US SEC Charges Tai Mo Shan With Fraud Over Terra USD Peg Stability Claims

Quick Summary:

Securities and Exchange Commission (SEC) has charged Tai Mo Shan Limited, a subsidiary of Jump Crypto Holdings LLC, for misleading investors about the stability of Terra USD (UST), an algorithmic stablecoin created by Terraform Labs.

On May 19, 2021, Tai Mo Shan made substantial purchases of UST, totaling over $20 million, which temporarily stabilized the stablecoin’s price.

Terraform and Kwon agreed to pay $4.5 billion to compensate harmed investors, demonstrating the widespread fallout from the Terra ecosystem’s collapse.

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Article Details

Author / Journalist: Kelvin Munene Murithi

Category: Crypto

Markets: India

Topics: Regulation News 24/7 Cryptocurrency News US SEC Terraform Labs

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-12-21 @ 02:39:35 (22 hours ago)

News Timezone: GMT +8:00

News Source URL: coingape.com

Language: English

Article Length: 502 words

Reading Time: 3 minutes read

Sentences: 35 lines

Sentence Length: 15 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © CoinGape

News ID: 24572256

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