According to breaking information, Terra (LUNA) founder Do Kwon and Terraform Labs have agreed to a settlement with the SEC.
Terraform Labs, a Singapore-based company, and its founder Do Kwon have reached a tentative agreement with the US Securities and Exchange Commission (SEC).
As revealed in a recent court filing, the regulator's lawsuit alleged that the company misled investors ahead of the 2022 collapse of stablecoin TerraUSD.
Do Kwon is currently detained in Montenegro. The Supreme Court of Montenegro ruled in early April that the decision on extradition should be made by the minister of justice, not the court. This decision was made after Kwon was scheduled to be extradited to South Korea in March and Montenegrin prosecutors opposed the decision.
Terraform Labs and Kwon were found guilty of civil fraud by a US jury in a case initiated by the SEC in February 2023. The case was over the algorithmic stablecoin Terra USD (UST), which crashed dramatically a year ago.
Kwon was arrested in Montenegro in March the previous year for traveling with false travel documents.
