Reported 8 months ago
A failed crypto company, Terraform Labs, and its founder Do Kwon have agreed to a $4.5 billion settlement with the Securities and Exchange Commission after being found guilty of securities fraud. Terraform Labs' stablecoins, Luna and Terra, collapsed in 2022, causing a $40 billion loss in market value. This settlement is part of a trend as other prominent figures in the crypto industry, such as Binance's Changpeng Zhao and FTX's Sam Bankman-Fried, have also faced legal consequences for fraudulent activities.
Source: YAHOO