Molly White

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The SEC is asking the judge in the Terra lawsuit to order $4.2 billion in disgorgement, a $420 million penalty against Terraform Labs, and a $100 million penalty against Do Kwon.

PLAINTIFF’S MOTION FOR FINAL JUDGMENT AGAINST DEFENDANTS Plaintiff Securities and Exchange Commission (“SEC”) respectfully moves the Court to enter final judgment against Defendants Terraform Labs PTE LTD. and Do Hyeong Kwon (collectively, “the Defendants”). On April 5, 2024, the jury returned a verdict against the Defendants on all counts. For the reasons set forth in the SEC’s memorandum of law and the accompanying declarations of Avron Elbaum and Donald Battle, submitted herewith, the Court should (1) enjoin Defendants from further violation of Sections 5 and 17(a) of the Securities Act of 1933, and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder; (2) jointly and severally order them to pay disgorgement of $4,192,147,847 plus $545,748,909 in prejudgment interest; (3) ordering Terraform and Kwon to pay a $420 million and a $100 million civil penalty, respectively; (4) imposing a conduct-based injunction on Defendants, and an officer-and-director bar on and a sworn accounting from Kwon; and (5) holding that the fraud- related monetary remedies imposed on Terraform are non-dischargeable in bankruptcy, and enter final judgment.

They also want Kwon banned from serving as an officer or director of a publicly traded company.

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Google has filed a lawsuit against two scammers who they allege have submitted at least 87 fraudulent cryptocurrency and investment platform apps to the Google Play Store.

UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK GOOGLE LLC, Plaintiff, v. YUNFENG SUN, a/k/a “ALPHONSE SUN,” and HONGNAM CHEUNG, a/k/a “ZHANG HONGNIM,” a/k/a “STANFORD FISCHER,” Defendants. Civil Action No. COMPLAINT INTRODUCTION 1. At all times relevant to this Complaint, Defendants Yunfeng Sun, a/k/a “Alphonse Sun,” and Hongnam Cheung, a/k/a “Zhang Hongnim” and “Stanford Fischer,” were online application (“app”) developers who were engaged in an international online consumer investment fraud scheme (the “Fraud Scheme”). Through that Fraud Scheme, Defendants and other co-conspirators, known and unknown, perpetrated a form of online fraud through which they socially engineered and targeted victims to download from, among other sources, Google Play mobile apps that purportedly offered investments in cryptocurrencies and other products.1 Members of the Fraud Scheme lured victims in with promises of high returns, and the seemingly legitimate apps were designed to display purported returns on investments in individual victim accounts. Yet the gains conveyed by the apps were illusory. And the scheme did not end there. Instead, when individual victims attempted to withdraw

According to Google, at least 100,000 people have downloaded the apps, and some have suffered financial losses as a result.

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