The United States Securities and Exchange Commission (SEC) is seeking to impose substantial monetary penalties on Terraform Labs and its co-founder, Do Kwon, following a civil case verdict. In an April 19 filing in the U.S. District Court of New York in the Southern District of New York, the SEC demands that about $4.7 billion should be given back as disgorgement and prejudgment interest, plus $520 million in civil penalties. This is a total of $520 million provided by Terraform and $100 million from Kwon.
However, Terraform and Kwon had opposing views on how the penalties could be imposed. The crypto firm suggested a maximum civil penalty of $3.5 million, which was strongly opposed by Kwon, who argued for a much lower amount of $800,000. Along with the financial judgment, the SEC also recommended disqualifying Kwon from being an officer or director of a security issuer and ensuring full disclosure of banking accounts and assets. The SEC also wants to impose a “conduct-based injuncti
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