TechFlow reported, citing Cointelegraph, that the U.S. SEC has demanded Terraform Labs and its co-founder Do Kwon to pay $5.3 billion in penalties along with civil fines, to which Terraform Labs' legal counsel has filed an opposition motion.
In a filing submitted on April 26 to the U.S. District Court for the Southern District of New York, Terraform's legal team recommended that the court impose a maximum civil penalty of $1 million, following the jury's finding that the company and Kwon were liable for fraud. Terraform argued that the court "should not grant any injunctive relief or disgorgement" because the funds would effectively need to be obtained from the Luna Foundation Guard (LFG), which is a "non-party" in the civil case.
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