The U.S. SEC seeks a court ruling that Terraform Labs and Do Kwon pay a total of more than $5.2 billion

According to BlockBeats, on April 23, Cointelegraph reported that the U.S. Securities and Exchange Commission (SEC) has filed a motion to seek billions of dollars in disgorgement and civil penalties against Terraform Labs and its co-founder Do Kwon. In a document filed with the U.S. District Court for the Southern District of New York on April 19, the SEC required Do Kwon and Terraform to pay approximately $4.7 billion in disgorgement and pre-judgment interest after the civil case was adjudicated, as well as a total of $520 million in civil penalties - Terraform paid $420 million and Do Kwon paid $100 million. The commission, Terraform and Do Kwon simultaneously submitted briefs on potential remedies in the civil case, with the crypto company suggesting a maximum civil penalty of $3.5 million, while Do Kwon proposed $800,000. The SEC also proposed to prohibit Do Kwon from serving as an executive or director of a securities issuer and to provide full details of his accounts and assets.