US Officials Seek $5.3 Billion Fine for Kwon, Terraform Labs
- The penalty would surpass the fine handed to Binance and Zhao
- Kwon’s lawyers pushed for a lower penalty in a separate filing
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.