Terraform Labs, the company behind the $40bn collapse of TerraUSD digital tokens in 2022, has agreed to pay $4.47bn in a case brought by the US Securities and Exchange Commission, making it the latest major cryptocurrency company to pay a hefty US penalty.
The collapsed stablecoin operator and its chief executive, Do Kwon, were found liable by a New York jury in April in a civil case brought by the SEC, which accused them of arranging a cryptocurrency fraud that led to billions of dollars in losses.
According to documents filed in Manhattan federal court on Wednesday, Terraform has agreed to pay $4.47bn in monetary penalties along with a prohibition on “engaging in crypto asset securities transactions”.
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