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According to the latest development, Terraform Labs reached a settlement in its lawsuit with the SEC and agreed to pay $4.47 billion.
Terraform Labs, a leading crypto firm, has agreed to pay a staggering $4.47 billion to settle a lawsuit filed by the Securities and Exchange Commission (SEC).
The deal was announced by the regulator today.
The agreement was announced in principle at a telephone conference May 29 before Judge Jed Rakoff. The terms of the agreement were expected to be completed by June 12, 2024 and submitted for court approval.
The SEC's lawsuit against Terraform Labs and its founder Kwon focused on the misleading promotion and sale of crypto tokens, primarily the algorithmic stablecoin TerraUSD (UST) and other Terra-related tokens. The SEC accused Terraform Labs and Kwon of offering crypto assets without proper registration and misleading investors about their stability and investment potential.
The SEC was initially seeking approximately $5.3 billion in damages, pretrial interest and civil penalties.