SEC Charges Tai Mo Shan Over Terra USD Misleading

CoinMarketCap2024-12-21

You can also read this news on BH NEWS: SEC Charges Tai Mo Shan Over Terra USD Misleading The U.S. Securities and Exchange Commission (SEC) has initiated legal action against Tai Mo Shan Limited, a ...

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The U.S. Securities and Exchange Commission  has initiated legal action against Tai Mo Shan Limited, a branch of Jump Crypto Holdings LLC, for allegedly deceiving investors about the reliability of the algorithmic stablecoin, Terra USD .According to the SEC, Tai Mo Shan created a false impression that the algorithmic system from Terraform Labs was successfully maintaining UST’s value at one dollar. Following a significant drop in UST’s price in May 2021, Tai Mo Shan collaborated with Terraform Labs to implement measures that would stabilize the coin’s value.The investigation revealed that Tai Mo Shan acted as a guarantor for Terraform Labs, acquiring LUNA tokens with the intent to sell them on U.S. exchanges. The SEC classified LUNA as a security, with findings that indicated Tai Mo Shan offered and sold these tokens without proper registration between January 2021 and May 2022.Tai Mo Shan misled","collect":0,"end_time":0,"defaultTopTitle":"coinmarketcap.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"UST":"ProShares Ultra 7-10 Year Treasu","USD":"ProShares Ultra Semiconductors"},"translate_title":"SEC指控大帽山Terra USD误导","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"USD":1,"UST":1},"content_text":"You can also read this news on BH NEWS: SEC Charges Tai Mo Shan Over Terra USD Misleading\nThe U.S. Securities and Exchange Commission (SEC) has initiated legal action against Tai Mo Shan Limited, a branch of Jump Crypto Holdings LLC, for allegedly deceiving investors about the reliability of the algorithmic stablecoin, Terra USD (UST).\nHow Did Tai Mo Shan Mislead Investors?\nAccording to the SEC, Tai Mo Shan created a false impression that the algorithmic system from Terraform Labs was successfully maintaining UST’s value at one dollar. Following a significant drop in UST’s price in May 2021, Tai Mo Shan collaborated with Terraform Labs to implement measures that would stabilize the coin’s value.\nWere LUNA Sales Done Legally?\nThe investigation revealed that Tai Mo Shan acted as a guarantor for Terraform Labs, acquiring LUNA tokens with the intent to sell them on U.S. exchanges. The SEC classified LUNA as a security, with findings that indicated Tai Mo Shan offered and sold these tokens without proper registration between January 2021 and May 2022.\nThe SEC’s remarks emphasized the following key points:\n\nTai Mo Shan misled investors about UST’s stability.\nSales of LUNA tokens were deemed as unregistered securities.\nThe company agreed to a cease-and-desist order to avert future violations.\nFinancial penalties include $73.45 million in restitution and $36.72 million in fines.\n\nTai Mo Shan will pay a total of $123 million, including restitution, interest, and penalties, reflecting the SEC’s commitment to enforcing compliance in the cryptocurrency sector. This incident also emphasizes the ongoing regulatory scrutiny faced by Terraform Labs and its founder, Do Kwon, who previously settled fraud charges involving a $4.5 billion penalty.\nContinue Reading:  SEC Charges Tai Mo Shan Over Terra USD Misleading","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-2","news_tag":"policyRegulatory","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.30.0","shortVersion":"4.30.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2493282636"}