Terraform Labs and Do Kwon Agreed with the SEC: Sudden Rise in LUNA Altcoins _! - Coin Bulletin

The U.S. Securities and Exchange Commission (SEC) has reached a preliminary agreement with Do Kwon, the founder of Terra (LUNA), and Terraform.

According to the latest court records, Terraform Labs and its founder Do Kwon have reached a "preliminary agreement" with the SEC. This agreement was reached through a teleconference held on May 29th, which was conducted off the record.

As a result of this agreement, a previously scheduled session was canceled by the court. The court noted that the parties must submit documents supporting a final decision consistent with settlement by June 12, 2024.

The parties must submit documents supporting a final decision proposal consistent with the conciliation by 12/6/2024. \u003e

SEC had first accused Terraform Labs and Kwon in February 2023, through the algorithmic stablecoin UST, which had dramatically collapsed a year ago. UST collapsed in May 2022, causing a loss of more than $50 billion in value.

The regulatory agency has found Do Kwon guilty of fraud and demanded a fine of $5.3 billion. However, the Terraform team opposed this decision, stating that the penalty was excessive.

The effect of the news flow caused the LUNC price to climb rapidly by 16% to 0.000131 dollars. LUNA, on the other hand, reached 0.825 dollars with a 35% sudden increase in performance.

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