Global #Do kwon

Bankrupt Terraform Labs and its disgraced founder, Do Kwon, have reached a landmark $4.47 billion settlement with the U.S. Securities and Exchange Commission (SEC) following a jury verdict finding them liable for defrauding cryptocurrency investors in the infamous collapse of TerraUSD (UST) and LUNA.

Montenegro recently hosted a meeting between its authorities and representatives from the US Securities and Exchange Commission (SEC) to address concerns regarding Do Kwon, the founder of Terraform Labs, responsible for the UST algorithmic stablecoin and crypto asset LUNA's fluctuations.

As per a recent article by Bloomberg, Do Kwon, the founder of Terraform Labs, and the Securities and Exchange Commission (SEC) contested the substantial $5.3 billion penalty that was suggested in the complaint.

Attorneys for Terraform Labs claimed that since the Luna Foundation Guard (LFG) is currently a non-entity in this matter, the SEC should properly pursue the penalty from them.

The Council of the Supreme Court will now decide whether to extradite Kwon to South Korea, where his sentence might be less severe than those in the United States.

Currently, the CEO of Terraform Labs is being investigated for fraud by the Securities and Exchange Commission, federal prosecutors in New York, and South Korea.