CDS Crypto News Breaking Crypto News – Analyzing the Legal Battle: Terraform Labs and Do Kwon’s Civil Fraud Case Settlement
Crypto News

Breaking Crypto News – Analyzing the Legal Battle: Terraform Labs and Do Kwon’s Civil Fraud Case Settlement

132
Breaking Crypto News - Analyzing The Legal Battle Terraform Labs And Do Kwon'S Civil Fraud Case Settlement

Breaking Crypto News – Terraform Labs and Do Kwon: Unraveling the $4.5B Civil Fraud Case

Breaking Crypto News – As part of a settlement deal with the SEC, Terraform Labs and its former CEO Do Kwon agreed to pay over a total of $4.5 billion in disgorgement and civil penalties. Along with a permanent prohibition on Kwon and Terraform Labs’ ability to purchase and sell crypto asset securities, including all of the tokens in the Terra ecosystem, the settlement agreement was filed on Wednesday.

SEC’s Lawyers Send Letter to the Court

The SEC‘s attorneys sent a letter to the court asking U.S. District Court Judge Jed Rakoff of the Southern District of New York (SDNY), who is presiding over the case, to approve the settlement agreement in addition to their proposed final judgment.

If approved, the proposed judgment will send an unmistakable deterrent message to not only those who engage in brazen misconduct, but also to all those who seek to evade the requirements of the federal securities laws by crafting new standards of behavior for crypto assets that fall under the purview of the federal securities laws,

the lawyers

FAQ

Why Was Do Kwon Arrested?

In relation to the $40 billion cryptocurrency crisis that rocked retail investors worldwide, 32-year-old Kwon was arrested on an international arrest warrant.

What is the Meaning of Settlement Deal?

It is a settlement that puts an end to a disagreement and causes any associated legal action to be voluntarily dropped. Parties frequently decide to keep their settlement agreements confidential, regardless of the specifics.

What is a Civil Penalty?

A civil penalty refers to a non-criminal measure imposed on a party who violates laws or rules. Only civil fines or other monetary payments are typically included in civil penalties as a form of compensation for damages. A civil penalty action may be initiated by the government or, acting on behalf of the government, by a private party.

For more up-to-date crypto news, you can follow Crypto Data Space.

Breaking Crypto News - Analyzing The Legal Battle: Terraform Labs And Do Kwon'S Civil Fraud Case Settlement
Written by
lectertodd

Lectertodd is 27 years old. She graduated from Çankaya University, Department of Psychology, in 2021. She actively works as a writer, translator, and editor for various websites. Moreover, she loves reading, researching, and learning new things.

Leave a comment

Leave a Reply

Related Articles

Sui Blockchain Faces First Major Outage: What Happened and What’s Next

Sui blockchain faces its first major outage—learn what happened, the impact on...

MicroStrategy Stock Reaches New High as Bitcoin Surges Above $98,000

MicroStrategy’s stock surged to a new all-time high as Bitcoin reached $98,000,...

Mysten Labs Resolves Sui Blockchain Outage, dApps Resume Functioning

Mysten Labs Resolves Sui Blockchain Outage, dApps Resume Functioning

Top 3 Cryptos on November 21: Qubetics Soars as Ethereum and Solana Face Resistance

Top 3 Cryptos on November 21: Qubetics Soars as Ethereum and Solana...