One of the biggest fraud cases in the cryptocurrency markets In the Terraform Labs case A new development took place. The US Securities and Exchange Commission (SEC) has filed a lawsuit against the company Terraform Labs and its founder Do Kwon, who is on trial in the case. the requested punishment submitted it to the court.

In its petition to the court, the SEC stated that Terraform Labs and Do Kwon should pay a total of $4.7 billion in damages. On the other hand; It was stated that Terraform Labs would have to pay $520 million in compensation and Do Kwon another $100 million in compensation. The total penalty requested is therefore: almost $5.3 billion. The SEC also ordered Do Kwon banned from the markets and Terraform Labs. preliminary injunction wants it to be implemented.

Terraform Labs and Do Kwon want to pay less fine!

According to the information obtained, the SEC and the defendants filed their requests simultaneously. In this context; Terraform Labs, up to $3.5 billion He wants to pay a fine. Do Kwon’s sentencing recommendation to the court is 800 thousand dollars. In other words, Terraform Labs wants to get rid of this case by paying $4.3 billion in damages.

At the end of our news, let’s share the details of the Terraform Labs incident. Terraform Labs has a product called UST. stable currency There was. However, this cryptocurrency used algorithms instead of providing a 1:1 proof of existence like others. One day this algorithm started giving unexpected responses and the UST price, which should have a normal price of 1 dollar, It dropped to $0.05. As investors’ money evaporated, the cryptocurrency markets suffered one of the biggest crashes in history. Do Kwon, who was arrogant, made a joke after being caught. you gambled and lost told.