SEC Seeks Multi-Billion Dollar Penalty in Lawsuit Against Terraform Labs CEO Do-hyung Kwon

IconCrypto News Terminal23 Apr, 2024

cryptonews.jpg

SEC Seeks Multi-Billion Dollar Penalty in Lawsuit Against Terraform Labs CEO Do-hyung Kwon

According to Digital Today, the U.S. Securities and Exchange Commission (SEC) has filed a lawsuit seeking billions of dollars in penalties and civil penalties against Do-hyung Kwon, CEO of Terraform Labs. The SEC has sought approximately $4.7 billion (about 6 trillion 479 billion won) in penalties from Kwon and Terraform Labs. It is also reported that it has been requested to pay a total of 520 million dollars (about 716.8 billion won) in penalties, including 420 million dollars (about 579 billion won) to Terraform Labs and 100 million dollars (about 137.9 billion won) to CEO Kwon. Kwon was arrested in March 2023 while trying to leave the country on charges of using forged travel documents. He was later released, but the issue of extraditing criminals to the United States or South Korea remains unresolved. He is currently facing potential criminal charges in both countries. Previously on 22 April 2024, the SEC filed a lawsuit against Do-hyung Kwon and Terraform Labs, seeking billions of dollars in penalties for alleged violations of securities laws.

Related News