US Officials Seek $5.3 Billion Fine for Kwon, Terraform Labs (1)

The US Securities & Exchange Commission wants to impose a $5.3 billion fine on Terraform Labs Pte. and its co-founder Do Kwon, the inventor of the failed TerraUSD stablecoin.

Details of the proposed fine, which would be the crypto industry’s largest, come after Kwon and Terraform were found liable for fraud earlier in April following a two-week trial in New York.

Kwon and Terraform made more than $4 billion in “ill-gotten gains” from unregistered sales of tokens including LUNA and UST, the SEC said in its Apr. 19 filing to the Southern District Court of New York. Terraform’s UST, ...