Hot Development: Terra Reached an Agreement with the SEC! Tokens Are Heading North!

Terraform Labs has reached a settlement with the U.S. Securities and Exchange Board. In this context, Terra agreed to resolve its charges for $ 4.47 billion. The news of the agreement was first reported by Reuters. Thus, the SEC achieved another $4 billion victory in the crypto ecosystem. Following this development, the ecosystem’s tokens LUNA and LUNC saw significant increases.

Terraform Labs and SEC disagree: Terra will pay a $4.47 billion fine

cryptokoin.com As you follow from , the high-profile case of the crypto world has been going on for a long time. Recently, news emerged that the US SEC had negotiated an agreement with Terraform Labs and its founder Do Kwon. In a recent development, this agreement was realized. According to Reuters, Terraform Labs Pte. agreed to pay $4.47 billion to resolve the civil lawsuit filed by the US SEC following the firm’s collapse in 2022, which wiped out $40 billion in investor assets and shook the cryptocurrency world.

The SEC asked a federal judge in New York on Wednesday to approve the settlement reached with Terraform after a panel found the company and co-founder Do Kwon liable for the collapse following a two-week hearing. Thus, the high-profile case between Terra and the SEC also ended with a high penalty.

LUNA and LUNC rose by approximately 10% in a short time

Terraform Labs saw the liquidation of its tokens called Terra (LUNA) and TerraUSD (USTC) at that time. The liquidation wiped out over $40 billion from the market. This dramatic collapse caught the attention of regulators such as the SEC. In this context, regulators’ pressure on the crypto market has increased.

The resolution of the case pushed the Terra ecosystem’s tokens north. According to market information, LUNA exceeded $0.6 for a short time. At the time of writing, the token was trading at $0.5933, up 10.4% in 24 hours. In addition, LUNC briefly surpassed $0.000109. At the time of writing, the token was trading at $0.000108, up 8.42% in 24 hours.

Regulators are bringing the crypto ecosystem on track!

Meanwhile, months ago, Binance Exchange agreed with the Department of Justice (DOJ) for a long-standing investigation into the exchange. The trading platform agreed to pay $4.3 billion to the DoJ, the Financial Misdemeanors Enforcement Network (FinCEN) and the Commodity Futures Trading Commission (CFTC). The compromise at that time also brought about the resignation of founder Changpeng Zhao (CZ), who is currently in prison.