🔥🔥🔥🔥Terraform Labs🔥🔥🔥

🔴Terraform Labs and its co-founder, Do Kwon, have reached a 'settlement in principle' with the U.S. Securities and Exchange Commission (SEC), according to a recent court entry. ⛔

🔴This marks a pivotal moment in their legal battle with the SEC. A Thursday filing revealed that a Wednesday telephone conference, which was not recorded, led to the cancellation of a previously scheduled oral argument set for May 29. ‼

🔴The filing stated, "The oral argument previously set for 5/29/2024 has been cancelled because the parties have informed the Court that they reached a settlement in principle. The parties must file, by 6/12/2024, papers in support of a proposed final judgment consistent with the settlement."🏘

🔴The SEC charged Terraform and Kwon in February 2023 over the collapse of the algorithmic stablecoin Terra USD (UST) a year earlier. Recently, the parties had been disputing the fine amounts, with Terraform and Kwon's lawyers arguing for fines closer to $1 million, while the SEC proposed a significantly higher fine of $5.3 billion.💰

🔴The trial against Terraform began in late March without Kwon, who was absent. In April, a jury found both Terraform and Kwon liable for civil fraud, concluding they had misled investors and violated federal securities laws through fraudulent activities associated with Terraform securities.🔐

🔴Meanwhile, Kwon remains involved in legal proceedings concerning his extradition to the U.S. or South Korea. He was arrested in Montenegro in March 2023 for using a counterfeit passport while trying to leave the country.$LUNA $LUNC $USTC #LUNA🔥🔥🔥 #LUNC✅ #USTC #TerraLabs #TerraClassic