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    Home»Crypto News»Crypto Firm Settles with SEC for $123 Million Over TerraUSD Collapse
    Crypto Firm Settles with SEC for 3 Million Over TerraUSD Collapse
    Crypto News

    Crypto Firm Settles with SEC for $123 Million Over TerraUSD Collapse

    By Crypto EditorDecember 22, 2024No Comments2 Mins Read
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    Leap Crypto’s subsidiary, Tai Mo Shan, has agreed to pay $123 million to settle fees introduced by the U.S. Securities and Alternate Fee (SEC) over its involvement within the collapse of the TerraUSD (UST) algorithmic stablecoin.

    The SEC claims Tai Mo Shan misled buyers about UST’s stability previous to its crash.

    In 2021, the corporate reportedly organized to purchase Terra LUNA at a steep low cost from Terraform Labs and bought $20 million in UST to try to keep its peg to the U.S. greenback. SEC Chairman Gary Gensler condemned the actions, emphasizing that the crash impacted buyers and precipitated widespread harm to the crypto market. Gensler pressured the necessity for crypto market contributors to adjust to securities legal guidelines.

    UST’s failure in Could 2022, when it misplaced its peg after a big investor dumped $285 million in tokens, led to an enormous sell-off and regulatory scrutiny. The collapse additionally prompted the Lummis-Gillibrand Stablecoin Act, which goals to ban algorithmic stablecoins.

    As UST’s market cap grew far past its underlying reserves, it grew to become clear that the stablecoin was not adequately backed, finally resulting in its whole collapse. This occasion sparked an investigation into Terraform Labs and its founder, Do Kwon, leading to authorized fees and a serious settlement of $4.4 billion.

    Crypto Firm Settles with SEC for 3 Million Over TerraUSD Collapse





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