Terraform Labs and CEO Do Kwon reach a preliminary settlement with the SEC over allegations of misleading investors.
The settlement terms are set to be finalized and submitted for court approval by June 12, 2024.
According to the Securities and Exchange Commission v. Terraform Labs case, as documented in Court Listener last updated on May 30, 2024, the lawyers representing both parties announced a settlement in principle during a telephone conference before Judge Jed Rakoff. The details are to be finalized and expected for court approval by June 12, 2024.
Background of the SEC’s Case Against Terraform Labs
The SEC’s allegations against Terraform Labs and Do Kwon were centered on the deceptive marketing and sale of cryptocurrency tokens, particularly the algorithmic stablecoin TerraUSD (UST) and related Terra tokens. The regulator’s claims focus on Terraform and Kwon offering crypto assets without the necessary registration, coupled with misleading assertions about their stability

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