According to reports, the U.S. Securities and Exchange Commission (SEC) intends to punish the discredited founder of the Terra ecosystem billions of dollars.
As per a recent Bloomberg article, the regulatory body is pursuing Kwon and Terraform Labs, who were found guilty of fraud during a trial earlier this month, opening the door for the possibility of the highest penalties in the history of the cryptocurrency business.
According to the investigation, Kwon and Terraform gained about $4 billion by selling tokens as unregistered securities. Do Kwon was fined $5.3 billion for his alleged “brazen misconduct” in the 2022 collapse of the Terra ecosystem.
As a result of his involvement in the $40 billion collapse of the Terra ecosystem, he is currently being sought by authorities for extradition to both the US and South Korea.
April 2024, Cryptoniteuae
