Terraform Labs Agrees to $4.47 Billion Fine
June 13, 2024
The U.S. Securities and Exchange Commission has submitted a proposed final consent judgment in the Terraform Labs lawsuit and has asked Judge Jed Rakoff of the U.S. District Court for the Southern District of New York to approve the plan. Terraform and its co-founder, Do Kwon, agreed to the judgment in late May over the collapse of an algorithmic stablecoin in 2022. The settlement includes $3.58 billion in damages, a $420 million civil penalty, and bans Kwon from serving as an officer or director of any public company.
