Terraform Labs and Do Kwon Lawyers Push for Decrease in Proposed SEC Fine

Monday, 29 April 2024, 22:36

Lawyers representing Terraform Labs and co-founder Do Kwon are advocating for a reduction in the SEC's proposed $5.3 billion fine, arguing that a penalty closer to $1 million would be more fitting in response to the fraud conviction. The legal team emphasizes that a fine of $1 million better aligns with the circumstances and urges the SEC to reconsider the hefty penalty.

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Terraform Labs and Do Kwon Legal Battle

Lawyers for Terraform Labs and its co-founder Do Kwon are contesting the Securities and Exchange Commission's (SEC) proposed $5.3 billion fine, pushing for a lower penalty of around $1 million. The legal representatives argue that the current fine is disproportionate to the charges of fraud that the company and its co-founder faced. They believe a $1 million fine would be more in line with the severity of the situation.

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