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Homeweb3.0SEC requires Terra and Do Kwon to pay a huge fine of US$5.3 billion! Extradition outcome pending

SEC要求Terra、Do Kwon上缴53亿美元巨额罚款!引渡结果未定

This site (120BTc.coM): After the sudden collapse of LUNA and UST in 2022, the U.S. Securities and Exchange Commission (SEC) launched an investigation into Terraform Labs and its founders in February last year. Do Kwon filed a civil lawsuit accusing the defendants of orchestrating fraud. Earlier this month, a New York federal jury found Do Kwon and Terraform Labs guilty of fraud.

After winning the civil lawsuit, the SEC then submitted a motion to the District Court for the Southern District of New York on the 19th, requiring Do Kwon and Terraform Labs to pay approximately US$4.7 billion in ill-gotten gains and prejudgment interest, as well as a total of US$520 million. Civil penalties of US$420 million to Terraform Labs and US$100 million to Do Kwon.

In addition to requesting monetary compensation, the SEC also proposed to prohibit Do Kwon from serving as an executive or director of a securities issuer and require him to provide complete information about his accounts and assets. If approved, Terraform Labs will be issued a conduct injunction. The judge has yet to rule on proposed corrective measures and civil sentences to prevent "essentially engaging in the same conduct that resulted in massive fraud."

The SEC criticized the defendants for their failure to express remorse for their actions, and the court should send a clear message that this brazen misconduct and the defendants violated federal securities laws and set new rules and standards of conduct for the cryptocurrency market. , despicable attempts to excuse their actions will not be tolerated.

In response to the SEC's motion, Do Kwon and Terraform Labs also submitted potential corrective measures to the court for this civil lawsuit: Terraform Labs proposed a maximum civil penalty of $3.5 million, and Do Kwon proposed to pay only $800,000. .

Do Kwon still faces criminal charges and extradition is pending

The court's trial in the SEC v. DoKwon case was held in the absence of Do Kwon, who was in Montenegro last March After being arrested in Goro (Montenegro) for passing customs with a fake passport, he is still in Montenegro waiting for an extradition decision.

In addition to the SEC's current successful civil lawsuit, Do Kwon is currently facing criminal charges in South Korea and the United States. However, the robbery war between South Korea and the United States is still pending. He was originally ruled in February to be extradited to He was tried in the United States, but in March the appeals court changed the decision to extradite to South Korea. Then the Supreme Prosecutor's Office of Montenegro asked the Supreme Court to overturn the ruling and seek to change Do Kwon's extradition to the United States.

The Supreme Court formally issued an order last month suspending Do Kwon’s extradition until a decision is made.

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