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SEC seeks $5.3 billion in disgorgement and civil penalties from Terraform Labs and Do Kwon
2024-04-23 00:50
Odaily News After a jury found Terraform Labs and Do Kwon liable for civil fraud charges in a lawsuit with the U.S. SEC, the SEC filed a motion to disgorge $5.3 billion in ill-gotten gains and civil penalties. In a filing with the U.S. District Court for the Southern District of New York on April 19, the SEC asked Do Kwon and Terraform to pay approximately $4.7 billion in ill-gotten gains and prejudgment interest after the civil case was adjudicated, as well as a total of $520 million in civil penalties, of which Terraform paid $420 million and Do Kwon paid $100 million. It is reported that the SEC, Terraform and Do Kwon simultaneously submitted briefs on possible remedies in the civil case, with Terraform suggesting a maximum civil penalty of $3.5 million, while Do Kwon only suggested a fine of $800,000. (Cointelegraph) Earlier, the Montenegrin court approved the extradition of Do Kwon again, and the extradition decision will be made by the Attorney General, who has repeatedly hoped that Do Kwon would be extradited to the United States, so the possibility of Do Kwon being extradited to the United States has further increased.