The U.S. Securities and Exchange Commission (SEC) is reportedly looking to hit the disgraced founder of the Terra ecosystem with a multibillion-dollar fine.
According to a new report by Bloomberg, the regulatory agency is seeking a $5.3 billion fine against Do Kwon for his role in the downfall of the Terra ecosystem in 2022, alleging “brazen misconduct.”
Kwon and Terraform Labs were found liable for committing fraud during a trial earlier this month, paving the way for what could be the crypto industry’s largest fine yet. The report says that Kwon and Terraform made nearly $4 billion by selling tokens as unregistered securities.
The fine would be made up of a $4.2 billion disgorgement penalty, $545 million in prejudgment interest, as well as $420 million and
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