Thus, the company filed a Notice of Supplemental Authority, drawing parallels between its case and the SEC’s actions against TerraForm Labs, the firm behind the infamous Luna coin.Shiba Inu on Its Way to Reversal, Solana Hanging From Edge, Ethereum Lost $3,500
As became known yesterday, the SEC's case against Terra resulted in a significant settlement approved by the New York District Court. The firm was ordered to pay an epic $4.47 billion fine for orchestrating"one of the largest securities frauds" in U.S. history. Its former CEO, Do Kwon, is also required to reimburse over $204 million.
In total, TerraForm Labs was found guilty of inflating transaction data and manipulating token prices, resulting in the loss of over $40 billion in investor funds.Ripple's legal team is using this recent judgment to argue against the SEC's requested $2 billion penalty for institutional sales. The company contends that the penalty sought by the regulator in its case is disproportionately high compared to penalties in similar or even more severe cases.
Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management. He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.
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Terraform, Do Kwon to reach fraud settlement with SECTerraform Labs and CEO Do Kwon are finalizing a settlement with the Securities and Exchange Commission. Both parties are expected to submit the final terms for court approval by mid-June.
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