A United States district court judge has signed off on the $4.5 billion settlement between Terraform Labs, its founder Do Kwon and the Securities and Exchange Commission.
New York District Court Judge Jed Rakoff approved the deal on June 13, which will see Terra and Kwon pay $4.47 billion in fines and penalties and be essentially banned from the crypto industry.
In all, Terraform will pay disgorgement fines of roughly $3.6 billion, a civil penalty of $420 million and prejudgement interest of nearly $467 million.
Kwon is in custody in Montenegro after serving four months in jail for using fake passports to try to leave the country in March last year.
Related: Terraform Labs to end operations, Terra community will take over
He’s been released until the country’s courts decide on competing extradition requests from the U.S. and his native South Korea, where he faces criminal charges from both.
Kwon’s legal team successfully appealed his extradition last month, with Montenegro’s High Court set to decide where to extradite him.
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