{"id":21629,"date":"2024-05-30T23:30:08","date_gmt":"2024-05-30T20:30:08","guid":{"rendered":"https:\/\/coinengineer.io\/?p=21629"},"modified":"2024-05-30T22:59:23","modified_gmt":"2024-05-30T19:59:23","slug":"terraform-and-do-kwon-settlement-with-sec-announced","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/terraform-and-do-kwon-settlement-with-sec-announced\/","title":{"rendered":"Terraform and Do Kwon Settlement with SEC Announced"},"content":{"rendered":"<p>A court record notes that <strong>Terraform Labs<\/strong> <strong>and co-founder Do Kwon<\/strong> &#8220;reached a settlement in principle&#8221; with the U<a href=\"https:\/\/www.sec.gov\/\">.S. Securities Exchange Commission (SEC).<\/a><\/p>\n<p>An entry posted on Thursday indicated that a previously scheduled oral argument intended for May 29 had been canceled and that a non-recorded telephone conference on Wednesday had also been called off.<\/p>\n<p><em>&#8220;The oral argument previously set for 5\/29\/2024 has been canceled because the parties have informed the Court that they reached a settlement in principle,&#8221;<\/em> the petition states. &#8220;<em>The parties must file, by 6\/12\/2024, papers in support of a proposed final judgment consistent with the settlement.&#8221;<\/em><\/p>\n<p><span style=\"color: #0000ff;\"><em>Related: <a style=\"color: #0000ff;\" href=\"https:\/\/coinengineer.net\/blog\/sec-charges-terraform-labs-and-do-kwon-with-4-billion-fraud\/\">SEC Charges Terraform Labs and Do Kwon with $4 Billion Fraud<\/a><\/em><\/span><\/p>\n<p>Over the algorithmic stablecoin TerraUSD (UST), which crashed a year earlier, the SEC prosecuted <strong>Terraform and Kwon<\/strong> in February 2023. Only a few weeks ago, both sides were debating minute quantities. While the SEC has recommended they pay $5.3 billion, lawyers representing <strong>Terraform and Kwon<\/strong> said fines should be closer to $1 million.<\/p>\n<p>Even without Kwon, the <strong>Terraform<\/strong> trial against the SEC began in late March. April saw <strong>Terraform and Kwon<\/strong> found guilty of civil fraud after a jury determined they misled investors. The jury mostly looked at the SEC&#8217;s allegations that Kwon and <strong>Terraform<\/strong> engaged in fraud linked to the purchasing and selling of <strong>Terraform<\/strong> shares, therefore breaching federal securities laws.<\/p>\n<p>The former executive has been caught entangled in a back-and-forth between being extradited to the United States or South Korea. Using a fake passport while trying to leave Montenegro, Kwon was detained in March 2023.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A court record notes that Terraform Labs and co-founder Do Kwon &#8220;reached a settlement in principle&#8221; with the U.S. Securities Exchange Commission (SEC). An entry posted on Thursday indicated that a previously scheduled oral argument intended for May 29 had been canceled and that a non-recorded telephone conference on Wednesday had also been called off.<\/p>\n","protected":false},"author":6,"featured_media":21630,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[1675,39,2868],"class_list":["post-21629","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-do-kwon","tag-sec","tag-terraform-labs"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Terraform and Do Kwon Settlement with SEC Announced - Coin Engineer<\/title>\n<meta name=\"description\" content=\"Terraform Labs and Do Kwon reached a settlement in principle with the SEC over the TerraUSD collapse, avoiding further court proceedings.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/terraform-and-do-kwon-settlement-with-sec-announced\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Terraform and Do Kwon Settlement with SEC Announced - 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