Terraform, Do Kwon to reach fraud settlement with SEC

Terraform Labs and CEO Do Kwon are finalizing a settlement with the SEC. Both parties are expected to submit the final terms for court approval by mid-June.

Terraform Labs and its CEO Do Kwon have agreed in principle to settle a fraud case with the U.S. Securities and Exchange Commission (SEC), according to court filings. 

The lawyers representing both parties disclosed a settlement in principle in a telephone conference held before Judge Jed S. Rakoff on May 29. The settlement terms are expected to be finalized and submitted for court approval by June 12, 2024.

Terraform and Kwon were found liable for defrauding investors in its civil case with the SEC in February. The parties were scheduled to discuss remedies in the case on May 29.

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