Amitoj Singh is a CoinDesk reporter.
Terraform Labs and co-founder Do Kwon have reached a"settlement in principle" with the U.S. Securities and Exchange Commission regarding a fraud case, according to a court filing Thursday.
The development comes less than two months after a civil fraud trial against Kwon and Terraform Labs kicked off in New York. Midway through the trial, the SEC said it was looking to impose a $5.3 billion penalty to settle the case, its steepest fine yet on a cryptocurrency project. The court listing's title referred to a May 29 telephone conference ,"without transcription or recording." Counsels for all the parties were present. As the parties informed the Court that they reached a settlement in principle, an oral argument previously set for May 29 was cancelled. The parties must file the required documents in support of the settlement in front of Judge Jed S. Rakoff by June 12.
Do Kwon is currently out on bail in Montenegro, awaiting extradition to either the U.S. or South Korea. Kwon also faces criminal charges in New York, as well as in South Korea. Kwon is the co-founder behind the algorithmic stablecoin Terra and its sister token LUNA, comprising the Terra ecosystem, which collapsed in May 2022, triggering an industry-wide contagion.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.
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