Terraform and Do Kwon Attorney Cut Civil Fines
Earlier this month, the jury ruled that Terraform and Kwon did indeed defraud investors, and were found guilty of civil fraud.
Subsequently, the SEC filed a motion requesting the court to order Terraform Labs and its founder Do Kwon to pay a total of $4.7 billion in restitution and pre-judgment interest, with Terraform and Do Kwon individually being subjected to civil fines of $420 million and $100 million, respectively.
However, according to legal documents, Do Kwon and Terraform’s legal representatives argued that the court should not grant any injunctions or confiscate illegal proceeds, and at most, TFL should be subject to a civil fine of $1 million.
A spokesperson for Terraform stated to The Block that they are currently “carefully evaluating various options and subsequent steps.”