Lawyers for the SEC argued against Terraform’s basis for claims of not paying billions of dollars in disgorgement in judgment for the civil case.
Lawyers for the commission cited several examples of Do Kwon touting UST to U.S. investors and Terraform’s former communications head making false claims about the stablecoin.
In a May 6 filing in the U.S. District Court for the Southern District of New York, the SEC pushed back against Terraform’s arguments for less disgorgement in judgment in the civil case, for which a jury found the firm liable. According to SEC lawyers, Terraform and co-foundernever presented the argument in court that the commission was enforcing the extraterritorial application of federal laws for the offer and sale of tokens outside the United States.
Terraform’s former communications head was based in California, where he “posted a series of false and misleading tweets at Kwon’s direction that credited UST’s recovery of its $1 peg to its algorithm.” Kwon touted UST in person at a New York conference in September 2021 and spoke to media outlets with an audience in the country.in disgorgement from Terraform and Kwon and $1.7 billion in “ill-gotten gains from Defendants’ net sales of UST.
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