread these days. <a href="https://t.co/vJEDGsTAiR">pic.twitter.com/vJEDGsTAiR</a></p> 
 <p>— Yano <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f7ea.png" alt="🟪" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@JasonYanowitz) <a href="https://twitter.com/JasonYanowitz/status/1782488216412496141?ref_src=twsrc%5Etfw">April 22, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>According to sources familiar with the situation, the SEC had threatened to terminate Welsh and Watkins if they continued their employment at the agency.</p> 
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<h6><strong>Disclaimer</strong></h6> 
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p> 
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/sec-demands-5-3-billion-from-terraform-labs-and-do-kwon/">SEC Demands $5.3 Billion from Terraform Labs and Do Kwon</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

SEC Demands $5.3 Billion from Terraform Labs and Do Kwon

Altcoin Buzz

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