Terraform Labs and its former CEO have agreed to pay $4.47 billion in disgorgement fines, civil penalties, and prejudgment interest to settle a civil lawsuit with the SEC following the company's collapse. This settlement, if approved by a judge, would also restrict them from trading crypto asset securities in the future.
The agreement stems from allegations of civil fraud related to cryptocurrencies Luna and TerraUST, causing significant losses to investors and leading to a unanimous jury decision against the company and its co-founder. The SEC views this settlement as a strong message deterring misconduct under federal securities laws in the crypto industry.
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