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Tai Mo Shan Limited has agreed to pay $123 million to settle charges from the SEC for misleading investors about the stability of TerraUSD and LUNA. The firm was accused of deceptive trading practices and unregistered securities sales, contributing to the collapse of Terraform Labs, which resulted in over $40 billion in investor losses. SEC Chair Gary Gensler emphasized the need for compliance with securities laws in the crypto market.
Tai Mo Shan, a subsidiary of Jump Crypto, has settled with the SEC for $123 million over misleading investors regarding the stability of the TerraUSD (UST) algorithmic stablecoin prior to its collapse. The SEC highlighted that the misleading actions contributed to significant losses for investors and emphasized the need for compliance with securities laws.The collapse of UST in May 2022, triggered by a large sell-off, led to a loss of its dollar peg and a cascade of liquidations, ultimately resulting in a formal investigation of Terraform Labs and its founder, Do Kwon, which culminated in a $4.4 billion settlement.
Norwegian regulations now mandate data centers to disclose ownership and services, aiming to empower local authorities in decision-making. Meanwhile, global enforcement against digital asset fraud intensified, with the CFTC and SEC reporting record recoveries from scams, including the FTX collapse and Terraform Labs fraud. In the U.K., a proposed bill seeks to classify digital assets as property, addressing legal ambiguities, while China revises AML laws to include virtual assets, maintaining a ban on digital asset transactions.
The upcoming South Korean indie film "Crypto Man," inspired by the collapse of Terraform Labs and its founder Do Kwon, features the late actor Song Jae-rim as a self-proclaimed business genius who creates an altcoin. Set to release on January 15, 2025, the film explores themes of stock addiction and coin speculation, blending elements of black comedy. Following a lengthy legal saga, Kwon has been extradited to South Korea, where he faces charges related to the $45 billion market crash of TerraUSD and LUNA in 2022.
Alex Mashinsky, founder of the bankrupt crypto lender Celsius, pleaded guilty to two counts of fraud, admitting to misleading customers about the use of their funds and manipulating a crypto token for personal gain. He faces a maximum sentence of 30 years in prison and has agreed to forfeit $48 million. Celsius, which once held $25 billion in assets, collapsed following the Terra Luna stablecoin failure, leading to a bankruptcy that trapped $4.7 billion of customer funds.
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