Terraform Labs and founder Do Kwon reach tentative SEC settlement in civil fraud case involving TerraUSD stability claims and blockchain usage in a Korean mobile app.

Terraform Labs, a Singapore-based crypto firm, and its founder, Do Kwon, have reached a tentative settlement with the US Securities and Exchange Commission (SEC) in a civil fraud case. The SEC accused them of misleading investors about the stability of TerraUSD, a stablecoin, in 2021, and falsely claiming that Terraform's blockchain was used in a popular Korean mobile payment app. The settlement terms have not been disclosed, and the case is ongoing, with Kwon facing related criminal charges in the US and South Korea.

May 30, 2024
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