SEC settlement submitted to U.S. court... Court not yet approved
“Kwon Do-hyung, can you properly pay the fine?” Still doubts
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According to documents submitted to the U.S. court on the 12th (local time) by Kwon Do-hyung's legal representative and the SEC, Kwon was sentenced to pay a fine of 4.5 billion won to the SEC in exchange for a permanent ban on trading all digital assets (cryptocurrencies), including Terra ecosystem tokens. agreed to
Previously, the SEC and Mr. Kwon's lawyer reached an agreement on the condition of imposing a fine on Mr. Kwon and restricting his financial activities, and delivered the detailed agreement to the court. The settlement proposed by Mr. Kwon's lawyer and the SEC has not been approved by a U.S. court, and Mr. Kwon's payment of the fine has not yet been confirmed.
If Mr. Kwon is confirmed to have paid the fine, the fine he has to pay to the SEC will be one of the largest fines ever in the history of SEC civil litigation. This amount exceeds the $4.3 billion (about KRW 5.5 trillion) fine paid by former Binance CEO Changpeng Zhao last year. According to the agreement presented by both sides, the amount that Mr. Kwon must pay directly out of his own pocket is at least $204.32 million (about KRW 280.7 billion).
Meanwhile, along with the huge fine, people inside and outside the market are casting doubt on Mr. Kwon's ability to pay the fine.
According to specific data submitted by Terraform Labs to the U.S. court in accordance with Article 11 of the U.S. Bankruptcy Act, Terraform Labs holds assets of $430 billion and liabilities of $450 billion. Additionally, the SEC is ranked last in the status list among Terraform Labs' creditors.
Reporter Seungwon Kwon ksw@
