Terraform Labs lawyers oppose SEC's motion to recover $5.3 billion in fines, recommends $1 million in fines

Terraform Labs’ attorneys have filed an opposing motion to the SEC’s $5.3 billion disgorgement and civil penalty against Terraform Labs and its co-founder Do Kwon. In a filing with the U.S. District Court for the Southern District of New York on April 26, Terraform’s legal team recommended that the court impose a civil penalty of up to $1 million after a jury found the platform and Kwon liable for fraud. Terraform argued that the court “should not grant any injunctive relief or recovery” because the funds would actually have to be obtained from Luna Foundation Guard (LFG), which is a “non-party” to the civil case. (Cointelegraph)