👀 Watchlist Winners: Copy Legendary Investors' Portfolios in One ClickSee Undervalued Stocks

Terraform Labs CEO Do Kwon Settles with SEC; LUNA Price Soars

Published 05/31/2024, 04:22 PM
Updated 05/31/2024, 04:45 PM
Terraform Labs CEO Do Kwon Settles with SEC; LUNA Price Soars
USDT/USD
-
LUNAt/USD
-

  • Terraform Labs and Do Kwon settle fraud charges with the SEC; filings due by June 12.
  • LUNA’s market price surged 20% post-settlement, reflecting renewed investor confidence.
  • Kwon’s extradition issues between the U.S. and South Korea remain unresolved.

Terraform Labs and its CEO, Do Kwon, have reached a tentative settlement with the U.S. Securities and Exchange Commission (SEC) over fraud charges.

This development follows a jury verdict in April that found Kwon and his company liable for misleading investors about their cryptocurrency offerings, especially the LUNA cryptocurrency and TerraUSD (UST) stablecoin.

The settlement agreement, reported by Reuters, suggests financial restrictions on Kwon’s future financial activities. Details remain confidential until the official filings are due by June 12. This settlement addresses some of the legal challenges faced by Kwon and Terraform Labs, though there are issues still left unresolved.

Kwon still faces charges from the U.S. Department of Justice (DOJ) and South Korean authorities for financial crimes. These ongoing legal battles have intensified scrutiny of Kwon’s operations since the collapse of his co…

The post Terraform Labs CEO Do Kwon Settles with SEC; LUNA Price Soars appeared first on Coin Edition.

Read more on Coin Edition

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.