Latest Update in SEC’s $5 Billion Lawsuit Against Terra (LUNA): Key Developments & Implications for Crypto Investors
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- In a recent development, the SEC has demanded $5.3 billion from Terraform Labs and Do Kwon.
- The legal team representing Terraform Labs in the lawsuit with the SEC is fighting back after the agency demanded billions of dollars in fines.
- According to a summary submitted on Wednesday, the firm’s legal team argues that token sales took place “almost entirely outside the US”.
The SEC and Terraform Labs are locked in a legal battle over alleged fraudulent activities, with the SEC demanding a hefty $5.3 billion fine. This article delves into the details of the case and its implications for the crypto industry.
SEC’s Accusations Against Terraform Labs and Do Kwon
The SEC has countered this claim, arguing that Terraform Labs “targeted US investors” and therefore should pay a heavy penalty of $5.3 billion, most of which is compensation. However, Terraform’s lawyers have objected to this, stating, “… the SEC has not presented any evidence that the Defendants’ limited activities in the US directly led to any losses, losses in the US are far below the billions of dollars the SEC is demanding.”
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