Embattled blockchain startup Terraform Labs has agreed to settle charges levied against it by the United States Securities and Exchange Commission (SEC) for $4.47 billion.
Terraform Labs To Finally Gain Freedom
The news of the settlement was first shared by Reuters in what will come as the next high-profile case in the crypto ecosystem to pay over $4 billion in settlement. Months ago, Binance Exchange settled with the Department of Justice (DOJ) for a long-standing probe into the exchange.
The trading platform agreed to pay $4.3 billion that went to the DoJ, the Financial Crimes Enforcement Network (FinCEN) and the Commodity Futures Trading Commission (CFTC). The settlement at the time also saw the resignation of founder Changpeng ‘CZ’ Zhao who is currently in jail.
Terraform Labs saw the liquidation of its tokens Terra (LUNA) and TerraUSD (USTC) as both were called at the time. The liquidation saw over $40 billion wiped from the market, drawing attention from regulators like the SEC.
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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin
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